Getahn Ward

USA TODAY NETWORK – Tennessee

New York-based seller Garrison Investment Group bought Shoppes at Rivergate for $12 million in 2013.

Bed Bath & Beyond, Dollar General, Ashley Furniture and HH Gregg are the anchor tenants.

The roughly 80 percent leased Shoppes at Rivergate sits on 17 acres across from Rivergate Mall.

Separately, Trust Development and Phil Hyde start work on six-room Germantown Inn project in Germantown.

An Atlanta-based real estate company has paid $15.66 million for The Shoppes at Rivergate in Madison, across from Rivergate Mall.

The 172,078-square foot shopping center at 2148 Gallatin Pike is Monarch Investments Group LLC's first acquisition in Nashville.

The seller was New York-based Garrison Investment Group, which in 2013 paid $12 million for the 30-year-old shopping center.

The Shoppes at Rivergate is roughly 80 percent leased with Bed Bath & Beyond, Dollar General, Ashley Furniture and HH Gregg as the anchor tenants.

Broker Mike Jacobs of Avison Young represented Garrison Rivergate LLC in selling the 30-year-old shopping center, which sits on 17 acres.

New tenants for Bank of America Plaza

Two new companies have signed up to occupy leased space at downtown's Bank of America Plaza.

Over the summer, Lasaters Coffee and Tea is expected to open a first floor cafe at the office building at 414 Union Street.

The 1,377 square feet location would be the eighth for the Clarksville-based chain. With access directly from the Union Street sidewalk in addition to access through the office lobby, the cafe will offer Lasaters' full food and beverage menu.

Third party logistics company Nolan Transportation Group will occupy space on the fifth floor at Bank of America Plaza.

That new space would mark a tripling from size of the company's current Nashville office space in the St. Cloud Corner office building at 500 Church St.

Office brokers J.T. Martin, Taylor Hillenmeyer, and Janelle Gallagher of CBRE in Nashville represent Bank of America Plaza's owner Lingerfelt CommonWealth Partners in securing the office tenants. Their colleague, retail expert Austin Benedict, managed leasing for the street-level retail space.

Construction begins on Germantown Inn

Work has started to transform the 1870s-built home at 1218 Sixth Ave. N. into the six-guestroom Germantown Inn.

The estimated $1.5 million project is the brainchild Jim Creason of luxury home developer Trust Development LLC and Nashville real estate agent Phil Hyde.

BancorpSouth provided roughly 75 percent of the financing with 25 percent raised from private investors.

Lankford Construction is the general contractor for the project. Local interior designer McLean Barbieri of Annali Interiors will handle interior design.

Germantown Inn is expected to open in late summer or early fall with booking of rooms available starting in August. More information is at GermantownInn.com.

Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.