What started as a potential leased space for a restaurant turned into the acquisition of the Riverdale Shopping Center in Little Rock, Arkansas, garnering a CoStar Impact Award for sale/acquisition of the year, as judged by real estate professionals familiar with the market.
Local restaurateur Travis Hester, the owner and operator of Eat My Catfish, and his partners at Xcited Riverdale acquired the shopping center for $16 million in May 2022. They have invested more than $2 million to upgrade the property, including installing a new roof, lighting, signage for the strip's center building and more.
The owners have secured renewals or new long-term leases with national and regional tenants as well.
About the project: The new owners acquired the 210,000-square-foot retail center that sits on nearly 18 acres in the Riverdale neighborhood of Little Rock. Located at 2516 Cantrell Road, the property was built in 1983 and has served as a cornerstone retail hub in the market.
What the judges said: "This dated center was in need of a facelift, and the new owners are doing just that," said Gabe Holmstrom, executive director at Downtown Little Rock Partnership.
They made it happen: Jason Parker, vice president at Cushman & Wakefield Sage Partners.
