CBL Properties announced that it has closed on the sale of a 5.35-acre parcel of land in the northeast corner of CoolSprings Galleria to Greystar. Located in Franklin, approximately 20 minutes from Downtown Nashville , CoolSprings Galleria is one of CBL’s premier properties. The retail destination consistently attracts in-demand retail, dining, and entertainment options. As the retail industry has evolved, CBL has taken advantage of under-utilized parking lots and undeveloped parcels to add density to its market-dominant mall properties.
“We are successfully identifying opportunities to realize the embedded value available across our portfolio. This transaction allows us to generate value from a non-income-producing parcel by introducing a highly complementary residential development that will add density, drive activity, and further enhance the CoolSprings Galleria campus.”
Stephen D. Lebovitz, Chief Executive Officer, CBL Properties.
“We’re honored that CBL has trusted Greystar to help bring a new residential chapter to the CoolSprings Galleria mixed-use district. This thriving destination will keep operating as a regional anchor, and by turning an underutilized parking lot into upscale housing with curated ground-floor retail, we’re reinvesting alongside the Galleria and helping carry it into the next generation,”
Matt Evans, Senior Director of Development, Greystar.
Construction on the 361-unit community with 15,000 square feet of ground floor retail and service will commence later this month and is expected to last approximately two years.
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