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Market Place Shopping Center Sells for $12.6M

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Market Place Shopping Center in Little Rock has changed hands, selling for $12.6 million.

The 79,160-SF shopping center at 11121 N. Rodney Parham Road was built in 1976 and remodeled in 2015. Tenants include Diane’s Gourmet, Sauced Bar & Oven, Jones & Son Fine Jewelry, The Drug Store pharmacy, Akel’s Carpet One and Starbucks.

It is the former location of Franke’s Cafeteria.

Market Place Partnership, represented by Mason Lewis and Kevin Huchingson of Colliers Arkansas, sold the property to Market Place Shopping Center LLC, represented by Thomas Schmidt and John Flake of Flake & Co. of Little Rock.

“Market Place Shopping Center is certainly one of the area’s most recognizable retail centers,” Lewis said in a news release. “Its great tenant mix, location on one of the city’s busiest thoroughfares and proximity to I-430 and I-630 make it a fantastic investment for the new buyers.”

The purchase was financed through Simmons Bank. Suites at the property range from 1,600 to 10,000 SF. Flake & Co. will manage it.

“There are approximately 37,000 vehicles that drive through the North Rodney Parham and Shackleford interaction on a daily basis, and there is easy access to Interstate 430,” Schmidt said. “We are already interviewing possible new tenants for the few spaces that are currently available at this great historic retail center.”

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