The vacancy rate for retail properties in central Arkansas fell slightly in the second quarter of this year compared with the year-ago period, to 7.5 percent from 7.8 percent. But the second-quarter 2013 rate inched a bit higher when compared with first-quarter 2013, when it stood at 7.3 percent.
“Central Arkansas is still trending well below the national vacancy rate of 10.5 percent,” said Brooke Miller of Flake & Kelley Commercial. “This past quarter, the most significant change locally was represented by the sale of the former Harvest Foods (about 41,000 SF) on East Kiehl in Sherwood.”
(Also see: Sherwood Retail Project Recycled in $1.2M Sale)
“Retailers really begin focusing on sales and bringing in their year-end goals in third and fourth quarters. Good reports there may mean same-store expansions with relocation and the introduction of more new stores in our market,” said Miller.
Largest Changes in Occupancy
| Property Name | SF Occupied or Vacated | Company Name | Market | Type |
|---|---|---|---|---|
| 4101 E. Kiehl Ave. | 41,000 | Tisdale Properties & Development (converting to self-storage units) | Sherwood | Neighborhood Ctr |
| Pleasant Ridge Town Center | 7,411 | Multiple Tenants | West | Regional Ctr |
| Markham Square Shopping Center | 6,262 | Multiple Tenants | West | Community Ctr |
| Pinnacle Station | -7,611 | Siagon Cuisine; Indulgences | West | Conv/Strip Ctr |
| Lakewood Village Shopping Center | -18,190 | Multiple Tenants | North Little Rock | Community Ctr |
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