ARK Commercial Announces Sale of Landmark Midtown Little Rock Property
October 18, 2016
Site boasts prime location; 30 acres of property
LITTLE ROCK, AR – Jeff Yates, Managing Partner of ARK Commercial & Investment Real Estate, is excited to announce the sale of 30 acres of landmark commercial property in the heart of Midtown Little Rock’s retail and medical districts. The property, located at Interstate 630 and South University Avenue, is the current site of Sears Department Store and Sears Auto Service; the Doctors Building; Midtown Medical Park; ASO Plaza (Doctors Plaza), and the former site of Doctors Hospital. Investment and development in the property is expected to be over $100 Million.
“This deal means more jobs for the people of Little Rock and it helps revitalize our local economy,” said Jeff Yates, managing partner of ARK Commercial & Investment Real Estate, which represented the seller, Little Rock Medical Associates (LRMA), in the transaction. “The sale also presents a prime opportunity for the continued redevelopment of our growing Midtown area. This is great news for Little Rock.” said Yates.
“We have owned this property for close to 40 years,” said Edward Matthews, Managing General Partner of LRMA. It’s an incredible site, and we saw a lot of interest from prospective buyers. However, we believe the proposal we accepted presents a great fit for the site, and for the people who live, work, and shop in the area,” said Matthews.
The buyer plans to redevelop the portion of the site fronting Interstate 630, potentially to be anchored by a grocery store development, while other parts of the property will retain their current use. (The Doctors Building and the Midtown Medical Park building will remain as currently used for the foreseeable future.)
ARK Commercial and Investment Real Estate offers a full range of commercial real estate services to buyers, sellers, owners, tenants and lenders. ARK has successfully helped clients throughout the region lease, buy, build, and sell their properties. ARK is in the business of helping businesses have a place to do business.