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GBT announces first development in Arkansas


Little Rock, Ark. -- GBT Realty Corp. announced that it has acquired a 28.8-acre site for $4.3 million to build its newest retail development located along Interstate 30 in Benton, Arkansas. Construction is expected to begin in April on The Shoppes of Benton, a 170,000-sq. ft. regional shopping center, which is slated to open late summer 2017.

“Over the last decade, Benton’s population has exploded growing more than 40%,” states The Honorable David Mattingly, mayor, City of Benton, Arkansas. “Development such as The Shoppes of Benton is the type of investment that provides exponential returns in job development and tax revenue.”

In addition GBT has secured the following tenants: Hobby Lobby, T.J. Maxx, HomeGoods, Ulta Beauty, Rack Room Shoes and Texas Road House. Negotiations are currently underway with several additional soft goods retailers as well as a national fast-casual restaurant. Once complete The Shoppes of Benton will be valued at $36 million according to GBT.

“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,” stated George Tomlin, president and CEO, 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.”

September 2015 the City of Benton established a partnership with the Benton Public Utilities Commission to support the infrastructure improvements needed at development sites, as a result of this resolution, The Shoppes of Benton have become a reality. 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.

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