CBL and Benchmark Group Announce Official Grand Opening of Hammock Landing in West Melbourne, FL

CBL & Associates Properties, Inc. (NYSE: CBL) and The Benchmark Group today celebrated the grand opening of the first phase of Hammock Landing, a 750,000-square-foot open-air shopping center under development in West Melbourne, FL. CBL and Benchmark executives, along with City of West Melbourne Mayor Hal J. Rose and other key dignitaries were in attendance at the official ribbon-cutting ceremony to celebrate the opening of the area’s newest shopping destination. The first phase, totaling approximately 275,000 square feet, opened approximately 80% leased and committed.

Visitors can enjoy shopping or dining at the outstanding collection of retailers and restaurants now open. The selection includes Kohl’s, Marshalls, Michaels, hhgregg and PETCO along with Five Guys Burgers and Fries, Mattress Barn, Maurice’s, and Wooden Spoon. Additional stores opening over the coming months include Pro Nails, Thai Thai, ULTA and an additional major anchor will open in July. AT&T Mobility, McDonald’s, SunTrust Bank and Discount Tire will soon open on the periphery of Hammock Landing.

Geoff Smith, Vice President - Development for CBL & Associates Properties, Inc., commented on the announcement, "We appreciate the support of the city and the residents in working up to the official grand opening of Hammock Landing. This center offers a terrific line-up of national and regional retailers and will provide customers with a fun and attractive gathering place for shopping and dining. We look forward to continuing to bring new popular stores and restaurants to the area.”

West Melbourne Mayor, Hal J. Rose, commented on today’s opening, "We are pleased to officially welcome Hammock Landing to the community. This project is bringing tremendous benefits directly to West Melbourne and the surrounding areas. Not only is it an attractive shopping destination, the project is creating jobs as well as a new revenue stream to support continued regional growth initiatives. In this current economic environment it is vital to support job creation and growth and Hammock Landing is delivering this type of progress.”

Hammock Landing will be located on 78 acres at the northwest intersection of I-95 and Palm Bay Road, one of the most heavily trafficked interchanges in Brevard County. Construction for the expansion of Palm Bay Road to six lanes is underway. In addition to the 41,000 cars per day that drive by the project on Palm Bay Road, nearly 70,000 vehicles pass the project daily on Interstate 95. Hammock Landing will benefit from a densely populated trade area of more than 200,000 people, which is projected to increase over 12% to 225,000 by 2011.

Hammock Landing will contribute to area growth by creating an estimated 1,200 new jobs. In addition, over the next 20 years, the project is expected to generate more than $34.0 million in ad valorem taxes to the county school system.

Chattanooga-based Artech Design Group has created the look of the center, which was fashioned into a village-like atmosphere through the clustering of retailers and restaurants. The general contractor for the project is EMJ Corporation, also of Chattanooga.

The center is a 50/50 joint venture of CBL and Benchmark Properties, which also are collaborating on the Pavilion at Port Orange, a 500,000-square-foot development project anchored by Belk and a Hollywood theater in Port Orange, FL.

Persons interested in learning more about leasing space should contact the following representatives:

About The Benchmark Group

Benchmark is a family owned real estate development, acquisition and management company whose roots date back to the late 1960’s with the development of one of the country’s first enclosed regional malls in Amherst, NY. The company’s portfolio today is valued at approximately $1 billion and includes retail, office and multi-family residential in 12 states with its most extensive holdings in New York, Ohio and Florida.

About CBL & Associates Properties, Inc.

In addition to Hammock Landing, CBL owns or manages four regional malls/open-air centers in Florida including Volusia Mall in Daytona Beach, Gulf Coast Town Center in Fort Myers, Panama City Mall in Panama City and Lakeshore Mall in Sebring. CBL also owns and manages one community center in Florida.

CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 159 properties, including 88 regional malls/open-air centers. The properties are located in 27 states and total 86.0 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. CBL currently has six projects under construction totaling 2.5 million square feet including Settlers Ridge in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; The Promenade in D’Iberville, MS; two lifestyle/associated centers, and one expansion. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas, TX, and St. Louis, MO. Additional information can be found at http://cblproperties.com.

Information included herein contains "forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations” incorporated by reference therein, for a discussion of such risks and uncertainties.