Ohio outfit buys vacant Upton's in Cool Springs
Nashville Business Journal - by Philip Nannie Nashville Business Journal
The Upton's building at 1770 Galleria Blvd. next to CoolSprings Galleria has sold to an Ohio investor for $3.6 million.
Jubilee CoolSprings LLC bought the 61,000-square-foot building from American Retail Group Inc. in hopes that a large, well-known retail tenant will occupy the space.
Most such investment purchases are done with the buyer knowing who the tenant will be. In this instance the tenant remains a mystery and a lease agreement is unsigned.
David Huddleston, managing director of investment services for Grubb & Ellis/Centennial, represented the seller in the deal. Charlie Vaughn of Cherry & Associates represented Jubilee CoolSprings.
Huddleston says Jubilee CoolSprings has relationships with several possible tenants and says it bought the property with a particular tenant in mind. "We think it will be a high-end furniture store," he says.
The Upton's building had been vacant for about one year since American Retail Group decided to close all of its Upton's stores. Huddleston says he received plenty of interest during the building's vacancy but a final sale was delayed due to several lawsuits between American Retail Group and CBL & Associates Properties Inc., the owner of CoolSprings Galleria.
Huddleston says that litigation delayed the sale, a process normally taking a few weeks or months. Once the legal hurdles were cleared the Upton's building sold in record time. Normally a deal of this size would take four months to complete.
"It closed in three weeks start to finish," says Huddleston.
pnannie@bizjournals.com, 615-248-2222 ext. 109
Latest News |
Most Viewed Stories |
Most Emailed Stories |
