Park Avenue Properties Prove Popular in Recent Real Estate Deals

by Arkansas Business Staff  on Monday, Mar. 17, 2014 12:00 am  

A 1.64-acre LA Fitness development in midtown Little Rock tipped the scales at $11.9 million.

Jim Hooper Trust of Upland, Calif., acquired the 47,700-SF facility at 304 S. University Ave. from LAF LR Ltd. of Dallas.

The project is part of the Park Avenue development that replaced University Mall and some adjoining property.

Six pieces of Park Avenue recently changed hands for $23.3 million, according to real estate records.

An affiliate of Inland Real Estate Income Trust of Oakbrook, Ill., bought 12.4 acres that are home to retailing space covering 69,381 SF and a two-story parking deck, a remaining vestige of University Mall.

Inland put the price tag of the deal at $28.1 million and explained the dollar differential this way:

“We may be required to pay the seller an aggregate amount equal to approximately $4.75 million based on tenants taking possession of certain premises at the properties, opening for business and commencing to pay full rental payments as due under their respective leases.”

Inland’s newly acquired retail space is divided among five retail-only buildings and ground-floor space of about 15,000 SF in the 258-unit Park Avenue Lofts apartment project.



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