Have you heard that one of the largest malls in Arkansas is under contract to sell?
We’re told to expect new ownership to enter the picture at Little Rock’s Park Plaza Mall by the end of the month.
The new owner in waiting: Second Horizon Capital in Boca Raton, Florida.
Company credo: Repurposing challenged real estate into revitalized community hubs.
No report on the purchase price yet.
You might recall the 404,617-SF mall, sandwiched between two Dillard’s stores owned by the Little Rock retailer, changed hands through foreclosure.
An entity representing investors in a mortgage-backed securities portfolio recovered the centerpiece of the project at 6000 W. Markham St. in October 2021 from CBL Properties of Chattanooga, Tennessee.
That property, which included the adjoining 240,843-SF parking deck, was tied to a $99.4 million mortgage originated in March 2011 by Wells Fargo Bank of Sioux Falls, South Dakota.