Yes, CBL & Assoc. sold the 600k+ sq ft of the interior mall to the Aggarwals for $1M in 2012 after they expressed interest in only buying a small section for a medical office, essentially making them mall owners by happenstance.
Supposedly, they tried to put it up for sale in 2014 with CBRE, but maybe a better sleuth can see if it sold. I don’t see any proof that it did…
Then, in 2019 tenants were told to vacate due to “pending construction” around the time Freeland expressed interest in the property.
So it has supposedly been vacant since then?
In March ‘19, Metro Codes found violations ranging from “dangerous” potholes to graffiti, junk, and debris. I can’t say I frequent the place, but I cannot imagine that the Aggarwals or their company invested even close to the difference in price that Metro is looking to pay.
So, I wonder if this $24M is appropriately valued.