Thirty acres of commercial property in Little Rock's midtown retail and medical districts has been sold, according to a news release from ARK Commercial & Investment Real Estate.
The property, owned by Little Rock Medical Associates, is located at Interstate 630 and South University Avenue, the current site of a Sears Department Store and Auto Service, ASO Plaza, the Doctors Building and Midtown Medical Park.
The buyer, which was not named in the release, is expected to put in more than $100 million into the property.
“We have owned this property for close to 40 years,” said managing general partner of Little Rock Medical Associates Edward Matthews.
"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,” Matthews added.
The buyer plans to redevelop the portion of land alongside Interstate 630 and potentially build a grocery store development, the release said. Other parts of the property will maintain their current use, including the Doctors Building and the Midtown Medical Park building, the release said.
Read Thursday's Arkansas Democrat-Gazette for full details.