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Arkansas mall sold for $12 million

Conway Town Centre Shopping Mall in Conway, Ark., has been purchased by private investors for $12 million.

The 207,554-sq-ft. center is anchored by J.C. Penney and includes tenants Harbor Freight Tools, Julie's Sweet Shoppe & Bakery, Hibbett's Sporting Goods, and Bath & Body Works.

Great Neck, N.Y.-based Uber Capital Group sourced a $9.8 million acquisition loan for the purchase of the property from CapRocq, which acquired the center since 2013. Since that time, CapRocq succeeded in lifting occupancy from 84% to 96%, according to the Arkansas Democrat Gazette.

The 38,890-sq.-ft. Cinemark Towne Center movie theater on the property was sold separately for $7.4 million last March.

Uber Capital has provided commercial real estate loans in excess of $300 million since its founding in 2016 by real estate investor Joel Gorjian.

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