CBL Properties Closes $30M in Land Sales, Accelerates Mixed-Use Strategy
Event summary
- CBL Properties closed land sales at Harford Mall (3.9 acres) and Friendly Center (7 acres), totaling $30M in year-to-date proceeds.
- Deals involve Cohere Development (249-unit luxury residential) and Hines (270-unit Class A multifamily).
- Projects expected to break ground soon, with completions targeted for fall 2028.
- Earlier 2026 sales included 10 acres at Harford Mall and 6 acres at CoolSprings Galleria.
The big picture
CBL's land sales strategy reflects broader retail-to-residential conversion trends as malls repurpose underperforming assets. The $30M in proceeds demonstrates the embedded value in CBL's portfolio, though success hinges on demand for high-end multifamily units in these specific markets. The company's ability to attract developers like Hines and Cohere signals confidence in these locations' long-term viability.
What we're watching
- Execution Risk
- Whether CBL can sustain this pace of land sales and development starts without overextending resources.
- Market Demand
- How quickly the luxury and Class A multifamily units absorb in these markets, given economic conditions.
- Portfolio Transformation
- The pace at which CBL converts underutilized retail land into higher-value mixed-use assets.