Closed Golfsmith replaced with self-storage at Tennessee mall
CBL Properties’ makeover of Hamilton Place mall in Chattanooga, Tenn., continues with the building of a self-storage facility on the property.
The 94,500-sq.-ft. Box Storage location is on the site of a former Golfsmith store adjacent to the mall. The company earlier announced that it is partnering with a hotel developer to build a 135-room Aloft Hotel on the property, and Dave & Busters and Dick’s Sporting Goods will soon be opening in the former Sears space.
The Wall Street Journal recently reported that activist investor Michael Ashner had acquired a 5.97% stake in CBL. In 2016, Ashner and developer Steve Witkoff took a stake in New York REIT and pressured it to sell key properties and replace top management. Ashner told the Journal that he does not advocate a sale of CBL and sees value in its properties as they explore new classes of tenants, like Hamilton Place.
“Our priority is to diversify the mix of uses at our properties as they transition to suburban town centers, and create value from previously under-utilized space,” said CBL CEO Stephen Lebovitz. “This storage facility is a complementary addition to the wide array of uses already available or being added to the Hamilton Place campus.”
The Box Storage location, a joint venture with Hickory Capital Group, is slated to open in March 2020.
The 94,500-sq.-ft. Box Storage location is on the site of a former Golfsmith store adjacent to the mall. The company earlier announced that it is partnering with a hotel developer to build a 135-room Aloft Hotel on the property, and Dave & Busters and Dick’s Sporting Goods will soon be opening in the former Sears space.
The Wall Street Journal recently reported that activist investor Michael Ashner had acquired a 5.97% stake in CBL. In 2016, Ashner and developer Steve Witkoff took a stake in New York REIT and pressured it to sell key properties and replace top management. Ashner told the Journal that he does not advocate a sale of CBL and sees value in its properties as they explore new classes of tenants, like Hamilton Place.
“Our priority is to diversify the mix of uses at our properties as they transition to suburban town centers, and create value from previously under-utilized space,” said CBL CEO Stephen Lebovitz. “This storage facility is a complementary addition to the wide array of uses already available or being added to the Hamilton Place campus.”
The Box Storage location, a joint venture with Hickory Capital Group, is slated to open in March 2020.