The asset opened 17 years ago at 4321 N. Interstate 35. Since that time, the property has had multiple owners before it was foreclosed on in late 2008. However, Greg McDonald, executive vice president with the Weitzman Group's Dallas office represented the seller, and says the outlet center was doing well when it first opened in 1993.

"Then they opened Grapevine Mills and the Allen outlet center," he tells GlobeSt.com. "People didn't think it made sense to drive 50 miles to save $5 on a pair of shoes." As time went on, retailers departed from Gainesville Factory Shops and were never replaced. But McDonald says the new owners, who were represented by Woodcrest Real Estate's Jon McDaniel, are eager to get things moving. "They were already starting to work on it even before they closed on it," he comments.

Despite the property's financial difficulties, McDonald says he received several calls from interested buyers who were planning to do everything to the property from converting it into a medical center to building a predominantly residential mixed-use project. Ultimately, one of the lending partners with Business Partners LLC was familiar with Woodcrest Capital CEO Jim Ryffel and felt comfortable with him. "He knew Jim was a quality individual," McDonald remarks.

Still, getting the deal to the closing table was somewhat of a challenge, especially with 11 lenders involved in the process. "There were different financial institutions and credit unions from all over the country involved in this," McDonald says.