Benton Investment Partners purchased 28.65 acres affiliated with the Shoppes at Benton on Friday for a combined $4.3 million.
Included in the transaction was a 23-acre parcel that was sold by Mt. Carmel Investment Co. for $3.4 million. A 5.65-acre tract was sold by MPE Properties Inc. for $910,000.
A T.J. Maxx/Homegoods store and Hobby Lobby are the planned anchor tenants for the Shoppes at Benton, a $30 million-plus development north of Interstate 30 on Alcoa Road. GBT Realty Corp. of Brentwood, Tenn., announced at a Feb. 22 City Council meeting in Benton that cosmetics retailer Ulta would also be part of the development along with a Texas Roadhouse restaurant.
The development is scheduled to open in early summer 2017.
Hank Kelley and Brooke Miller of Flake and Kelley represented T.J. Maxx and worked with developer Thom Hickman of GBT Realty Corp. and Benton Investment Partners. MPE Properties was represented by Dee Fiser, Wes Martin and John Hathaway worked on behalf of Mt. Carmel Investment.
— Chris Bahn, Business Reporter/Columnist