6-26-2011: TRC Acquires Shackleford Crossings in Little Rock, Arkansas
High Profile Little Rock Shopping Center sold to The Retail Connection and Invesco Real Estate
The Retail Connection L.P., and Invesco Real Estate have purchased Shackleford Crossings, a 271,000 square foot newly constructed retail shopping center development in Little Rock, Arkansas. The center is located in the western part of Little Rock, a high growth corridor of the city, at the intersection of South Shackleford Road and I-430, approximately 1.5 miles from the major intersection of I-430 with I-630.
Shackleford Crossings is one of the largest open air shopping centers in the state of Arkansas, and one of the highest profile centers in the city of Little Rock. The well-designed center with its attractive architectural features including decorative stone and lush landscaping also provides ample parking for the variety of retail stores it offers.
“We are excited to have acquired this impressive center in West Little Rock,” said Daniel Fuller, Senior Vice President for The Retail Connection. With its great demographics, superior access, and our ability to add even more attractive tenants to its current mix, we expect this shopping center to become a gem in the overall retail scene of Little Rock, and we look forward to being a part of that,” said Fuller.
Shadow-anchored by a new 187,000 square foot Wal-Mart Super Center and a new 104,000 square foot JC Penney, the varied and complementary tenant mix at Shackleford Crossings combines general and specialty retailers such as Babies R Us, Gordmans, Havertys, Edwin Watts, Rack Room, Maurice’s, Rue 21, Verizon, Blue Cross Blue Shield and AT&T.
“Little Rock has been one of the most resilient local major metro areas in the country in recent years, and ranks at or near the top of all U.S. metros for pro-business environments and employment,” said David Bass, Director of Asset Management for Invesco Real Estate. “As a result, the local retail sector continues to be a stable force in the commercial real estate marketplace in Little Rock, which is one of the main reasons we had significant interest in acquiring Shackleford Crossings in partnership with The Retail Connection,” he stated.
With exceptional access and close proximity to the University of Arkansas, the Clinton Presidential Center & Park, and the Little Rock National Airport, the center boasts a large daytime population. Additional restaurants, big box users, and small shops are part of the merchandising and leasing strategy the two companies have envisioned to complete the inline shops and peripheral land sites.
About The Retail Connection
Founded in 2003, The Retail Connection has seen rapid growth in its full service platform of real estate services, while naming some of the most successful retailers in the country as its retail clients and partners. The Retail Connection provides strategic planning, tenant representation, project leasing, general brokerage, surplus property dispositions, national advisory services, as well as acquisition, development and merchant banking services. The Retail Connection currently represents over 200 retail and restaurant chains and over 20 million square feet of listings, including approximately 2 million of its own projects. The company is headquartered in Dallas with offices in Houston and San Antonio.
About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $39.7 billion of real estate investments, which includes $24.4 billion in US direct real estate portfolios and $15.3 billion in real estate securities (as of March 31, 2011). With more than 310 employees in 16 offices worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for more than 23 years, contributing to the consistent implementation of Invesco’s investment strategy and resulting performance. Dallas-based Invesco Real Estate is a unit of Invesco Ltd., a leading independent global investment manager dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com and at www.invescorealestate.com.