Today CBL Properties (NYSE:CBL) announced that it has closed on the sale of a 5.35-acre parcel of land in the northeast corner of CoolSprings Galleria in Franklin, Tennessee, an affluent Nashville suburb, to Greystar, a world-class developer, owner, and operator of rental housing.
Located in Franklin, an affluent, growing suburb of Nashville, CoolSprings Galleria is one of CBL’s premier properties, consistently attracting the most 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,” said Stephen D. Lebovitz, Chief Executive Officer, CBL Properties. “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.”
Lebovitz added, “The strength and growth of the CoolSprings Galleria market has driven new opportunities to enhance and evolve CoolSprings Galleria. The addition of a class A upscale residential community will help further activate the property throughout the day and reinforce CoolSprings’ position as a top retail, dining, and entertainment destination for the region. Greystar is the ideal partner for this project, and we know they will deliver a high-quality development well-suited for the market.”
“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,” said 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.
About CoolSprings Galleria
Owned and managed by CBL Properties of Chattanooga, Tennessee (NYSE: CBL), CoolSprings Galleria is a more than one million square-foot super-regional shopping destination featuring more than 150 stores including Apple, American Girl, Barnes & Noble, LEGO, The Cheesecake Factory, Connors Steak & Seafood, H&M, Kings Dining & Entertainment, Pottery Barn, and Williams-Sonoma. CoolSprings Galleria is anchored by Belk, Dillard’s, JCPenney, Macy’s, and Primark and is conveniently located off I-65 at exits 68 and 69, just fifteen miles south of Nashville. For additional information, find us on Facebook at www.Facebook.com/CoolSpringsGalleria, follow us on Instagram at https://www.instagram.com/coolspringsgalleria/ or visit https://www.coolspringsgalleria.com.
About Greystar
Greystar is a leading, fully integrated global real estate platform offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing. Headquartered in Charleston, South Carolina, Greystar manages and operates approximately $350 billion of real estate in approximately 260 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than one million units/beds globally. Across its platforms, Greystar has over $79 billion of assets under management, including over $34 billion of development assets and approximately $36.5 billion of regulatory assets under management. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.
About CBL Properties
Headquartered in Chattanooga, Tennessee, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 88 properties totaling 55.6 million square feet across 23 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.
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