Hot Springs shopping center changes hands for $8.7 million

by Paul Gatling ([email protected]) 4,675 views 

Little Rock-based real estate firm Flake and Co. announced the sale Thursday (May 5) of a 125,000 retail center in Hot Springs.

The company says Temperance Hill Square at 4328 Central Ave. sold for $8.7 million. The purchase price equals $69.60 per square foot.

Temperance Hill Square LLC, managed by W. Cory Davis, is the new owner.  Signature Square Springdale LLC, led by An Wei Feng, was the seller.

Thomas Schmidt of Flake & Co. represented the buyer. The seller was represented by Jordan Jeter of Kelley Commercial Partners in Springdale.

According to Flake & Co., the shopping center is one of the oldest in Hot Springs and boasts 25 businesses that provide services, shopping and dining. Signature Square Springdale paid $6.5 million for the 11.5-acre property in April 2019.

The shopping center takes its name from racehorse Temperance Hill, which won the Arkansas Derby and Belmont Stakes in 1980. Arkansas’ Loblolly Stable, owned by Arkansas native John Ed Anthony, owned the horse.