BENTON, ARK. — GBT Realty Corp. has signed a contract to acquire a 28.8-acre parcel along I-30 West in Benton for the development of The Shoppes of Benton. The 170,000-square-foot regional shopping center will be GBT Realty’s first development in Arkansas. The Brentwood, Tenn.-based developer plans to close on the land purchase by the end of the year and break ground in the first quarter of 2016. The city of Benton passed a resolution in September that established a partnership with Benton Public Utilities Commission for $1.4 million in infrastructure improvements at the site, including water, sewer and electrical services. Valued at $36 million upon completion, The Shoppes of Benton will feature two anchor tenants, space for three junior anchors, 32,000 square feet of small shop space and four outparcels. GBT is currently finalizing negotiations with several national retailers, some first-to-market. The company expects to announce the initial tenant line-up early next year and complete construction by spring 2017.
The 170,000-square-foot Shoppes of Benton will be GBT Realty’s first development in Arkansas.
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