A Florida-based real estate company said Tuesday that it has completed its purchase of Park Plaza mall from investors’ trustee Deutsche Bank.
In a news release, Second Horizon Capital of Boca Raton said it now owns the 268,000 square-foot mall and that it plans a "significant investment to revitalize Park Plaza ... as an economic driver while reinvigorating the property into a vibrant community destination and landmark in the heart of Little Rock."
Second Horizon describes itself on its website as an “impact real estate company” that reimagines “large-scale, underutilized commercial properties.”
Park Plaza is "a compelling opportunity for Second Horizon Capital, and we are excited to be investing in the future of Little Rock,” Howard Levine, co-founder and managing partner of Second Horizon Capital said in a news release. “Our goal is to strengthen the center by investing new capital, attracting new tenants, and providing engaging offerings that serve the needs of the Little Rock community. We want to help reinvigorate Park Plaza Mall as a community hub that meets the shopping and entertainment needs of our customers and supports local entrepreneurs and small businesses.”
Second Horizon Capital said its decision to buy the property was supported by "Little Rock’s attractive economic and demographic environments and the significant potential for driving community engagement and local impact."
“We look forward to building strong partnerships with local leaders and other businesses in the area to help enhance and support the Midtown neighborhood and the Little Rock community,” said Camilo Varela, co-founder and managing partner of Second Horizon Capital.
Second Horizon Capital said it has chosen property manager JLL to handle management and leasing services for Park Plaza.