Midtown, Little Rock Property Sells for $44 Mil

An affiliate of Provident Realty Advisors Inc. of Dallas bought a five-building, 30-acre development in midtown Little Rock for $44 million.

The sellers are a pair of New York investment groups, Little Rock Medical Associates Ltd. and Little Rock Medical Associates IV LLC. The property, at the northwest intersection of University Avenue and Interstate 630, includes the former Sears store on University Avenue, which closed in July, and the Doctors Building. A news release from ARK Commercial & Investment Real Estate of Little Rock, which represented the seller, said Wednesday that the buyer plans to redevelop the portion of the site fronting Interstate 630, “potentially to be anchored by a grocery store development.” The rest of the property will retain its current use, according to the news release.

“We have owned this property for close to 40 years,” Edward Matthews, managing general partner of LRMA, said in the news release. “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.” The deal encompasses the 115,274-SF Doctors Building at 500 S. University Ave., the 69,734-SF Midtown Medical Park Building at 6119 Midtown Ave., the 56,060-SF Doctors Plaza at 600 S. McKinley St., the 162,082-SF former Sears store at 600 S. University Ave. and the 14,137-SF former Sears Auto & Tire Center at 602 S. University Ave. along with the adjoining parking lots and parking deck.