CBL Properties Dishes on Nashville
- Jun 15, 2015
Commercial Property Executive sat down with CBL & Associates Properties, Inc. to get a quick inside scoop on the expansion of CoolSprings Galleria, an over one-million-square-foot super regional shopping center located in dynamic metro Nashville.
CPE: What did the redevelopment of the former Sears location entail?
CBL: We purchased the Sears location and took it down for purposes of redeveloping the space into smaller shops (5,000 to 25,000 square feet), junior anchors and a restaurant district in process of being built off that end of the mall (see photos). The redevelopment of the former Sears space includes about 150,000 square feet and 11 [new retailers] in total, once the restaurant district is finished off.
CPE: What drove CBL’s acquisition and subsequent redevelopment of the former Sears building?
CBL: CoolSprings Galleria caters a growing upscale demographics in the Franklin/Nashville area. Replacing the Sears space with a mix of high-end fashion, quality home furnishings and impressive fine dining was a huge enhancement to the already dynamic retail hub. The addition of key retailers further solidifies CoolSprings Galleria as the dominant super-regional shopping destination in the Franklin/Nashville area.
CPE: What would you say is the new component’s defining feature?
CBL: Having the market’s first American Girl has a huge impact on this mall.
CPE: Does CBL have any further plans regarding CoolSpings Galleria?
CBL: Yes, we are finishing up the restaurant district off the end of the former Sears location with openings beginning as early as this fall and spring of 2016.
CPE: How would you characterize Nashville’s retail market?
CBL: In a word, “Booming”. Williamson County, home to CoolSprings Galleria, boasts Tennessee’s highest per capita income and holds an impressive rank as one of the top 20 wealthiest counties in the U.S. The affluent city of Brentwood has a median household income of $129,771 and a family household income of $143,746, and is the wealthiest zip code in the state. With more than 950,000 people, the Nashville trade area is one of the fastest growing in the South.
Image credits: CBL & Associates Properties