Ram has announced the sale of Pleasant Valley Plaza to Rash Properties, LLC for $2,222,500. The buyer, whose casual furnishings business had been displaced due to extensive DOT road work, was a prospective tenant seeking temporary retail space. Instead, Ken Rash’s Arkansas will now occupy up to 16,000 SF in the 32,000 SF center. Dalrymple Commercial represented Ram in the transaction and Marcus & Millichap represented the buyer.
“We are pleased that the sale of this asset to an end user gives them a new permanent home and a fresh uplift to the shopping center and the community,” said Ivy Greaner, Ram’s chief operating officer.
The disposition of the Pleasant Valley Plaza represents the latest sale by Ram of a formerly distressed asset. Ram initially acquired the debt on this property in 2011 as one of 38 defaulted notes in a portfolio secured by 39 retail properties throughout the Southeast.
Pleasant Valley Plaza is located on a heavily trafficked road in West Little Rock on North Rodney Parham Road, just a few hundred yards west of the I-430 access. Notable tenants include Sylvan Learning Center, AR Real Estate School, Shags Salon, Delicious Temptations and Reflections Gallery.