Pavilion in the Park, an upscale retail and office center in west Little Rock, sold for $8.85 million on Monday.
It was bought by Central Properties Inc., which is composed in part by local commercial real estate developer John Flake and his family. The seller was Vivicat Investors LLC.
The three-story, 67,287-SF European-style galleria on 4.3 acres at 8201 Cantrell Road is fully occupied. It was built in 1987 and includes longtime current tenants Trio’s Restaurant, Legacy Neurosurgery, Bauman’s Men’s Store, and B. Barnett (a luxury women’s boutique). All are locally owned businesses that share the space with other office, medical and retail entities.
“Pavilion in the Park offers the highest level of retail shopping in Arkansas with well-established businesses that have become iconic brands in Arkansas retail,” Flake said in a news release. “We are honored to purchase this property which is fully occupied and speaks to the desirability of this location.”
Jessica Flake Dearnley of Central Properties Inc. added that her team is working on plans for revitalizing the center's open-area glass atrium.
“That space is very unique and capable of being better utilized for fashion shows and other events for a one-of-a-kind experience,” she said in the release. “Pavilion in the Park is a living, breathing asset unlike other commercial properties because of its unique design and clientele.”
Central Properties Inc. also hopes to announce soon the addition of other tenants, including a coffee and smoothie operator, and to schedule events on a regular and seasonal basis.