TN Firm Inks Deal to Buy Brookdale, Unveils Plans
Dickson, Tennessee-based Gatlin Development Company, Inc., last week signed a letter of intent to purchase Brookdale Mall after being selected as the winning bidder on the property.
Gatlin Development is buying the mall from Capmark Finance, which purchased it for $12.5 million in a February auction. The purchase is pending approval from Capmark and its credit committee.
Frank Gatlin, founder and owner of Gatlin Development, said that once the purchase agreement is approved, which is expected by the end of the week, the mall's purchase price will be made public.
Gatlin said that the mall will be renamed Shingle Creek Crossing and it will have a portion-about 130,000 square feet-called The Shops at Shingle Creek Crossing.
The site currently has about 925,000 square feet, including Sears, which was not part of the purchase agreement. Gatlin said that the company plans to demolish 500,000 square feet of the space and build 375,000 square feet of new construction. Of that new construction, 150,000 square feet will be a new Wal-Mart store and 225,000 square feet with be for new tenants.
Gatlin would not reveal specific names of potential new tenants, but said that the company is targeting the following types of retailers as large tenants: electronics, sporting goods, office supply, and apparel. The plan also includes five to seven restaurants and numerous other small tenants.
The mall's existing food court, which was built about six years ago, will be renovated for The Shops at Shingle Creek Crossing. Gatlin said that the finished development will be a hybrid between a traditional mall and an open-air center with a climate-controlled quarter.
Gatlin Development hopes to start demolishing the existing building in the first quarter of 2011. The company plans to open the Wal-Mart and the renovated food court by the second quarter of 2012. The whole development is expected be completed by the end of 2012.
Mid-American Real Estate Group has been selected as the leasing company and Kimley-Horn and Associates, Inc., has been selected as the engineering firm for the project. Local firm Architectural Consortium, LLC, is the architecture firm of record on the project and bidding for the project's builder will likely begin by January 1.