CBL Opens Plaza Macae in Brazil

CBL and Associates Properties Inc. and Tenco Realty of Belo Horizonte, Brazil, have announced the opening of the new 243,000-square-foot shopping center, Plaza Macae in Macae, Brazil. CBL has a 60 percent interest in the center. Plaza Macae is anchored by Lojas Americanas, C&A, Marisa, a five-screen Cine Ritz and Leader as well as over 56,000-square-feet of specialty store and restaurants. A second phase of Plaza Macaé, opening in December, will include a 68,000-square-foot WalMart. The center is approximately 92% leased and committed. For CBL, according to its president, Stephen Lebovitz, the opening is a significant milestone, marking its first international development project. Macaé is a coastal city located approximately two hours north of Rio de Janeiro. The city’s population has grown over 300 percent since 1980 to a current population of approximately 230,000 people. The growth rate over the next five years is expected to continue to outpace norms. Macae is in the center of the booming petroleum district. Oil royalties to the regional government have funded major infrastructure improvements throughout the area. A university is under construction across the street from the center. Tenco Realty is an owner, manager, and developer of retail real estate in Brazil. It was founded in 1988 by Eduardo Gribel and is based in Belo Horizonte, Brazil. Tenco Realty owns and manages six retail centers in Belo Horizonte and Brasilia and has eight projects in various stages of development throughout Brazil. CBL owns, holds interests in or manages 157 properties, including 87 regional malls/open-air centers. The properties are located in 27 states and total 84.2 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. CBL currently has thirteen projects under construction totaling 3.8 million square feet.