NASHVILLE, Tenn. (WKRN) — “Free rent in Nashville” is a phrase that’s so far-fetched it seems too good to be true, but it’s not.
Nashville investor, Ben Hamd, and his partner recently purchased The Shoppes at Rivergate for nearly $14 million only to turn around and offer new tenants free rent.
“It’s about creating a really cohesive, great retail experience and that’s already there and there needs to be a few more businesses to finish it out,” said Hamd, owner of Brookwood Capital Advisors. “What we do is buy stuff that has some vacancies and try to fill it up to add value.”
The Madison shopping center sits off of Conference Drive and Gallatin Road, with 172 thousand square feet of possibility, anchored by DSW, Ashley Furniture, and Bed Bath and Beyond across from Rivergate Mall.
“The free rent is there to incentivize people to come and open here, it’s not about lining our pockets now it’s more of a long-term goal,” Hamd said.
It’s a goal of hooking the best possible tenants, something Hamd knows will pay off.
“It means businesses move into Madison, it means we go from 70% to 100%, it means frankly that people create businesses that help sustain businesses moving forward,” Hamd said.
Moving forward, District 10 Councilman Zach Young said it’s an area that’s going to keep growing.
“The Rivergate area is definitely seeing a big resurgence in my opinion,” Young said. “There is another big project that I’m not at liberty to speak about quite yet that’s so close to being announced that’s a huge deal for that area. I hope it becomes a great little corner of the earth for people in the area to have everything they need and not have to drive to the other side of town or Hendersonville or Gallatin to do any shopping.”