Officials at the University of Arkansas at Little Rock on Friday signed documents completing their purchase of the University Plaza Shopping Center.
The final purchase price was $5.4 million for the 22-acre parcel, which includes 245,000 SF of enclosed space, 104,000 SF of which is vacant, and 800 parking spaces. The acquisition extends the campus to Asher Avenue.
Members of UALR’s board of trustees approved the buy in January.
“As I said in January, this is a great investment for us today and we are certain it will be a great investment for us tomorrow,” Dr. Joel E. Anderson, UALR chancellor, said of the deal.
UALR wants to use some space in the center for programs now existing in cramped quarters. Anderson said the added space will add to UALR’s efforts to revitalize the University Avenue corridor.
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