MONTICELLO, ARK. — Marcus & Millichap has brokered the $7.1 million sale of Northpark Shopping Center, a 71,068-square-foot retail center located at 120-155 Northpark Drive in Monticello, about 90 miles south of Little Rock. Tenants at the property, which was 95 percent occupied at the time of sale, include Cato, Hibbett Sports, It’s Fashion Metro, Pizza Hut and Rent-A-Center.
Eric Abbott and Zach Taylor of Marcus & Millichap represented the seller, Timber Development, in the transaction. A DST (Delaware Statutory Trust) fund based in California acquired the property.
“Investor appetite for secondary market shopping center inventory remains robust,” says Abbott. “The buyer was drawn to the dominant nature and regional trade area of the Walmart, with no major competing shopping centers in the area.”