Little Rock shopping centers sold for $7.1 million
by June 27, 2017 12:26 pm 489 views
A Charleston, S.C.-based real estate firm has purchased the Bowman Curve I & II shopping centers at 200 and 400 N. Bowman Road in Little Rock for $7.13 million.
Ziff Properties Inc. (ZPI) acquired the centers, consisting of 81,271 square feet of retail, restaurant and office space near the intersection of North Bowman Road and West Markham Street. It’s nearly 61% occupied. Major tenants include Fu Lin Chinese restaurant, RK Collections, Baptist Therapy and Instant Imprints.
The seller was Cooper Realty Investments.
Todd Rice and Mason Lewis of Colliers International in Little Rock represented both sides in the transaction and also handle leasing of the centers.
“We are excited to see the improvements being made to this shopping center,” Lewis said in a news release. “Bowman Curve enjoys one of the most visible locations in west Little Rock and the upgrades that the new owners are making will greatly benefit both existing tenants and the new ones that are sure to follow.”
Built in 1988 and renovated in 2006, ZPI has already begun work on extensive external and internal improvements to the buildings. Work should be complete in 3 to 4 months.
The shopping centers represent ZPI’s first acquisition in Arkansas. ZPI owns approximately $300 million worth of community and neighborhood shopping centers throughout the southeastern U.S.
“Bowman Curve fits the profile of the retail facilities in which we wish to invest,” Christian Chamblee, the firm’s chief operating officer and director of acquisitions, said in the release. “It is unanchored and located within a vibrant residential and retail community, and there is a great opportunity to add value to the property. We are excited to have this investment opportunity and look forward to starting our portfolio in Little Rock.