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					Panama City Mall                                       Panama City, FL


Location     Intersection of Highways 231 and 77 and 23rd Street
Anchors      Dillard’s, JCPenney, Sears and Cost Plus World Market
Size         605,153 square feet
Web Site     PanamaCity-Mall.com



Mall Facts   Panama City Mall features approximately 100 specialty stores including Aéropostale,
             American Eagle Outfitters, Buckle, Christopher & Banks, Charlotte Russe, Justice,
             PacSun, The Children’s Place, Traffic Shoes and Victoria’s Secret.

             Adjacent to the mall, the associated center, The Shoppes at Panama City Mall, is
             anchored by Best Buy. The mall periphery also features a newly-opened Panera
             Bread, Red Lobster, The Vitamin Shoppe and Starbucks Coffee.



Trade Area   Panama City Mall is the only enclosed regional shopping mall within a two-hour drive
Facts        in any direction. The mall is strategically located at the corners of Hwy. 231, 77 & 23rd
             Street, the most dominant intersection in Bay County and is located just minutes
             from the beach.

             More than seven million tourists enjoy Panama City’s trade area throughout the year.
             In 2007, tourism made a $1.5 billion impact on the local economy. Of the seven
             million people that visit annually, the majority are families. Panama City is host to
             many special events including spring break, which brings in 300,000 students and
             their families making a $60 million dollar impact in expenditures.

             Area employment is predominantly military with Tyndall Air Force Base and the
             Navy’s Coastal Systems Station totaling 11,513 jobs with an annual economic impact
             of approximately $1.2 billion. Other major employers include Bay Medical Center,
             Gulf Coast Medical Center, Gulf Power, Sallie Mae and The Trane Company.

             Development continues in the Panama City trade area in the form of beachfront
             condominiums and housing that has quadrupled in value since 2000. This resort
             community was named “Best Place to Invest in Real Estate in the U.S.” by CNN’s
             Business 2.0 magazine. CNN/Money named Panama City Beach the #1 real estate
             market in America for the next five years in November 2006. Lastly, Panama City was
             #1 in a report by CNN entitled “Top 10 cities: Where to buy now.”

             A new state-of-the-art international airport is set to be completed in May 2010.
             Currently, the Panama City International Airport hosts an average of 30,000 travelers
             each month and provides more than 1,900 jobs to the community with an economic
             impact of $137.7 million each year.

             The existing airport facilities on this waterfront property will be re-developed for
             high-end, multi-use residential and will also include commercial, office and industrial
             entitlements totalling approximately 4.4 million square feet, just five miles from
             Panama City Mall.

             Florida State University at Panama City and Gulf Coast Community College are
             situated approximately eight miles from the mall and have a combined enrollment
             of 22,700 students.


                                        GREAT SHOPPING PLACES
                                    Panama City Mall                                           Panama City, FL



                                    Demographics

                                                                                               Primary                Secondary            Total
                                    Population Trends                                        Trade Area               Trade Area        Trade Area

                                    2013 Projection                                           223,495                   163,033          386,528

                                    2008 Estimate                                             209,320                   150,603          359,923

                                    2000 Census                                               184,842                   132,443          317,285


                                    Average Household Income
                                    2013 Projection                                           $69,057                   $54,456          $63,494

                                    2008 Estimate                                             $58,994                   $48,917          $55,103


                                    Median Age
                                    2008 Estimate                                               40                        40               40



                                    Source: 2000 Census; Scan/US 2007/2012 Estimates




                                    Location Map




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                                                              Pensacola

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                                                                                                                231
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                                                                                                  77




                                                                                   98

                                                                Panama City
                                                                   Beach
                                                                                                          Panama City
CBL & Associates Properties, Inc.
cblproperties.com
NYSE: CBL                                                                                                     98
                                                                              Gulf of Mexico
Corporate Office
CBL Center, Suite 500
2030 Hamilton Place Blvd.
Chattanooga, TN 37421-6000
423.855.0001

Mall Office
2150 Martin Luther King Jr. Blvd.
Panama City, FL 32405
                                    04/10
                                                                                        GREAT SHOPPING PLACES
850.769.3659

				
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