Rural Arkansas shopping center changes hands
A private investor has nabbed a 145,588-sq.-ft. shopping center in Harrison, Ark.
Hanley Investment Group Real Estate Advisors, a real estate brokerage and advisory firm specializing in retail property sales, has announced that North Hills Shopping Center, a 95%-occupied, junior box-anchored center with 100% national and regional tenants, has been sold. Tenants at the center include Tractor Supply, Planet Fitness, Big Lots, Dunham’s Sports, Golden Tickets Cinemas, Factory Connection, and a single-tenant Popeyes Drive-Thru.
Hanley Investment Group’s executive VPs Jeff Lefko, Kevin Fryman, and Bill Asher, in association with ParaSell, Inc., represented the seller, a group of multiple partners located out of state. The buyer, a private investor from Fayetteville, Ark. represented themselves.
“We generated multiple offers and secured a local buyer who was well acquainted with the shopping center and recognized the future value of a break-up-sale strategy and its strategic location,” said Lefko.
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Image courtesy of Hanley Investment Group Real Estate Advisors. -
Image courtesy of Hanley Investment Group Real Estate Advisors. -
Image courtesy of Hanley Investment Group Real Estate Advisors.
Built in 1978 and expanded in 2020, North Hills Shopping Center is situated on 13.81 acres at 605-627 U.S. Highway 62 in Harrison. Tractor Supply has been a tenant since 1995 and Big Lots since 2009. Five of the six tenants have signed new leases or extensions as recently as three years ago or less.
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“Investors saw the property as well-positioned for future success due to its high development barriers created by the topography and low-cost basis, coupled with strong tenant demand from its prime location on Harrison’s main retail thoroughfare,” said Fryman. “In addition to the opportunity to sell the single-tenant Popeyes, the buyer has the opportunity to develop a new, freestanding 3,700-sq.-ft. pad building.”
