LOUISVILLE—GBT Realty Corporation recentlypurchased more than 13 acres to develop the $20 million WoodlandCommons, a community retail center just south of Louisville inElizabethtown. The company has completed nearly 50% of the sitework and plans to launch vertical construction by October 1 on the126,000-square foot development. Tenants have already agreed tolease 90% of the property, which GBT acquired from WoodlandPartnership in July. The terms of the deal were notdisclosed.

“The strength of Kentucky's economy and its successful reboundfrom the recession made for the ideal region for us to stake ourdevelopment pursuits and identify opportunities for our retailpartners,” says George Tomlin, president and chiefexecutive officer of GBT. “And Elizabethtown is booming with itsstrong industrial base of 75 industries located within city limitscoupled by a trade area of nearly 240,000 residents with an averagehousehold income of $56,000.”

Hobby Lobby and Academy Sports +Outdoors, each taking about 60,000-square-feet, haveagreed to anchor the shopping center which sits at the intersectionof Ring Rd. and Woodland Dr., a significant retail hub thatincludes retailers such as Home Depot,Belk, Sears,JCPenney, Target andLowes Home Improvement. An additional8,800-square-feet of small shop space is available. The site alsoincludes one outparcel, for which GBT Realty is currentlynegotiating with a fast casual restaurant. The company expects tocomplete the center by spring 2015.