Sage Partners, a commercial real estate firm with offices in Fayetteville, Little Rock, Rogers and Bentonville, announced this week the purchase of the Colony West Shopping Center in Little Rock for $7.1 million.
The shopping center was previously owned by Doyle Rogers Family LP. The property was sold to Colony West Group LLC, whose registered agent is Jason N. Bramlett of Fayetteville. Sage Partners will lease and manage the shopping center.
The 87,000-SF retail center sits on about seven acres located at the intersection at Rodney Parham Road and I-430 in Little Rock. Anchored by Kroger, Colony West includes tenants such as Simmons Bank and Chainwheel.
According to T.J. Lefler of Sage Partners, there are currently three vacancies at the shopping center — about 10,000 SF of space.
"This property has been a shopping destination in Little Rock for over 40 years," Lefler said. "We are thrilled to have another quality asset in Little Rock with great partners."
Lefler said the main appeal of the property was its location and the tenants. He said they've already added a tenant since the purchase.
"I think it's a good mix of tenants there that I don't think are going anywhere," Lefler said. "Kroger is a great anchor, some tenants have three- to 10-year leases, and all of the tenants we interviewed have been there for a very long time and they were very happy."
Lefler said there are some minor renovations planned, mainly to enhance the cosmetic features including landscaping and the parking lot.