Gainesville FactoryShops

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Dallas-based Cencor Realty Services has been slid in as propertymanager of the 15-year-old factory shops at 4321 N. Interstate 35,just five miles south of the Chickasaw Nation's WinStar Casino inThackerville, OK. The first move was to hire the outlet mall'slong-time general manager Michelle Shulfin and her team to continuetheir day-to-day duties with Cencor's Susan Steelhammer in thedriver's seat, according to James Greenfield, senior vice presidentof property management for Cencor's Dallas/Fort Worth region. Now,he says he's jumped into meeting with brokers and the marketingdepartment to create a development plan for the owner, which lastweek took back the shops, positioned on 41.7 acres, and an extra 40acres of developable land.

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"We are determining a marketing plan and hitting with it to seewho we can pull back in," Greenfield tells GlobeSt.com. Despite itslow vacancy, Gainesville Factory Shops has held onto retail giantslike GAP, Reebok, VF Outlet, Izod, Zales and 75% Off Books.

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"We want to do all we can to boost its recognition," Greenfieldstresses. He says the focus clearly will be to fill the retailholes rather than develop the vacant land at this stage.

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CabelTel International Corp. of Dallas owned the factory shopsfrom December 2003 until December 2007, when the fiscally strappedowner transferred it to an unrelated third party who in turn soldit Jan. 21 to a partnership in Oregon, according to SEC filings.The Oregon partnership assumed a first-lien mortgage with Plano,TX-based ViewPoint Bank for $6.1 million plus accrued interest and$400,000 in additional liabilities.

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Gainesville Factory Shops' interstate-fronting location hasattracted two hotels, Applebee's Neighborhood Grill and a CrackerBarrel in the past three years despite its retail pull-outs andfinancial plight of its former owner. And, the reason is rightacross the border at the WinStar Casino, where the parking lot isfull on most nights and an expansion is under way. Part ofGainesville's occupancy loss has been due to larger and neweroutlets in North Texas like the 650,000-sf Premium Outlets inAllen, 1.5-million-sf Grapevine Mills Mall and other regionalretail centers in Denton, Fairview, McKinney and Prosper.

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"It's a great location and we are going to take advantage of allits attributes and bring everyone back," Greenfield vows. "Staytuned. We're going to try and get it going again."

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