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August 02 , 2011

Retail Center Changes Hands

By David Smith Arkansas Democrat Gazette Saturday, July 30, 2011 LITTLE ROCK — Dallas-based The Retail Connection and Invesco Real Estate bought Shackleford Crossings shopping center in west Little Rock out of foreclosure for $42 million earlier this month, according to deed filings. The shopping center at Shackleford Road and Interstate 430 was developed by Roger Stephen Clary and opened in 2007. Its anchors are J.C. Penney and Wal-Mart, but neither of those stores nor some of the restaurants - such as Cracker Barrel and Texas Roadhouse - are part of the purchase. There are also two hotels - Marriott TownPlace Suites and Comfort Suites - at the center that are not part of the sale. Invesco and The Retail Connection bought 271,000 square feet of space between J.C. Penney and Wal-Mart, said Daniel Fuller, a senior vice president with an affiliate of The Retail Connection. The Retail Connection, which owns shopping centers in Texas and surrounding states, will manage Shackleford Crossings. Tenant spaces that are part of the deal are Gordman’s, Haverty’s, Rackroom Shoes, Babies R Us, Paul’s Shoes and restaurants Copeland’s and Panda Garden. Shackleford Crossings is “a great property and the tenants that are there are performing very well,” Fuller said. “Unfortunately the project was a victim of poor timing and a downturn in the economy.” Some of the space in the shopping center is still vacant and will require improvements before tenants can move in. The Retail Connection hopes to announce new tenants by late fall, Fuller said.
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