The new owner plans to renovate the mall, which Belz remodeled in 1996. Mihalopoulos explains the firm as been planning the 100 Oaks project for some time, and the renovation will take approximately two to three years. He says the redevelopment plans are in the preliminary stages, and he tells GlobeSt.com that no price tag or eventual rental rates have been set yet. "This is a great location and a great piece of property," Mihalopoulos explains, "but it is time to be upgraded to fit the dynamic of the market."

Currently both the retail and office portions of 100 Oaks are a combined 50% occupied. The new owner has plans to turn retail space on the second floor into office, keeping the existing retail tenants on the ground floor, he says. "We are redeveloping retail space into office, kind of de-malling the project."

Janet Sterchi and Lisa Maki with CB Richard Ellis will handle the office leasing, and John Forster with Shopping Center Group will oversee the retail leasing. Gresham Smith and Partners will provide architecture and engineering services as the property is renovated and redeveloped.

Although 100 Oaks Mall may be the first Tennessee property, it may not be the investment group's last. " We love the market and are looking at other projects in the area," Mihalopoulos says.