By DELANIA TRIGG, Register Staff Writer
Changes may soon be in store at the Gainesville Factory Shops.
Woodcrest Capital LLC, a Fort Worth based investment company, has reportedly purchased the sprawling 84-unit outlet venue on Interstate Highway 35.
So far, details about the deal are few, but Trent Gilley, of Woodcrest Capital said his company is pleased with the deal.
“It’s a big acquisition for us. We’re excited about it,” Gilley said Monday afternoon, deferring all other questions to Woodcrest Founder and President, James Ryffel.
Woodcrest officials may not be prepared to talk about the deal just yet but the company already features a photo of the familiar stucco mall on its Website’s homepage.
Woodcrest owns a slate of Texas retail venues including shopping centers, malls and office space in places such as Plano, Benbrook, Saginaw and Arlington and Azle and San Angelo.
The bulk of the company’s properties are in the Fort Worth area.
The mall’s sale is the latest in a series of business deals associated with the ailing outlet mall which opened to large crowds and high expectations in 1993.
The mall had grown increasingly quiet in recent years, as stores began shutting their doors and were not replaced with new retailers.
In September 2008, mall officials announced the property was in foreclosure.
The outlet complex was sold that October for $5 million to Plano based Viewpoint Bank in a public auction on the Cooke County courthouse steps.
At the time of the sale, Gainesville Factory Shops general manager and marketing director, Michelle Shuflin said she believed the change of ownership was a positive step for the mall and that she expected the outlet center to grow.
About 14 months later, however, that doesn’t appear to be the case as the Factory Shop’s Web site lists just 24 outlets.
Shufflin noted in an October 2008 interview that since the mall opened in 1993 it has been owned by two companies — Canyon Creek Development and Prime Retail based in Baltimore, M.D.
Shufflin was silent on the latest change of hands.
Her assistant referred all calls about the deal to Woodcrest.
Gainesville Area Chamber of Commerce Director John Broyles said the sale could be good news for Gainesville.
“I am very pleased to hear that the Gainesville Factory Shops have been purchased by a company with retail property experience. The Factory Shops have been and remain an attractant to shoppers from all over North Texas and Southern Oklahoma. Our weekend trolley service carries passengers from the Amtrak train to the shops every weekend. This is very exciting news,” he said.
He also said the sale is a sign that Gainesville is attractive to outside investors.
“I am happy to see that other businesses see the potential in investing in Gainesville and our community. I look forward to an increase in the number of stores at the Factory Shops and hope that this will lead to other development of the area as well. With the revitalization of the Factory Shops, residents of Gainesville will have an even better opportunity to shop at home and keep our local economy strong,” Broyles said.
Despite the recent changes, the mall is open and continues to operate a full service RV park on the south side of the property.
