A Texas real estate development company has acquired property at the corner of one Bentonville’s busiest intersections.
According to county real estate records, Leon Capital Group of Dallas acquired the vacant Ruby Tuesday development at 1402 S. Walton Blvd., at the intersection of Arkansas Highway 102 and U.S. Highway 71B (Walton Boulevard). The firm paid $2.15 million for the 1.58-acre site, according to a deed filed at the Benton County Courthouse. Texas Bank & Trust Co. backed the purchase with a three-year mortgage of $3.70 million.
Bentonville Community and Economic Development Director Troy Galloway said a site plan for the property has not been formally filed. The property includes a single-story, 4,900-square-foot building built in 1998.
Ruby Tuesday is headquartered in Maryville, Tenn., and closed 95 underperforming restaurants last summer, after reporting declining revenue. Among the closures were seven locations in Arkansas, including Bentonville and Fayetteville.
Leon Capital Group was founded in 2002 by south Texas native Fernando De Leon, and has amassed a real estate portfolio of $2.5 billion in assets, mostly centered in Texas and Florida.
Multiple telephone messages left with Leon Capital Group headquarters in Dallas have not been returned this week. Talk Business & Politics will update this story with more information as it becomes available.