The Regions Center in downtown Little Rock sold at auction last month for $7.52 million to an investment company based in Fort Worth, Texas, according to Pulaski County records.
Woodcrest Capital LLC, led by founder and president James Ryffel, purchased Arkansas’ second-tallest building from Taconic Advisors, a real estate investment firm in New York. Taconic Advisors acquired the property in bankruptcy court in Delaware in 2022 for $31 million.
The building was sold in an online auction that ended Nov. 19. Bidding started at $5 million.
Representatives of Woodcrest did not immediately return a call seeking comment about their plans for the building. The firm’s website says it was founded in 1981 and that is “a diversified real estate, finance, oil and gas, and investment firm that acquires and develops real estate, makes distressed asset investments, and makes equity investments.”
The auction listing said the building has 31 floors, 611,281 SF and is 44% occupied. The building’s tenants include Deloitte Inc., Regions Bank and the Friday Eldredge & Clark law firm.
Originally known as the First Commercial Building, the project had been owned by more than two dozen LLCs using names including NNN 400 Capitol Center. Percentage of ownership ranged from 0.9% to 9.25%.
The skyscraper has had $14.5 million in recent capital improvements, which include elevator modernization, HVAC upgrades and renovations to common areas.
Woodcrest has named Colliers Arkansas as the building’s property management firm. Barnes Quinn Flake & Anderson, a predecessor firm of Colliers, built the Regions Center in 1975.
“Tenants and brokers know they can call our office and speak with me directly at any time,” Michael Roy, Woodcrest’s chief operating officer, said in a news release provided by Colliers Thursday.
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