Posted 8/12/2013 12:00 am
Updated 11 months ago
The vacancy rate for retail properties in central Arkansas fell slightly in the second quarter of this year compared with the year-ago period, to 7.5 percent from 7.8 percent. But the second-quarter 2013 rate inched a bit higher when compared with first-quarter 2013, when it stood at 7.3 percent.
“Central Arkansas is still trending well below the national vacancy rate of 10.5 percent,” said Brooke Miller of Flake & Kelley Commercial. “This past quarter, the most significant change locally was represented by the sale of the former Harvest Foods (about 41,000 SF) on East Kiehl in Sherwood.”
(Also see: Sherwood Retail Project Recycled in $1.2M Sale)
“Retailers really begin focusing on sales and bringing in their year-end goals in third and fourth quarters. Good reports there may mean same-store expansions with relocation and the introduction of more new stores in our market,” said Miller.
Largest Changes in Occupancy
|Property Name||SF Occupied or Vacated||Company Name||Market||Type|
|4101 E. Kiehl Ave.||41,000||Tisdale Properties & Development (converting to self-storage units)||Sherwood||Neighborhood Ctr|
|Pleasant Ridge Town Center||7,411||Multiple Tenants||West||Regional Ctr|
|Markham Square Shopping Center||6,262||Multiple Tenants||West||Community Ctr|
|Pinnacle Station||-7,611||Siagon Cuisine; Indulgences||West||Conv/Strip Ctr|
|Lakewood Village Shopping Center||-18,190||Multiple Tenants||North Little Rock||Community Ctr|