Big Slice of Park Avenue Draws $23.4M Transaction (Real Deals)

by George Waldon  on Monday, May. 26, 2014 12:00 am  

A 12.6-acre piece of the Park Avenue development in midtown Little Rock rang up a $23.4 million sale. The retail deal included 1) ground-floor space in the Park Avenue Lofts project , 2) parking deck, 3) two interior buildings, 4) Cheddar’s, 5) Jared jewelry store and 6) AT&T store.

About 70,200 SF of retail space and a two-story parking deck in midtown Little Rock weighed in at $23.36 million.

IREIT Little Rock Park Avenue LLC, an affiliate of Inland Real Estate Income Trust of Oakbrook, Illinois, purchased six pieces of the Park Avenue project that included a 124,200-SF parking deck.

The two biggest retailing properties are a 25,500-SF building at 416 S. University Ave., home to Staples, Carters, Gigi’s Cupcakes and Radio Shack; and 16,704 SF of ground-floor space in the 258-unit Park Avenue Lofts apartment project at 314 S. University Ave.

Other components included a 10,205-SF building at 410 S. University Ave., home to Verizon Wireless, Mattress Firm, Tropical Smoothie Café and Sport Clips, an 8,051-SF Cheddar’s restaurant at 400 S. University Ave., the 6,014-SF Jared jewelry store at 310 S. University Ave. and the 3,817-SF AT&T store at 300 S. University Ave.

The 12.4-acre piece of Park Avenue previously was linked with a May 2013 mortgage of $18.5 million held by Bank of America of Charlotte, North Carolina.

The seller is SPC Park Avenue Ltd., an affiliate of Strode Property Co. of Dallas.

SPC assembled the land in September 2007 as part of a $22 million deal.

The sellers were Southern Real Estate & Financial Co., led by Charles Cella; the William L. Patton Jr. Family Ltd. LLLP; Arkansas Acquisitions Inc., led by John McDonald; Baird Inc., led by John Schlereth; and the Patton family.

Suites Land

The site for a 115-room Hilton Homewood Suites in downtown Little Rock checked in at $2.25 million.

MHG Little Rock HM Ltd., an affiliate of McKibbon Hotel Group Inc. of Gainesville, Georgia, bought the 1.07-acre site on the south side of Capitol Avenue between Rock Street and River Market Avenue.

The seller is River Market South LLC, led by Jimmy Moses and Rett Tucker.



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