Commercial investment firm 1 Riverfront QOZB LLC has purchased for $5.6 million the eight-story, 113,650-SF building at 1 Riverfront Place in downtown North Little Rock.
The seller was U.S. Bank of Cincinnati, which has a branch in the building. The bank, then called Firstar, acquired the building in 2000 with the acquisition of Mercantile Bank of Arkansas.
“One Riverfront Place is the southern anchor of the Argenta Arts District in North Little Rock, and the owners plan to make a significant investment in the redevelopment of this property,” T.J. Lefler, executive vice president at Cushman & Wakefield-Sage Partners, said in a news release. “We’re excited to be part of the ongoing revitalization of this creative and unique neighborhood on the banks of the Arkansas River.”
Lefler represented the buyer in the transaction. The firm's CEO, Marshall Saviers, and Executive Vice President Aaron Nicholson represented the seller.
The firm will act as the leasing agent and property manager for the building, under the leadership of vice presidents Jason Parker and Lori-Adcock McGhee.
(Update: Lori-Adcock McGhee will also lead the leasing and management of the building.)