ATR In The News

100 OAKS MALL PURCHASED BY DALLAS-BASED DEVELOPMENT FIRM

The First Shopping Mall in Nashville Will Experience Major Changes

Contact: Deborah Varallo
varallo@varallopr.com
Varallo Public Relations
December 6, 2006

Nashville, TN – 100 Oaks Mall, the first enclosed-shopping mall built in Nashville, has been purchased by 100 Oaks Plaza LLC, Dallas-based investment group, headed by Anthony T. (Tony) Ruggeri and Frank Mihalopoulos. This is the group's first transaction in Tennessee and it was financed by JP Morgan.

The approximately 850,000 square foot retail center, which is located at 719 Thompson Lane on 57 acres near the I-65 and Armory Drive interchange, was purchased from Belz Enterprises of Memphis. Terms of the transaction were not announced.

"Middle Tennessee is a strong, dynamic and vibrant region. We have great faith in Nashville and in the 100 Oaks Mall," said Ruggeri, a partner in the real estate investment firm that focuses on mixed-use retail and office properties. "We feel the 100 Oaks project can be a vital part of the regional retail and office market. We see a tremendous opportunity to redevelop the property and make it a significant mixed-used project in the Nashville area."

The 100 Oaks Mall property purchased by 100 Oaks Mall LLC includes AmSouth Bank (Regions Bank), the Regal 27 Cinemas and Guitar Center, Inc. of Nashville, as well as the 100 Oaks office tower that is connected to the mall.

Belz Enterprises has owned 100 Oaks Mall since it was first opened in 1967. 100 Oaks Mall has been the home to leading national retailers through the years. Belz remodeled the mall in 1996 and added the retail tenants on the main floor. Current tenants include TJ Maxx, Michaels, PetSmart, Burlington Coat Factory and CompUSA.

"The economic climate in Nashville is tremendous; the job market is strong and we like the business dynamics that are in play in the Nashville area," added Ruggeri. "Everyone we talk with is excited that we are revitalizing this location. We have plans for a new façade on the building and to bring the look into the 21st Century. Once the project is completed, we believe that 100 Oaks Mall will generate the same attraction and enthusiasm it did almost 40 years ago when it first opened."

Frank Mihalopoulos, also a partner with 100 Oaks Plaza LLC, explained that planning for the 100 Oaks Mall project has been underway for quite some time. Ruggeri and Mihalopoulos estimate that the revitalization will take two to three years for completion.

Mihalopoulos added, "We are working to bring in nationally recognized retailers to serve the communities' needs. We feel a mixed-use development will better serve the area and we are already in discussion with potential tenants."

Janet Sterchi and Lisa Maki with CB Richard Ellis have been contracted to handle the office leasing and John Forster with Shopping Center Group will oversee the retail leasing. Gresham Smith and Partners will provide architecture and engineering services as the property is renovated and re-developed.

Ruggeri and Mihalopoulos have extensive experience in the real estate industry, primarily with retail and mixed-use development.

Ruggeri has more than 30 years of marketing and sales experience in the consumer electronics, computer and real estate industries. Since 1995, he has purchased, developed, managed and sold retail properties located throughout Texas. Among the major tenants in his current holdings are Hobby Lobby, Belk, Starbucks, Outback Steakhouse and Linen 'N Things.

Mihalopoulos has 28 years of experience in real estate sales, investments, development and financing of commercial retail properties primarily in the Southwest. Among his current projects are a 300,000 square foot shopping center in McKinney, Texas, and a 400,000 square foot shopping center in College Station, Texas. He is a member of the Board of Directors of the Real Estate Council, Dallas.