Investor offers free rent to Madison Mall
NASHVILLE, Tenn. (WKRN) – “Rent free in Nashville” is such a wacky phrase it sounds too good to be true, but it’s not.
Nashville investor Ben Hamd and his partner recently bought The Shoppes at Rivergate for nearly $14 million just to turn around and offer new tenants free rent.
“It’s about creating a really cohesive and great retail experience and it’s already here and it needs to be a few more companies to complete it,” said Hamd, owner of Brookwood Capital Advisors. “What we do is buy things that have vacancies and try to fill them to add value.”
The Madison Mall sits adjacent to Conference Drive and Gallatin Road, with 172,000 square feet of opportunity, anchored by DSW, Ashley Furniture and Bed Bath and Beyond across from the Rivergate Mall.
“The free rent is there to entice people to come and open here, it’s not about lining their pockets now, it’s more of a long-term goal,” Hamd said.
It’s a goal to snag the best possible tenants, which Hamd knows pays off.
“It means businesses are moving to Madison, it means we’re going from 70% to 100%, it frankly means people are building businesses that help drive businesses forward,” Hamd said.
Going forward, District 10 Councilman Zach Young said this is an area that will continue to grow.
“The Rivergate area is definitely having a big resurgence in my opinion,” Young said. “There’s another big project that I’m not free to talk about yet that’s so close to being announced that it’s a big deal for this area. Hope this becomes a great little piece of land so people in the area have everything they need and don’t have to travel across town or to Hendersonville or Gallatin to do shopping.”