CBL Sells Land at CoolSprings Galleria Mall in Metro Nashville to Greystar for 361-Unit Apartment Development

Why this matters

This transaction underscores the ongoing recalibration of institutional capital within US retail real estate, particularly mall assets, as investors pivot toward higher-growth, more resilient property types. CBL’s sale of land at a major regional mall to a multifamily developer reflects a broader trend of repurposing retail-adjacent sites to meet persistent demand for rental housing, especially in dynamic Sun Belt markets like Nashville. For mall REITs, divesting non-core or underutilized land parcels can be a strategic move to bolster liquidity and reallocate capital amid structural headwinds facing brick-and-mortar retail. Meanwhile, Greystar’s acquisition signals continued institutional appetite for multifamily development, driven by demographic tailwinds and the sector’s relative insulation from e-commerce disruption. This deal also highlights the evolving role of mall properties as mixed-use platforms rather than pure retail destinations, a shift that may influence future underwriting and asset management strategies. From a capital markets perspective, the transaction suggests that lenders and equity providers remain willing to back multifamily projects on former retail land, indicating confidence in the asset class’s fundamentals despite broader macroeconomic uncertainties.

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