The Bellevue Center Mall has been sold for $28 million to Foursquare Properties Inc.

$28 million Bellevue Center deal done, paves way for new lifestyle center

The Bellevue Center Mall has been sold for $28 million to Foursquare Properties Inc. of Carlsbad, Calif.

The company can now proceed with its plans to transform the struggling mall into a $100 million open-air lifestyle center.

Nashville's Metro Planning Commission approved Foursquare's plan in October.

The plan is to turn the enclosed mall into a lifestyle center with major retail anchors. Macy's department store will remain and continue to own its property.

Foursquare Properties will redevelop nearly 1.2 million square feet, with plans for six restaurants and retail and office space.

California-based Oaktree Capital Management bought the mall in 1997 for $32 million.

That deal was just for the enclosed mall and didn't include outparcels and the space anchor stores Dillard's and Macy's occupy.

Dillard's closed its store earlier this year and sold its property to Foursquare for $3.91 million. Other sellers included Charles and Esther Frost.

Bellevue Center sold to California developer

Foursquare Properties Inc. has bought the Bellevue Center mall, paying three former owners slightly more than $28 million for the 75-acre site.

The deal moves Carlsbad, Calif.-based Foursquare a step closer to its $180 million plan to turn the struggling shopping mall into an open-air plaza. City officials are still reviewing Foursquare’s proposal, but the firm was obligated to close on its offer for the land by the end of the year, said James Weaver, a local lawyer who represents Foursquare.

The deal includes the mall’s core, three vacant lots, a small neighboring store and a nearly 13-acre parcel owned by the Dillard’s department store. Dillard’s Inc. has said that it intends to close its store rather take part in Foursquare’s redevelopment plan.

The purchase does not include a similar parcel owned by Macy’s Inc. Macy’s plans to hold onto its land, Weaver said.

Most of the land was bought from Los Angeles-based Oaktree Capital Management, which paid $35.8 million for the 60 acres that it controls. Oaktree bought the land in three separate deals between 1997 and 2004.

The other sellers were Dillard’s and Franklin residents Charles D. Frost and Esther L. Frost, according to records from the Davidson County Register of Deeds.