GBT Realty Corp. Acquires 28.8-Acre Site for $36M Retail Development in Arkansas

Benton, Ark. — GBT Realty Corp. has acquired a 28.8-acre site for the development of The Shoppes of Benton, a 170,000-square-foot regional shopping center located in Benton, roughly 25 miles southwest of Little Rock.

GBT acquired the site, located along Interstate 30, for $4.3 million. Construction on the project is set to begin in April, with completion expected for summer 2017.

The $36 million development will be home to tenants including Hobby Lobby, TJ Maxx, HomeGoods, Ulta Beauty and Rack Room Shoes. Texas Road House will occupy an outparcel location.

The Shoppes of Benton is made possible due to a resolution passed 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.

Tagged under