NASHVILLE, Tenn. – The majority of the mostly vacant Hickory Hollow Mall has been sold to an investment partnership for $1 million.
That includes everything but the mall's anchor stores, that sits on 25 acres in Antioch.
The once popular mall has been struggling and losing stores for several years. In June, the remaining tenants were given a 30-day notice to get out.
Since then, Hickory Hollow Mall has essentially been sitting vacant.
Recently, it caught the eye of a man named Rajeesh Aggarwal who owns several hotels in Nashville and an apartment community in Murfreesboro.
He is a partner in a group called the Global Mall Partnership, and together, they decided the time was right to make this purchase.
"Global Mall intends to bring cultural diversity to Hickory Hollow Mall by having dining, shopping, entertainment, and arts that will be representative from all parts of the globe, in one central location." said spokesman Mark Nobles.
They bought the property from Chattanooga-based CBL & Associates Properties.
The deal includes the current location of Electronic Express and storefronts on both floor levels inside the mall. It does not include space previously occupied by anchor department stores.
Local shoppers said they believe the buy will be good for the area, but considering the mall's history, they are cautiously optimistic.
"I think I'm a little skeptical about how well anything will do in this area," said resident Kristin Davis. "Just seeing how the mall and everything else has kinda died, and how this area has gone down hill, as far as being able to keep business open."
Council members who represent the Antioch area have been watching the development closely. Councilwoman Jacobia Dowell said they'd been hoping for an active owner, and she is thrilled the people who purchased it have plans to bring business back to Hickory Hollow.
As for the timeline, Global Mall Partnership said they are already actively recruiting new tenants.
When it last sold in 1998, the pricetag was about $126 million. The new owner paid just a fraction of that.