Two of the six Class “A” office buildings in Little Rock’s Westlake Corporate Park at 10802 Executive Center Drive recently sold for a combined $22.85 million.
Commercial real estate firm Colliers Arkansas announced the deal Monday (May 9).
According to a news release, the 41,588-square-foot Benton Building closed April 18 for $7.1 million. The purchase price equals $170.72 per square foot. Greg Joslin and Clark Irwin of Colliers Arkansas represented the seller, STP Westlakle LP.
John Flake with Flake & Co. represented the buyer, Leonardo Properties-Westlake LLC, an ownership entity associated with the Arkansas Heart Hospital. The buyer will continue to occupy and expand its footprint in the building.
Nephropathology Assoc. PLC (dba Arkana Laboratories), bought the 90,000-square-foot Danville Building for $15.75 million. The purchase price equals $175 per square foot. Arkana will continue to occupy the majority of the building
Joslin and Irwin represented the seller, STP Westlake LP. Jim Irwin, also of Colliers, represented the buyer. Colliers will continue to manage and lease Danville Building.
“This was as unique opportunity for the primary occupants of these buildings to own these properties outright,” Joslin said in the release. “Westlake is conveniently positioned across from the Arkansas Heart Hospital and near the main campuses of Baptist Health and CARTI, as well as the intersection of I-430 and I-630, making them attractive for these former tenants to transition to ownership. Colliers was happy to have had the opportunity to lease and manage these buildings for decades and we’re excited to continue our relationship with the new owners of the Danville Building.”
Built in the 1980s, Westlake Corporate Park is situated near Shackleford Road. The property also includes an on-site restaurant, Milford Track.