Jimmy Moses and Rett Tucker of Little Rock, commercial real estate partners who led the creation of the River Market District, have sold the seven-story Arkansas Capital Commerce Center at 200 River Market Ave. for $8.5 million.
Newmark Moses Tucker Partners of Little Rock, which manages the property and brokered the sale, announced the deal Wednesday.
Moses' and Tucker's 3rd & Commerce LLC sold the property to a pair of groups, Rodney Parham CK LLC and Broadway CK LLC. The new owners include Chris Moses, who is Jimmy Moses' son and CEO of Newmark Moses Tucker.
In an interview with Arkansas Business, Jimmy Moses said selling the building was "like getting rid of one of your kids."
"We've owned it for over 20 years, and we have a group of investors that all together own it. And actually, it was an unsolicited sale. We didn't put the building on the market," Jimmy Moses said. "And because my son was part of the group that purchased it, we knew it could … stay somewhat in the family, if you will, and they would continue to manage and lease it as we had for all these years."
The sale consists of more than 50,000-SF of commercial space in the building and the parking deck adjacent to it. Tenants include Arkansas Capital Corp., Newmark Moses Tucker Partners, the corporate offices of eStem Public Charter Schools and Medical Assets Holding Co. The balance of the 85,000-SF building is made up of 16 condominiums under other ownership.
"This property means so much to me, as it was developed by my father and Rett over 20 years ago, and was a catalyst for several other significant real estate developments within the River Market District," Newmark Moses Tucker President and CEO Chris Moses said in a news release.
Newmark will continue to manage and lease the property.
Jimmy Moses and Tucker announced the creation of the office, retail and condominium building in April 2001. It was the first among several new construction building projects in the district that included commercial and high-end residential space, and it spawned a condominium construction boom in the fast-growing River Market District of downtown Little Rock.
On Wednesday, Jimmy Moses said construction of the Arkansas Capital Commerce was "a turning point for our company," then known as Moses Tucker Real Estate.
"It was fun to build it. And at that time it was very big risk — we had no idea if that neighborhood would take off or not," he said. "And fortunately, it did."
At the time the Capital Commerce was announced, it was 65% preleased, and seven condos had presold. East-Harding Inc. of Little Rock handled construction of the building, which designed by AMR Architects Inc. of Little Rock.
After Capital Commerce took off, the partners joined First Security CEO Reynie Rutledge the following year to announce the 14-story First Security Center, a $23 million hotel/office/condominium building at the southwest corner of President Clinton Avenue and Sherman Street in the River Market District. It opened in 2004.
Two years later, Moses and Tucker unveiled plans for the 17-story, $45 million "300 Third" residential tower, which contained more than 100 luxury condos ranging in size from 850 SF to 3,000 SF.