Newmark Moses Tucker Partners announced Friday the $16.5 million sale of the Mann Building at 322 Main St. in downtown Little Rock.
The 112,000-SF, seven-story office/retail building at Main and Fourth streets was sold by Mann Development LLC, which consists of Jimmy Moses, Rett Tucker, Rog Rogers, Barbara Hoover and Tommy Lasiter.
It was purchased by an undisclosed pension fund based in Chicago.
The building is 97.7% occupied and anchored by several state agencies and Samantha’s Tap Room & Wood Grill.
Formerly Blass Department Store, the Mann Building was fully restored and redeveloped by Moses Tucker and Doyle Rogers Company in 2013. The redevelopment became a catalyst for the resurgence of Main Street, downtown dining and the growth of what was dubbed Little Rock’s Creative Corridor. The block anchored by the Mann Building includes eateries like SoulFish Cafe, Bruno’s Little Italy and Allsopp & Chapplle and the upcoming A.W. Lin’s.
“The Mann Building transaction is a remarkable example of local expertise partnered with the Newmark Knight Frank Capital Markets platform,” said Chris Moses, president and CEO of Newmark Moses Tucker Partners, whose statement was reported in a news release. “We are pleased to have the capability to reach national and global investors within the Newmark platform.”
The firm’s co-chairman, Jimmy Moses, said the project included both state and federal historic tax credits and new market tax credits, “the only project of its kind in Arkansas,” he said in the release.
Newmark Moses Tucker Partners is the exclusive leasing and property management firm for the building and will continue to provide those services under the new ownership.
In addition, Mann Development LLC will continue to own and operate the adjoining retail and multifamily project and the parking deck, which consists of 399 spaces.
Chris Moses, Greyson Skokos and George Friedmann of Newmark Moses Tucker Partners represented the seller.
Newmark Knight Frank Capital Markets represented the buyer.