Pavilion in the Park, a 67,287 SF retail center at 8201 Cantrell Rd, Little Rock, has been purchased by real estate agency Flake & Company for $8.85 million. Built in the style of a European galleria with an open air atrium, the retail center is fully occupied by high-end and well established businesses and restaurants like Trio’s Restaurant, B. Barnett boutique, Legacy Neurosurgery and other office medical and retail businesses.
“Pavilion in the Park offers the highest level of retail shopping in Arkansas with well-established businesses that have become iconic brands in Arkansas retail,” Flake said in announcing the deal. “We are honored to purchase this property which is fully occupied and speaks to the desirability of this location.”
Though full occupancy means that Flake & Co. have very little to do in terms of leasing, they are not planning to sit idle. Pavilion in the Park is not the only older Little Rock shopping center that has been bought up recently, as investors have seen the potential in revitalizing other locations like Breckenridge Village and the Riverdale Shopping Center. For Pavilion in the Park, the new owners are planning to make use of its uncommon design to hold events in the open-air atrium to promote the businesses within and generate buzz.
“That space is very unique and capable of being better utilized for fashion shows and other events for a one-of-a-kind experience,” said Jessica Flake Dearnley, co-founder and CEO of Flake & Co. in Little Rock. “Pavilion in the Park is a living, breathing asset unlike other commercial properties because of its unique design and clientele.”