AJ Capital Partners now owns the land it needs to redevelop the Belle Meade Plaza shopping center.
The Nashville-based developer paid $87 million for the property at 4500 Harding Pike, according to Metro records. The sale was accompanied by a $45 million loan from Nationwide Life Insurance Co.
The site last sold for $14.5 million in 1997, according to Metro records. The seller is a partnership that includes the May family, according to the Nashville Post.
“AJ Capital is excited to have completed the acquisition of Belle Meade Plaza on Wednesday, July 12th,” the company said in an emailed statement to the Business Journal. “We look forward to bringing a new and reimagined vision of Belle Meade Plaza to life.”