The asset opened 17 years ago at 4321 N. Interstate 35. Sincethat time, the property has had multiple owners before it wasforeclosed on inlate 2008. However, Greg McDonald, executive vice presidentwith the Weitzman Group's Dallas office represented the seller, andsays the outlet center was doing well when it first opened in1993.

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"Then they opened Grapevine Mills and the Allen outlet center,"he tells GlobeSt.com. "People didn't think it made sense to drive50 miles to save $5 on a pair of shoes." As time went on, retailersdeparted from Gainesville Factory Shops and were never replaced.But McDonald says the new owners, who were represented by WoodcrestReal Estate's Jon McDaniel, are eager to get things moving. "Theywere already starting to work on it even before they closed on it,"he comments.

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

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

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