LaSalle Investment Management, a business venture based in Chicago, has finally sealed the deal, snapping up the famous 100 Oaks Mall in Nashville.
This mall was once a retail center drowning with numerous business problems, but is now flourishing with new types of businesses that offer clinics, medical offices and various shops. LaSalle's Managing Director Jim Garvey, who manages both private and public properties and investments amounting to $46.7 billion, confirmed that he signed off on the deal but did not disclose the price. He considers the amount a private matter.
Mr. Garvey explained that the management of LaSalle was interested helping the Nashville economy and creating more jobs for the community. Not only that, the dominion's convenience and salience to neighboring towns also sparked the interest of LaSalle. He further discussed to the media that the management does not plan to create major changes to the mall as of this time. But Mr. Garvey did admit that LaSalle is now in communication with potential businesses to fill the 16,000 square feet space that is still vacant in the mall.
Although Mr. Garvey did not mention the actual amount they spent in purchasing this asset, he did reveal the person who sold them the mall. Mr. Tony Ruggeri, a developer based in Dallas, was able to buy the mall together with a group of business partners for about $49.2 million back in 2006.
Mr. Ruggeri bought the mall from its former owner, Belz Enterprises, based in Memphis; it was Tennessee’s first mall, which was almost empty and is considered to be a dying investment. After a year, the Vanderbilt University Medical Center (VUMC) decided to have a long-term lease, letting millions of dollars enter into the business, which then improved the economy. Today, the mall is thriving and helping the city of Nashville recover economically.
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