Pavilion in the Park, an upscale retail and office center at 8201 Cantrell Road in Little Rock, sold for $8.85 million this week.
Little Rock real estate firm Colliers Arkansas disclosed the transaction Thursday (Aug. 4) in a news release.
Central Properties Inc., led by Little Rock commercial real estate developer John Flake and his family, purchased the three-story European-style galleria from Vivicat Investors LLC. Kevin Huchingson and Lee Strother with Colliers Arkansas represented the seller. The 67,287-square-foot property is 100% leased.
“Pavilion in the Park has experienced a significant transformation over the past 10 years,” Strother said in the release. “Our firm has been honored to provide leasing and management services for this asset and truly add value to the property.”
Pavilion in the Park was built in 1987 and includes longtime current tenants Trio’s Restaurant, Legacy Neurosurgery, Bauman’s Men’s Store, and B. Barnett, a high-end luxury women’s boutique. According to the release, they are all locally owned businesses that share the space with other office, medical and retail businesses.
“Pavilion in the Park offers the highest level of retail shopping in Arkansas with well-established businesses that have become iconic brands in Arkansas retail,” Flake said. “We are honored to purchase this property which is fully occupied and speaks to the desirability of this location.”
Jessica Flake Dearnley, the co-founder and CEO of Flake & Co. in Little Rock, said her team is working on plans for revitalizing Pavilion in the Park’s open-area glass atrium.
“That space is very unique and capable of being better utilized for fashion shows and other events for a one-of-a-kind experience,” she said. “Pavilion in the Park is a living, breathing asset unlike other commercial properties because of its unique design and clientele.”
To drive traffic to the area, the new owner plans to schedule regular and seasonal events and announce the addition of new tenants soon.