GAINESVILLE, TX-CBRL Group Inc., the Lebanon, TN-based parent of Cracker Barrel Old Country Store, has bought a 1.69-acre pad site at the Gainesville Factory Shops. The plan is to immediately break ground on a 10,000-sf restaurant and gift shop.
Lynn Dowdle with Dallas-based Staubach Retail tells GlobeSt.com that the restaurateur was looking around when she "showed them just that one site and they took it." The deal's lone broker says negotiations lasted about five months with the Dallas seller, Tacco Financial Inc.
Based on sales comps for the immediate area, retail land near the popular outlet stores at 4321 N. Interstate 35 has been selling in the high teens per sf. Cracker Barrel's parent got a hard corner right in front of the 80-plus outlet property, which attracts busloads of shoppers from all surrounding states. The chain's closest store is located about 50 miles south in Lewisville.
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