Chicago Investor Snaps Up Former Belle Meade Theatre
Bradford Allen Realty Services acquired the leasehold interest in the Belle Meade Town Center from Goldman Sachs for more than $21.8M. The historic Nashville property, on four acres on Harding Pike near White Bridge Road, includes an 85k SF shopping center (formerly anchored by a Harris Teeter), the 54-unit The Marquee at Belle Meade residential property, and the 10k SF former Belle Meade Theatre space.
The Belle Meade Theatre opened as a movie palace in 1940 seating over 1,100. Its existence as a theater ended in 1991, and the property was converted into retail, though the lobby, façade and marquee were retained as part of the Belle Meade Town Center and remain a distinctive streetside presence.
Except for the former theater and grocery store, the rest of the retail space is leased. More retail, office or medical office are possibilities to fill the vacancies for the new Chicago-based owner, reports the Tennessean, though no plans are public yet. The ground is owned by a family partnership managed by Marc Stengel. CBRE listed the property for sale. [Tennessean]