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CBL & Associates Properties
Charles Lebovitz founded CBL & Associates in 1978 to build and operate dominant retail properties in midsize US markets.
CBL & Associates Properties
Charles Lebovitz founded CBL & Associates Properties in 1978, initially developing community shopping centers and suburban malls across Tennessee and the surrounding Sunbelt states. His son Stephen Lebovitz joined the firm in 1988 and became CEO in 2010, guiding the company through a period of retail disruption that culminated in a Chapter 11 restructuring in 2020. The firm's identity is rooted in a specific thesis: owning the dominant enclosed mall in midsize metropolitan areas underserved by national REIT competitors (public record). The firm operates as a fully integrated REIT, handling acquisition, development, leasing, and property management in-house. Its portfolio concentrates on enclosed regional malls, open-air lifestyle centers, and associated outparcel retail. CBL historically maintained significant joint-venture partnerships with institutional co-investors, including TIAA and various pension funds. Post-restructuring, the company continues to own and operate a portfolio anchored by properties such as Hamilton Place in Chattanooga and Fayette Mall in Lexington, Kentucky. Its geographic footprint spans states including Tennessee, North Carolina, Georgia, Missouri, and Texas (per the firm's official communications). CBL emerged from its 2020 Chapter 11 reorganization as a privately held operating partnership, eliminating the publicly traded C-corp structure that had existed since its 1993 NYSE listing. Stephen Lebovitz remained CEO, and major pre-bankruptcy equity holders, including the Lebovitz family, retained significant interests in the restructured entity. The restructuring shed over $1.5 billion in unsecured debt and recapitalized the firm to focus on cash-flow management across a leaner portfolio (per Commercial Observer, 2021). The company now prioritizes operational efficiency and dominant market position over portfolio expansion. CBL's structural differentiator turns on its status as a restructured, insider-controlled entity in a sector where most peers remain publicly traded or institutionally owned. The Lebovitz family's long operational tenure — now spanning two generations — creates an owner-operator dynamic uncommon among retail REITs. This governance arrangement allows for patient capital decision-making on redevelopment and tenant-mix strategy without the quarterly earnings pressure that shaped the firm's earlier public-market posture.
General information
Firm type
Asset Manager
Year founded
1978
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Chattanooga
Corporate office
Chattanooga, TN, United States
Principals
Charles Lebovitz
Founder
Stephen Lebovitz
Chief Executive Officer
Sector focus
Frequently asked questions
Who runs investment decisions at CBL & Associates Properties?
Stephen Lebovitz, as CEO, leads investment strategy alongside senior leadership. The firm has been led by the Lebovitz family since its founding, with Charles Lebovitz establishing the company in 1978. Major capital-allocation decisions, including the 2020 restructuring and any subsequent acquisitions or dispositions, are driven by this executive team (public record).
How did the 2020 Chapter 11 restructuring change CBL's structure?
In November 2020, CBL exited bankruptcy as a privately held operating partnership, eliminating its publicly traded REIT status. The restructuring eliminated over $1.5 billion in unsecured debt and reduced the firm's property portfolio. Previous equity holders, including the Lebovitz family, retained significant ownership in the new private entity (per Commercial Observer, 2021).
What property types does CBL focus on?
CBL concentrates on enclosed regional malls and open-air lifestyle centers located in secondary and tertiary metropolitan markets. The firm's portfolio anchors retail activity in its respective trade areas, with properties like Hamilton Place in Chattanooga and Fayette Mall in Lexington. The strategy targets dominant market-center assets that larger REITs have historically under-pursued (public record).
Does CBL invest outside of retail real estate?
CBL's investment mandate has historically centered on retail real estate, specifically enclosed malls and associated outparcels. The firm's vertical integration covers leasing, management, and development within this sub-sector. There is no public record of material investments in office, industrial, or multi-family real estate.
Which geographic markets does CBL operate in?
The firm's properties are concentrated in the Southeast and Midwest United States. Key states in its operational footprint include Tennessee, North Carolina, Kentucky, and Missouri, with additional assets in Georgia and Texas. The strategy focuses on midsize metropolitan areas in Sunbelt and heartland regions (per the firm's official communications).
What is the Lebovitz family's role in the company today?
Stephen Lebovitz, son of founder Charles Lebovitz, serves as CEO and has led the company since 2010. The Lebovitz family maintained a significant ownership stake through the Chapter 11 restructuring. This multi-generational involvement creates an owner-operator governance structure distinct from institutionally managed public REITs (public record).
How does CBL source its deals?
CBL historically expanded through ground-up development of malls in underserved metropolitan areas. Post-restructuring, the firm's focus has shifted to managing and redeveloping existing portfolio assets. The firm's development arm, led in-house, evaluates opportunistic redevelopment and tenant repositioning at its incumbent properties rather than competing in open-market acquisitions (per the firm's orientation post-2020).
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