Correction: The Park Avenue shopping center on University Avenue in Little Rock recently was sold to an Oak Brook, Ill., real estate investment trust. The wrong shopping center was named a headline below.
State pollution panel delays permit review
The Arkansas Pollution Control and Ecology Commission will not consider until April a recent decision to approve the air permit issued for the proposed $1.1 billion Big River Steel mill near Osceola.
Administrative Law Judge Charles Moulton affirmed the air permit earlier this month. It was reported that the commission would consider the judge’s ruling Friday.
Moulton made his ruling last Thursday.
But Big River Steel asked the commission to consider the decision at its April 25 meeting, said Martin Booher, an attorney for the steel company.
Big River thought it was in the best interest of the project, the company, the Arkansas Department of Environmental Quality and the commission that Big River not try to rush getting the matter on the commission’s agenda, Booher said Monday.
- David Smith
Investors buy Park Plaza in Little Rock
The Park Avenue shopping center on University Avenue in Little Rock has been sold for $28.1 million to an Oak Brook, Ill., real estate investment trust.
Strode Properties of Dallas developed the 69,000-square-foot open air center, which now includes a number of retailers and a two-level parking garage. A 138,000-square foot Target store was not part of the deal, nor was the LA Fitness facility.
The 258-unit Park Avenue Lofts, which is owned and operated by Dallas-based Lang Properties and started leasing last spring, likewise was not part of the deal.
The mall is 95 percent leased, according to a news release from the purchaser, Inland Real Estate Trust Inc., which made the acquisition through IREIT Little Rock Park Avenue, L.L.C., a wholly owned subsidiary formed for that purpose.
Strode bought the 27-acre property in 2007 for $21 million from Simon Property Group of Indianapolis.
- Jack Weatherly
Arkansas Index falls 3.01 to end 332.68
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 3.01 to 332.68 Monday.
“Equities were under pressure as weak international and domestic economic data combined with the situation in Ukraine to drive the markets lower,” said Bob Williams, senior vice president and managing director of Delta Trust Investments Inc. in Little Rock.
P.A.M. Transport Services dropped 97 cents to close at $21.78.
Arkansas Best Corp.
fell 3 percent to finish at $36.01.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 23 on 03/25/2014