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.