Retail Leasing Sees Increases Continue

by George Waldon  on Wednesday, Aug. 1, 2012 2:38 pm  

Strode Properties Co. of Dallas continues progress on its Park Avenue project with construction of a Jared Jewelers. (Photo by Michael Pirnique)

New tenants include a 14,000-SF Jo-Ann Fabric and Craft store that will be built, next door to Haverty’s on the west side of the project. Others are a 5,916-SF HobbyTown USA, 4,000-SF Sprint store and a 1,600-SF Scottrade branch.

These additions have pushed occupancy at the 278,000-SF lifestyle center portion of Shackleford Crossings to about 80 percent.

Deals for three of the projects five remaining out-parcels also are in the works that could result in BJ’s Restaurant and Brewhouse, LongHorn Steakhouse and Chuck E. Cheese joining the project.

“Things are still great activity-wise, especially in the west Little Rock market,” said Isaac Smith, principal at Colliers International in Little Rock. “Vacancy is still holding really low, and there’s still a shortage of large-box retail space. The Promenade at Chenal is nearly 90 percent full, and the Midtown area is filling up.

“At some point there’s going to have to be some new retail, but I don’t see it happening in the very near future.”

Earlier this year, two New York firms bought controlling interest in The Promenade at Chenal.

O’Connor Capital Partners and Wafra Investment Advisory Group Inc. acquired 90 percent of the west Little Rock lifestyle center through O’Connor/Wafra Retail Partners.

Red Development of Kansas City, Mo., retained a 10 percent share and continues managing the project.

A $42 million foreclosure sale last July formalized a change of ownership at Shackleford Crossings to an investment group led by the Dallas office of Invesco Real Estate. The group had earlier acquired the debt on the west Little Rock retail center from M&I Marshall & Ilsley Bank of Milwaukee.

Strode Properties Co. of Dallas is maintaining momentum on its Park Avenue project in midtown Little Rock. Construction of a Jared Jewelers store is under way along University Avenue, and interior land for apartments and retail space was sold for $4.6 million.

An affiliate of Lang Partners of Dallas bought a 2.06-acre and 1.03-acre site for $3.85 million and a 2-acre site for $800,000.

Construction is in motion on the first two parcels, backed with a three-year loan of $21.6 million from Arvest Bank of Fayetteville.

 

 

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