GBT Realty Corporation, a national commercial development company headquartered in Brentwood, Tennessee, has announced its acquisition of the 28.8-acre retail development in Benton, called The Shoppes of Benton.
Located along Interstate 30, west of Alcoa Road southwest of Little Rock, the 170,000-square-foot, regional shopping center is slated to open late summer 2017. GBT acquired the site March 18 for $4.3 million; construction is expected to start in April.
“Over the last decade, Benton’s population has exploded growing more than 40 percent,” said David Mattingly, mayor of Benton. “Development such as The Shoppes of Benton is the type of investment that provides exponential returns in job development and tax revenue.”
The retail center is expected to bring more than 700 jobs and nearly $1.7 million in local annual tax revenue to the city of Benton.
Valued at $36 million upon completion, The Shoppes of Benton includes the following tenants and restaurant:
- Hobby Lobby
- TJ Maxx
- HomeGoods
- Ulta Beauty
- Rack Room Shoes
- Texas Road House
Negotiations are currently underway with several additional retailers as well as a national fast-casual restaurant for one of the three remaining outparcels. Approximately 22,000 square feet of small shop space is available.
“Without the support and investment by the city, our first entry into Arkansas would not have been possible — nor would the convenience of additional shopping and dining amenities right here in Benton,” explains George Tomlin, president and CEO of GBT Realty. “The lifestyles along with the purchasing and media habits of the Benton trade area ensure that these are the right goods and services for this trade area.”
The Shoppes of Benton is made possible due to a resolution passed in September 2015 by the city of Benton that established a partnership with the Benton Public Utilities Commission to support the infrastructure improvements needed at development sites. An estimated $1.4 million will be contributed by the public partnership in the form of materials and equipment needed to extend water, sewer and electrical services. The retail center is the first commercial development to capitalize on this agreement.
Rendering of The Shoppes of Benton courtesy of GBT Realty.
The post GBT Realty Acquires Shoppes of Benton, Announces Tenants appeared first on Arkansas Money & Politics.