One Bellevue Place sold
A shopping village in Southern Nashville, Tenn., has a new owner.
MetLife Corp. announced that it has purchased the entire retail village at One Bellevue Place from private real estate investment firm Branch Properties for $93 million. CBRE brokered the sale.
The retail portion of One Bellevue Place is 91% occupied. It is anchored by Sprouts Farmers Market, AMC Theatres, HomeGoods, Michaels, Ross Dress for Less, and Ulta Beauty. The food and beverage tenant lineup include a mix of about 15 nationally-known chains and independent establishments, including Bar Louie, HoneyFire BBQ , Qdoba and PDK Kitchen.
In partnership with Charlotte, N.C.-based Crosland Southeast, Branch Properties developed the retail and entertainment complex on the site of the 850,000-sq.-ft. former Bellevue Mall, which was built in 1990, shuttered in 2008, and razed in 2016. Development of the retail village began in early 2016 after Branch Properties purchased the 87-acre property. It celebrated its grand opening in August 2018.
“The transformation of a dead shopping mall into a vibrant community asset is a model for other cities around the country. All over the U.S., many malls are experiencing decline,” said Sheri Weiner, a member of the Nashville Metropolitan Council. “This is a success story not only for the developers but also for Bellevue and the entire Nashville community.”
Future components of the mixed-use community -- sold to other development groups -- include an apartment complex, the 337-unit Novel Bellevue Place; two hotels, a 111-key Home2 Suites by Hilton and a 99-key Fairfield Inn & Suites by Marriott; the 200-unit Clarendale Bellevue senior living center; and the 120,000-sq.-ft. Nashville Predators Ice and Community Center. All parcels are currently under construction.
MetLife Corp. announced that it has purchased the entire retail village at One Bellevue Place from private real estate investment firm Branch Properties for $93 million. CBRE brokered the sale.
The retail portion of One Bellevue Place is 91% occupied. It is anchored by Sprouts Farmers Market, AMC Theatres, HomeGoods, Michaels, Ross Dress for Less, and Ulta Beauty. The food and beverage tenant lineup include a mix of about 15 nationally-known chains and independent establishments, including Bar Louie, HoneyFire BBQ , Qdoba and PDK Kitchen.
In partnership with Charlotte, N.C.-based Crosland Southeast, Branch Properties developed the retail and entertainment complex on the site of the 850,000-sq.-ft. former Bellevue Mall, which was built in 1990, shuttered in 2008, and razed in 2016. Development of the retail village began in early 2016 after Branch Properties purchased the 87-acre property. It celebrated its grand opening in August 2018.
“The transformation of a dead shopping mall into a vibrant community asset is a model for other cities around the country. All over the U.S., many malls are experiencing decline,” said Sheri Weiner, a member of the Nashville Metropolitan Council. “This is a success story not only for the developers but also for Bellevue and the entire Nashville community.”
Future components of the mixed-use community -- sold to other development groups -- include an apartment complex, the 337-unit Novel Bellevue Place; two hotels, a 111-key Home2 Suites by Hilton and a 99-key Fairfield Inn & Suites by Marriott; the 200-unit Clarendale Bellevue senior living center; and the 120,000-sq.-ft. Nashville Predators Ice and Community Center. All parcels are currently under construction.