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January 27, 2010 WEITZMAN HANDLES SALE OF GAINESVILLE FACTORY SHOPS GAINESVILLE—Woodcrest Alliance, L.P., a limited partnership based in Fort Worth, has purchased Gainesville Factory Shops, a 319,653-square-foot outlet mall located at 4321 I-35N. The seller was a group of 11 lender participants led by Business Partners, LLC. Greg McDonald, executive vice president with the Investment Advisory Services Division of The Weitzman Group, handled negotiations for the seller. Jon McDaniel with Woodcrest Real Estate represented the purchaser. Gainesville Factory Shops, built in 1993, feature a line-up of stores and outlets from well-known brands like Dress Barn, Gap Outlet, Rocky Mountain Chocolate Factory, Kasper, Oshkosh B’Gosh, Perfumania, Reebok, SAS, Sunglass Hut, Van Heusen, Rue 21, Zales Outlet and more. Jim Ryffel of Woodcrest Capital said the company is “looking forward to the opportunity to own a quality asset to add to its portfolio of retail centers in North Texas.” Woodcrest specializes in the acquisition and development of retail centers in North and West Texas. Loren Houchen, COO of Business Partners, LLC, noted that the transaction involved a “complex sale and financing transaction that came together successfully for all parties.” He had particular praise for McDonald, who “did an outstanding job in the process,” he noted. According to Ryffel, there have been few opportunities historically to acquire quality assets at good values. “With low interest rates and an outlook for increasing retail occupancy, Woodcrest is aggressively looking to acquire value-oriented retail properties throughout 2010,” he said . |
