A large institutional investor, whose identity is yet to be revealed, has acquired Nashville's 100 Oaks Mall through a contract to purchase. The mall, which is sometimes called One Hundred Oaks Mall, is a shopping commercial complex located a few miles south of downtown Nashville, TN. It was the state's first-ever mall and was once a troubled commercial center that is now booming with retail shops, medical clinics, and offices.
In 2006, Dallas developer Tony Ruggeri along with a few partners bought the mall for $49.2 million dollars. According to Ruggeri, they are expected to come to terms with the institutional investor in 45 to 60 days. He refused to name the investor but mentioned a few hints, saying that the buyer has several properties in almost every major U.S. City.
Back in 2006, when Ruggeri's group acquired 100 Oaks Mall from the Memphis-based Belz Enterprises, it was virtually empty with a dismal 50% occupancy rate. The following year, a blessing came their way as Vanderbilt University Medical Center signed a long-term contract to lease more than half of the mall's total floor area. This generated millions of dollars that the group initially used to improve the mall's facilities. It eventually paid off as patients commended the overall comfort inside the medical facility. Retailers also began pouring in as foot traffic inside the mall increased.
Ruggeri first put the mall on sale last summer but was not able to close on any offer due to the worsening debt and financial climate prevailing at that time. Some of those who sent their offers have resubmitted their proposals this year as the real estate market began showing signs of improvement. “There are certain conditions that changed this year in terms of debt availability,” says Ruggeri, “And in effect this has allowed the potential buyers to be more aggressive in their offers. They now have the necessary instruments to actually go through with the sale. But it's not yet final until after the signing of papers of course, though it seems like everything's turning out fine now.”
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