A long-time ecclesiastical holding has re-entered secular ownership in a transaction that topped $8.3 million.
Kappa Realty LLC, led by Chris Robertson, purchased the 17.6-acre home of the Riverdale Shopping Center at 2500-2610 Cantrell Road from the Roman Catholic Diocese of Little Rock.
The deal transforms Kappa from a tenant to an owner of the property. Kappa Realty, which has owned the improvements since 1993, had leased the land from the diocese.
With land and improvements under common ownership now, the property is poised for possible redevelopment and new ownership, we’re told.
Originally developed as the Razorback Square Shopping Center back in 1983, the multi-building project is home to Office Depot, the Riverdale 10 cinema, Dollar Tree, Whole Hog Café, a Centennial Bank branch and more.
The retail center has more than 215,000 SF under roof. Kappa already owned an additional 0.89-acre piece of the property.
A trip in the wayback machine reveals an even older commercial use of the property: the Razorback Twin Drive-In.
Box Office Magazine