One Bellevue Place sold

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One Bellevue Place sold

By Jennifer Setteducato - 01/30/2019
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.

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