GBT Realty Corporation, a leading national commercial development company headquartered in Brentwood, Tenn., announces the tenant lineup at its Benton, Ark. retail development now that it acquired the 28.8-acre site. The Shoppes of Benton is soon to be home to household names in retail and fast casual dining in this high-growth market. 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%,” states Benton Mayor David Mattingly. “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 national soft goods tenants and restaurant: Hobby Lobby, TJ Maxx, HomeGoods, Ulta Beauty, Rack Room Shoes and Texas Road House (outparcel location). Negotiations are currently underway with several additional soft goods 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, 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 last September 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.