Business actual property developer John Flake and his household are shopping for Little Rock’s Pavilion within the Park buying middle for $8.85 million.

Central Properties Inc. closed Wednesday on the acquisition of the 67,287-square-foot retail middle at 8201 Cantrell Highway. Pavilion within the Park, in-built 1987, has been the longtime dwelling of regionally owned companies that embody Trio’s Restaurant, Bauman’s Mens Retailer and B. Barnett, a high-end luxurious girls’s boutique.

“Pavilion within the Park provides the very best degree of retail buying in Arkansas with well-established companies which have turn into iconic manufacturers in Arkansas retail,” Flake mentioned in asserting the deal. “We’re honored to buy this property which is absolutely occupied and speaks to the desirability of this location.”

The power, which is 100% occupied, is three ranges constructed round an open-air atrium and modeled after a European galleria. Tenants additionally embody medical, workplace and different retail companies.

“This can be a signature property for Little Rock and most of the tenants are in an extended lease,” mentioned Jessica Flake Dearnley, secretary of Central Properties. “There’s not an entire lot we’ve to do on the leasing aspect.”

Pavilion’s buy follows gross sales of different older Little Rock buying facilities, which even have drawn Arkansas buyers centered on reviving the developments. Breckenridge Village buying middle on Rodney Parham Highway was bought for $11.3 million in mid-Might by a staff led by Jim Keet and his household and actual property developer Hank Kelley. That was adopted shortly by a deal involving Central Arkansas and Northwest Arkansas buyers who purchased Riverdale Buying Middle on Cantrell Highway for $16 million.

At Pavilion within the Park, the brand new homeowners plan to function event-driven actions within the glass atrium to create extra buzz for the ability and entice clients. The realm is good to function vogue exhibits and different particular occasions that draw consideration to the tenants, Dearnley mentioned.

“There’s a number of alternative to revitalize and do extra with the atrium,” she added, noting that working an enclosed mall requires a special method to managing the property. “They are not a standard retail property. You may proceed to present life to it and it is extra like working a village {that a} industrial actual property property.”

Colliers of Arkansas represented the sellers, Vivicat Traders of Little Rock.

In its early levels, Dickson Flake, John’s brother, was closely concerned within the property. “That makes this a form of sentimental buy for us,” Dearnley mentioned.