Monarch Investments Signs 40 KSF Nashville-Area Lease

The new tenant, a discount fashion retailer, plans to open its first central Tennessee location in the space during the second quarter of 2018.

The Shoppes at Rivergate
The Shoppes at Rivergate

Monarch Investments has signed a lease with discount fashion and home retailer Gabe’s for 40,075 square feet at The Shoppes at Rivergate in Madison, Tenn., 15 miles north of Nashville. The tenant intends to open the new store—its first in the central Tennessee region—by the end of the second quarter this year. The landlord was represented in the transaction by a CBRE team led by Crystal Davis and Jim Foley. Jim Murphy of Echo Retail and Jeff Moats of Shopping Center Group represented Gabe’s.

Located at 2136-2190 Gallatin Pike N., The Shoppes at Rivergate is located next to the 1.1 million-square-foot Rivergate Mall and sits within a mile and a half of Interstate 65 and Tennessee Highway 386. The 172,078-square-foot property is anchored by Bed Bath & Beyond and Ashley Furniture. A number of smaller tenants, including Designer Shoe Warehouse, Dollar General and Sleep Outfitters, occupy the remaining space. Monarch acquired the property in early 2016 from the Garrison Investment Group for $15.7 million, according to public records.

“Vacancy in the North Nashville submarket is low at only 7.1%, which speaks for its popularity among retailers. We received considerable interest for this space as The Shoppes at Rivergate’s former hhgregg box is strategically located on Gallatin Pike North. The center’s high visibility and proximity to the mall caught the attention of multiple tenants looking to distinguish themselves in the market. Gabe’s turned out to be the best fit as its growing brand is becoming a staple in markets across the country,” said Davis in a prepared statement.

Last year in Nashville, BMG signed a 120,000-square-foot office lease to consolidate its headquarters into a soon-to-be-built Class A office building.

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