A 162,970-SF printing facility in Little Rock’s Otter Creek Industrial Park is under new ownership after a $5.49 million sale-leaseback transaction.

Indian Bayou Farms LLC, led by Stephanie Rae Smith, purchased the 11501 Otter Creek South Road project. The seller is The Watkins Co., led by Richard Watkins.

The deal is funded with a five-year loan of $3.6 million from Relyance Bank of Pine Bluff.

The 12.66-acre development previously was linked with a December 2005 mortgage of $3 million held by Simmons Bank of Pine Bluff.

Watkins bought the property for $3.6 million in November 1996 from the Handleman Co. of Detroit.

Farmland Acquisition
Land to expand the Little Rock Port Industrial Park tipped the scales at $2.9 million.

The city of Little Rock acquired nearly 39 acres from Roseleta Bartholomew for $950,000 and about 273 acres from her R Bar Farms LLC for $1.95 million.

The property is on the west side of Frazier Pike at West Damsite Road.

The Bartholomew family purchased the bulk of the property for $480,000 in November 1988.

The seller was the predecessor of Lyon College of Batesville, Arkansas College.

Shogun Sale
A 5,348-SF restaurant in Little Rock’s Riverdale area changed hands in a $450,000 deal.

East Cantrell Development Group LLC, led by James Harkins and Edward Bailey, bought the Shogun Japanese Steakhouse at 2815 Cantrell Road.

The seller is LSPE Development LLC, led by Steve Im. The deal is financed with a six-month loan of $405,000 from Relyance Bank.

The 0.47-acre development previously helped secure an August 201 mortgage of $5.5 million held by BancorpSouth Bank of Tupelo, Mississippi.

The property was acquired in May 1982 for $312,500. The seller was the Elaine Roescheise Fisher Trust.

NLR Office
An 8,000-SF office property in North Little Rock drew a $436,000 foreclosure transaction.

Little Rock’s Rector-Phillips-Morse Inc., led by Pete Hornibrook and Kris Upton, purchased the 5111 John F. Kennedy Blvd. project and paid an additional $17,361 to cover back taxes owed by the previous owner.

The deal is backed with a $245,000 loan from First Security Bank of Searcy.

RWL Investments LLC, led by Ron Lazenby, defaulted on an April 2015 mortgage of $1.1 million that was partially secured by the half-acre development. The project was bought in September 2008 for $545,000 from 5111 JFK LLC, led by Karen Hall.

Expansion Room
A 0.97-acre commercial site in North Little Rock is under new ownership after a $180,000 transaction.

Little Scholars Academy LLC, led by Amanda and Michael Johnson, acquired the property adjoining the east side of its 10910 Maumelle Blvd. facility.

The sellers are Troy Wilkins Jr. and his wife, Sandra. The Wilkins family carried a $140,000 mortgage to fund the deal.

The property was purchased for $110,000 in August 2002 from James Butler and Lee and Martha Kierre.

Heights Manor
A 5,873-SF house in the Heights neighborhood of Little Rock weighed in at $1.47 million.

Brad and Jodi Thomas bought the house from James and Brooks Klepper.

The deal is financed with an $875,000 loan from First Service Bank of Greenbrier.

The residence previously was linked with an October 2011 mortgage of $417,000 held by Bank of Little Rock Mortgage Corp. and an August 2016 mortgage of $242,000 held by Regions Bank of Birmingham, Alabama.

The Kleppers acquired the property for $320,000 in October 2009 from the Louis E. Bona & Mary K. Bona Joint Revocable Trust.

Rural Residence
A 4,525-SF home in west Pulaski County rang up a $940,000 sale.

Drew and Tiffany Baker purchased the 4.97-acre spread from Mark and Rhonda McMurray.

The deal is funded with a 15-year loan of $350,000 from Primary Residential Mortgage Inc. of Salt Lake City.

The McMurrays bought the residence for $880,000 in May 2016 from Richard and Patricia Farnsworth.

Germay Abode
A 5,463-SF home in the Germay Court neighborhood of west Little Rock’s Chenal Valley development changed hands in a $718,000 transaction.

Loore Moore-Parrish acquired the house from SWLR Properties LLC, led by Rick Ferguson. The deal is backed with a 30-year loan of $574,400 from First Financial Bank of El Dorado.

SWLR Properties purchased the residence for $725,000 in May 2016 from Oscar Washington Jr. and his wife, Doris, and their namesake trust.

Mirabel House
A 3,850-SF home in the Mirabel Court neighborhood of west Little Rock’s Chenal Valley development sold for $556,000.

Thomas Lee Jr. bought the house from Stevens Commercial Contractors Inc., led by Jackie Stevens. The deal is financed with 30-year loan of $472,600 from Ark-La-Tex Financial Services LLC of Plano, Texas.

The residence previously was tied to a May 2016 mortgage of $448,000 held by First Security Bank. The site was acquired for $82,000 in December 2015 from Deltic Timber Corp. of El Dorado.

PV Home
A 4,474-SF home in west Little Rock’s Pleasant Valley neighborhood drew a $529,900 transaction.

Thomas and Jennifer Pledger purchased the house from Twin Oaks Trust, led by William and Rhona Temple.

The deal is backed with a 30-year loan of $423,200 from BNC National Bank of Glendale, Arizona. The property was bought for $385,000 in August 2002 from Brian and Julia Lisles.

Seven-Digit Construction

New Home    $1,908,000
80 Hallen Court, Little Rock
HA Custom Homes LLC, Little Rock

WASHINGTON — Sales of new homes rebounded in May, helped by strong sales gains in the South and West.

Sales new single-family homes rose 2.9 percent last month to a seasonally adjusted annual rate of 610,000, the Commerce Department reported Friday. That followed a 7.9 percent drop in sales in April which was the biggest monthly decline in eight months.

Sales gains of 6.2 percent in the South and 13.3 percent in the West overcame big declines of 25.7 percent in the Midwest and 10.8 percent in the Northeast. The Midwest drop was the largest in that region in nearly three years.

The median price of a home sold last month rose to a record $345,800, up 16.8 percent from a year ago. Prices have been increasing as demand has outstripped supply, in part because of a shortage of available building lots.

The rebound in May sales had been expected following the big April drop. Sales of previously owned homes also rose last month. The National Association of Realtors reported Thursday existing home sales, a much larger market than new homes, increased 1.1 percent in May to a seasonally adjusted annual sales rate of 5.62 million.

Economists noted that the May level of sales was the highest since March and the government also revised up activity for the past three months.

"This report, along with the larger existing home sales ... gives a much better tone" for the economy in the current quarter, Jennifer Lee, senior economist for BMO Capital Markets, said in a research note.

The strong demand for homes reflects a healthy labor market which has seen steady job gains that has sent the unemployment rate down to a 16-year low of 4.3 percent.

The number of homes for sale rose 1.5 percent in May to 268,000, which represented a 5.3 month's supply at the May sales pace, the same as April but up from a supply of 4.9 months in March.

(All contents © copyright 2017 Associated Press. All rights reserved.)

After crashing on takeoff, Fayetteville's Legacy Building is finally approaching full developmental realization under its fourth ownership group.

More than a decade after the first condominium changed hands, only three of the 38 units remain unsold in the seven-story project overlooking the Dickson Street Entertainment District.

Brisk sales of $2.7 million during the past nine months reduced the inventory of never-been-sold residential units from 12 to three.

"The ink's not dry, but we have a loose commitment on another unit," said Mitchell Massey, a northwest Arkansas real estate investor and partner in Legacy Investors Group. "It's been a great project. The demand is very solid for the Dickson-area condos, and the values seem to be on the rise."

Back in September, Legacy Investors Group paid $3.2 million for the remaining unsold condos and 8,741 SF of unfinished second-floor space.

The group stepped onto a meandering ownership trail that began in 2005 with the launch of the Legacy Building project by local developer Brandon Barber.

When his fortunes cratered in 2007, Legacy became bogged down in the ensuing financial chaos and the bursting of the real estate bubble a year later.

Foreclosure and four years of bank ownership followed. In 2012, the Broe Group of Denver acquired the unsold pieces of Legacy as part of a multi-property transaction with Metropolitan National Bank of Little Rock.

"Broe got the property in a grab bag purchase, made improvements and spruced it up," said Whitley Dunn, manager of the property since February 2010. "The Legacy Building has really come around."

By his count, more than half of the units are owned as second homes. Also in the mix are eight resident owners and six tenants renting condos.

When Broe decided to sell its remaining stake last year, Legacy Investors Group entered the picture and began marketing units at $285 to $305 per SF.

"We thought the timing was right to make this investment in the Dickson Street area," Massey said. "We were a little more flexible on our pricing strategy. There were more buyers ready to buy in that area.

"The three of us have been great friends for a long time. It was something fun to do together."

Massey and his fellow partners, Conway businessmen Todd Ross and Chris Crain, were encouraged by the market response to add four new condos.

Unfinished second-floor space originally envisioned for commercial use will instead be turned into a pair of two-bedroom units in the 1,100- to 1,200-SF range and two three-bedroom condos with a total living area of 1,600 SF to 1,900 SF. 

"That's where the train is headed," Massey said. "The other thing we toyed around with is the idea of: Could we convert that space into some sort of an inn?

"There's probably enough space to have 12-15 rooms, more of a luxury boutique hotel. We haven't gone through full due diligence to see if it would work.It's interesting to think about having some type of top-notch hotel play there. We've left question marks on that."

Originally, the space was marked for potential office or retail use when the project was launched. That didn't take flight although Legacy Investors Group waded into negotiations for an office deal.

"We were in pretty deep discussions with Terry Turpin and his Acumen Brands to move their offices onto the second floor," Massey said. "That didn't pan out, which probably worked out better for us since they ended up closing shop.

"When we went down that path, we had done enough analysis on the market that we determined we could get $15-$20 per SF rental rate for residential space and not be tied to office. If I want to sell, I can. Residential rental has less risk associated with it than an office space rental."

Other nonresidential efforts in the Legacy Building have not fared well either. Three restaurants have called the project home.

Legacy Blues, featuring live music along with food and drink, opened in September 2011. The venture, owned by the Jim "Jimmy the Biscuit" Lefler family, closed in January 2013.

Next up in February 2013 came Table Mesa, renamed Table on the Hill in October 2014. The dining destination for modern Latin cuisine, operated by the Table Mesa Restaurant Group, closed in August 2015.

The Grillehouse Steak & Seafood restaurant, dubbed "a tradition for years to come" when it opened in October 2015, was closed in May "for the summer." Its future is uncertain with a possible relocation in play.

Its 4,377-SF space, bought in July 2016 for $808,426 by restaurateur Clint Boutwell of Oxford, Mississippi, is now listed for sale at nearly $1.2 million.

Envisioned by Brandon Barber to be his legacy development, the building has become a Fayetteville landmark.

Heard about a proposed upscale multifamily development in the works for west Little Rock?

The Hamilton Apartments is the name of the four-story, 248-unit complex planned for 11 acres adjoining the north side of Pinnacle Creek Shopping Center at 14810 Cantrell Road.

The project could break ground as soon as March if it receives approval from the city.

Little Rock's Rees Commercial is the mover behind the proposal, estimated to be a $22 million-$25 million development.

A 91,224-SF store in Cabot and a 7,476-SF mansion in west Little Rock's Chenal Downs neighborhood form a million-dollar-plus duo of real estate transactions.

Cabot Crossing LLC of Jonesboro, led by Phillip Barr and Ryan George, bought the Kmart at 1 Kmart Plaza for more than $3 million.

Seller: Folmar & Associates LLP of Mobile, Alabama.

David and Shuo Rainosek purchased a 7-acre residential spread from Gregg and Brandy Tarini for $1.2 million.

Is Dave & Buster's of Dallas coming to Rogers' Pinnacle Hills Promenade Mall? 

There is a rumor the Dallas-based restaurant-entertainment chain has set its sights on the former food court area of the mall. Dave & Buster's has been advertising employment opportunities in northwest Arkansas. 

Dave & Buster's opened a location in June 2016 in Little Rock, the first Dave & Buster's in the state.

David Faulkner, the general manager of Pinnacle Hills Promenade, said the mall is close to disclosing a new tenant for the 27,000-SF facility that used to be the mall's food court. The building, directly in front of the Malco Pinnacle Hills 12 movie theater, has been used as a special events center for more than a year, Faulkner said.

If Dave & Buster's does move into the facility, Whispers hears it would take 20,000 SF for a smaller-concept restaurant. The Little Rock Dave & Buster's is in a 30,000-SF space.

Faulkner wouldn't confirm or deny which restaurant was moving into the space, but he did say the new tenant was taking 20,000 SF, leaving 7,000 SF for the mall to still hold meetings and special events. 

Faulkner was much more open about two restaurants scheduled to open later this year at the mall: Big Orange Northwest and MidiCi. Big Orange, a restaurant by Yellow Rockets Concepts of Little Rock, and MidiCi, a brick-oven pizza chain based in Sherman Oaks, California, will be side-by-side on Promenade Drive. Faulkner said the mall paid to have a half-moon drop-off site built in front of the two restaurants.

Yellow Rockets Concepts is also planning to open a Local Lime restaurant at the former site of the Texas Land & Cattle, Faulkner said.

"It's exciting to bring in some new restaurants to give people options," Faulkner said. "Right now you hear that malls are dying. These restaurants are good examples that malls are alive and well."

Will Conway have a trendy "walkable" downtown? Salter Properties is working on it. 

The firm expects to break ground on its multifamily J Lofts development at 1050 Spencer St. next month and rent the one- and two-bedroom units next spring. 

The 21 apartments will be behind King's Life Music and Blue Sail Coffee. Branches of Malvern National Bank and U.S. Bank are its neighbors to the left and right.

Missing from that picture is a budget, but Property Manager Jordan Broadstreet said his team had not determined what the project will cost yet. 

He said it'll take about 10 months to construct the four-story building, and parking will be on the ground floor. 

The firm has not pre-leased the units yet but has five or six people on a waitlist for when it does.

Larry Kester of Architects Collective in Tulsa in the architect; Salter Construction Inc. is the contractor.

The only other similar project underway in downtown is the $3 million John Daly's Steakhouse project that includes four 1,000-SF lofts. 

Developers had been pushing for a June 1 opening date at 912 Front St., but S.A.M. Group CEO Adam Waldron told Whispers last week that the opening had been pushed back to August.

A 222-unit apartment project in west Little Rock weighed in at $5.15 million.

Ridgecrest LRAR LLC of Encino, California, acquired its namesake complex at 1900-2000 Reservoir Road from Tri-5 LLC, an affiliate of Trinity Multifamily in Fort Smith.

The deal is backed with a $3.3 million loan from Bellwether Enterprise Mortgage Investments LLC of Columbia, Maryland.

The 9.31-acre development previously was linked with a September 2015 mortgage of $3.9 million held by Firstar Bank of Sallisaw, Oklahoma.

Tri-5 purchased the project for $3.6 million 21 months ago from the Frank R. Warren & Joanne C. Warren Trust.

Consolidating Ownership

A 9,909-SF office building in North Little Rock rang up a $525,000 sale.

Keith and Melanie Grayson bought sole ownership of the Lakewood Professional Building at 4701 Fairway Ave. from Sharon Davis.

The deal for Davis' 50 percent stake is funded with a $681,864 loan from Centennial Bank of Conway.

The 0.79-acre development previously was tied to a July 2002 loan of $837,250 originated by Twin City Bank of North Little Rock.

The site was acquired for $233,000 in July 2001 from Land Associates of Arkansas Inc., led by William Alfonso.

Office Space

A 3,603-SF piece of a west Little Rock office building changed hands in a $412,000 transaction.

RS & CS Properties LLC, led by Russell Simmons and Creighton Simmons, purchased the Teague Vision Clinic space at 11115 Hermitage Road from the Randy & Gayle Teague Living Trust.

The property is securing $866,000 of debt held by the trust. The Teagues, investors in the half-acre TCB West de-velopment with Mark Cathey and J. Taun Berry, bought the site in October 1997 from Randall Machen for $130,000.

Church Property

A 6.53-acre church development in south Little Rock sold for $357,000.

Colonel Glenn Church of Christ ac-quired the 7001 Col. Glenn Road project from Life Unlimited Christian Fellowship.

The deal is financed with a five-year loan of $375,000 and a one-year loan of $100,000 from The Solomon Foundation of Parker, Colorado.

Life Unlimited purchased the property for $135,000 in June 1980 from the Pulaski County Baptist Association. 

Branch Buy

A 2,904-SF bank branch in Sherwood drew a $356,000 transaction.

JWJ Investments LLC, led by Steve Jenkins, bought the former Twin City Bank facility at 301 E. Kiehl Ave. The seller is Cabot Bankshares, an affiliate of Home BancShares Inc. of Conway since its acquisition more than 13 years ago.

The 0.96-acre development, originally a branch of Little Rock's Union Bank of Arkansas, was acquired for $475,000 in October 1997.

The seller was NationsBank of Charlotte, North Carolina, the predecessor to Bank of America.

Showroom Purchase

A 4,500-SF showroom in southwest Little Rock is under new ownership after a $300,000 sale.

The Jose Ernesto Turcios & Patricia Feride Zarruk Revocable Trust purchased the 8517 Geyer Springs Road project from Wells Fargo Bank of Sioux City, South Dakota.

The bank recovered the 0.41-acre development from Dairy Bell LLC of Houston, Texas, at a $288,000 foreclosure sale in November 2015.

Residential Swap

Residential lots and an 8,832-SF home in the Orle neighborhood of west Little Rock were on either side of a swap val-ued at $1.4 million.

Rick and Deanna Ferguson and limited liability companies associated with his real estate developments traded seven lots in the Waterview Estates neighborhood of west Pulaski County and one lot in Little Rock's Valley Falls Estates neighborhood for the house.

The residence, owned by the Oscar & Doris Washington Family Trust, previously was linked with a December 2006 mortgage of $880,000 held by Regions Bank of Birmingham, Alabama, and an April 2015 mortgage of $500,000 held by First Security Bank of Searcy.

The location was acquired for $147,000 in July 2006 from Deltic Timber Corp. of El Dorado.

The Orle home, now tied to a three-year loan of $845,000 from First Security, is owned by Ferguson's Waterview Estates Phase III LLC.

ODS Enterprises LLC, led by Oscar Washington, received the Valley Falls Estates lot from the Fergusons, three lots in Waterview Estates from Waterview Estates LLC and two lots in Waterview Estates each from SWLR Properties LLC and Waterview Estates Phase III LLC.

The lots are now securing a five-year loan of $1 million from Simmons Bank of Pine Bluff.

Chenal Downs

A 3,322-SF home in west Little Rock's Chenal Downs neighborhood rang up an $800,000 sale.

Robert and Carlene Lyle bought the 6.78-acre spread from Michelle Calhoun. The deal is backed with a 30-year loan of $424,100 from Simmons Bank.

The house was acquired for $725,000 in August 2005 from Steven Young Jr. and his wife, Cindy.

Waterview Meadows

A 4,313-SF home in the Waterview Meadows neighborhood of west Pulaski County changed hands in a $644,000 deal. Dear Rosie LLC, led by Jerrilyn
Clay, purchased the house from BK & BK Builders LLC, led by Larry Evans and
Brian Dumont.

The deal is backed with a 30-year loan of $515,200 from Wells Fargo Bank. The residence previously was linked with a September 2015 mortgage of $468,000 held by Little Rock's Bank of the Ozarks.

The location was bought for $76,000 22 months ago from Waterview Meadows LLC, led by Bill Parkinson.

Heights Home Site

A 0.3-acre site near the Country Club of Little Rock sold for $629,000.

Hawthorne Back Forty LLC, led by Curtis Finch, acquired the land from Porter Briggs and Diane Wilder.

The land previously was tied to a March 2017 loan of $468,750 from Simmons Bank.

Briggs and Wilder bought the land for $625,000 three months ago from James and Linda Landers. The Landers family purchased the property for $645,000 in October 2014 from Michael Carney.

Sherrill Heights Abode

A 3,312-SF home in Little Rock's Sherrill Heights neighborhood drew a $547,500 transaction.

Jeffrey and Charley Swann bought the house from Howard and Jane Turney.

The deal is funded with a 30-year loan of $379,500 from Simmons Bank. The residence previously was linked with a November 2016 mortgage of $301,400 held by Wells Fargo Bank.

The Turneys acquired the property for $186,000 in July 1997 from Joseph
and Darla Jarvis. 

Canal Pointe House

A 2,374-SF home in Little Rock's Canal Pointe neighborhood is under new ownership after a $516,000 sale.

Howard and Jane Turney purchased the house from the Mary Jo Scott Re-
vocable Trust. The deal is financed with a 15-year loan of $350,000 from Simmons Bank.

The trust bought the property for $375,000 in February 2012 from Otto Verch.

Harps Food Stores Inc. of Springdale sold its Price Cutter Food Warehouse in Springdale a few months after buying it.

Harps sold the 48,450-SF facility for $2.1 million to P10B LLC of Springdale, which is led by Miles Kimbel. Harps bought the Price Cutter in December for $1.12 million from Harp, Harp & Van Hoose General Partnership, a group that had a lease agreement with Harps with the Price Cutter as tenant.

Harps Food Store signed a 15-year lease with Kimbel in conjunction with the sale. Harps has 10 five-year extension options and the right to match any purchase offer from a third party. 

The purchase includes six parcels that total approximately 3.6 acres. Generations Bank of Rogers assisted the acquisition with a loan of $1.78 million.

Madison Plaza

A Texas investor paid $1.6 million for a 53,000-SF Springdale shopping center.

Highway 71 Properties LLC of Katy, Texas, led by Wanda J. Braswell, bought Madison Plaza at 2505 S. Thompson St. from Madison Plaza LLC, led by John Flake. 

The shopping center covers 3.7 acres and is fully leased. Central Bank of Branson of Branson, Missouri, provided a loan of $1.36 million.

Johnson Two for One

Maverick Commercial Park in Johnson changed ownership in a pair of linked transactions totaling $2.2 million.

KWMPR 3801 Main LLC of Bentonville, led by Larry Robison, bought the 15,424-SF center and surrounding half-acre in separate deals. Robison, a real estate agent with Keller Williams, is part of a group that plans to relocate a Keller Williams office at Maverick.

KWMPR bought the half-acre fronting the park for $265,000 from Maverick Properties LLC of Springdale, led by Mat-thew Dearnley and John Flake. Dearnley is CEO of Flake & Kelley Commercial Northwest and the son-in-law of John Flake, its chairman. KWMPR paid $1.935 million to The Shoppes at the Mill LLC of Springdale for the park itself, which is at 3801 Johnson Mill Road. The Shoppes at the Mill is led by John Flake and Bill Hanna, the president of Hanna Oil & Gas Co. of Fort Smith. Citizens Bank of Batesville provided a $1.6 million loan.

All Star Sports Arena

A 120,000-SF sports arena in Springdale was sold for $2.3 million.

Arkansas Warehouse Group LLC of Johnson, led by Gary Nichols, bought the All Star Sports Arena. The sellers were Shane and Shelly Willis of Pea Ridge, who  bought the arena for $2.1 million in 2014.

The arena and lot, at 1906 Cambridge St., cover 6 acres, and Grand Bank of Tulsa provided a $1.84 million loan. The Willises bought the arena from Simmons First National Bank, which recovered the property from David and Connie Harris and Richard and Linda Harris at a $2.2 million foreclosure sale in 2013.

Former Restaurant

A former Ruby Tuesday restaurant in Fayetteville sold for just over $1 million.

The property, at 1031 S. Krupa Drive, just off MLK Jr. Boulevard, was bought by Heaven Sent Properties LLC of Fayetteville, led by Brian Smith and William Rodney Coats. Smith and Coats are partners in SmitCo Eateries Inc., a regional franchisee of Popeyes Louisiana Kitchen and Captain D's restaurants. 

The seller was Ruby Tuesday subsidiary RT Western Missouri Franchise LLC. The chain, based in Maryville, Tennessee, closed the 4,372-SF Fayetteville restaurant last year. Arvest Bank of Rogers provided a loan of $840,000.

Smith and Coats also bought property on MLK east of Interstate 49, including the former Blockbuster Video store at 2222 MLK. The 6,500-SF building is currently home to a moving company.

Smith and Coats bought the properties through SCE Properties LLC for $1.45 million from Robbie and Donald Marley, Debora and Larry Johnson and Elizabeth Ruble, all of Lebanon, Missouri. Arvest Bank lent the project about $1.3 million.

SmitCo recently sold two Popeyes in northwest Arkansas for $4.4 million to HZ Props RE Ltd. of Sugar Land, Texas. HZ is led by Amin Dhanani, president of Z&H Foods Inc., which runs a large national chain of Burger Kings and Popeyes.

Smith told Arkansas Business in early June that he had sold all his Popeyes; he did not return calls seeking clarification. 

Ziff Properties Inc. of Charleston, South Carolina, has closed on its $7.1 million purchase of the Bowman Curve I & II shopping centers in Little Rock, Colliers International Arkansas announced Monday.

The seller was Cooper Realty Investments.

Todd Rice and Mason Lewis of Colliers International Arkansas represented the buyer and the seller in the deal and will handle leasing for the facility.

The centers, at 200 and 400 N. Bowman Road, consist of 81,271 SF of retail, restaurant and office space. Major tenants include Fu Lin Chinese restaurant, RK Collections, Baptist Therapy and Instant Imprints.

The centers were built in 1988 and renovated in 2006, according to Colliers.

ZPI has already begun work on external and internal improvements that are expected to be completed within 90-120 days. This is the firm's first acquisition in Arkansas.

"Bowman Curve fits the profile of the retail facilities in which we wish to invest," Christian Chamblee, chief operating officer and director of acquisitions at ZPI, said in a news release. "It is unanchored and located within a vibrant residential and retail community, and there is a great opportunity to add value to the property. We are excited to have this investment opportunity and look forward to starting our portfolio in Little Rock."

ZPI owns about $300 million of community and neighborhood shopping centers throughout the southeastern United States.