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Private real estate company completes acquisition of Conway Towne Center

Skyline Office Depot sells for $3.25M

Posted: March 13, 2014 - 5:03pm
ERIC WHITE STAFF PHOTO  CapRocq Core Real Estate Fund, L.P. purchased the Office Depot space on Skyline Drive for $3.25 million from the Ashley Co., owned by Rick Ashley of Conway, in December of 2013, completing the private real estate company's acquisition of Conway Towne Centre property.
ERIC WHITE STAFF PHOTO CapRocq Core Real Estate Fund, L.P. purchased the Office Depot space on Skyline Drive for $3.25 million from the Ashley Co., owned by Rick Ashley of Conway, in December of 2013, completing the private real estate company's acquisition of Conway Towne Centre property.

A private real estate company made up of Arkansas business leaders has purchased the space Office Depot occupies in the Conway Towne Centre on Skyline Drive with potential plans for redevelopment.

CapRocq Core Real Estate Fund, L.P., was formed in January of 2013 with a focus on acquiring assets throughout the Midwest and Southeast.

Franklin McLarty, Dewitt Smith, Kevin Huchingson and Ted Dickey are the co-founders of CapRocq Core with a combined 77 years of commercial real estate experience and a history of more than $1 billion in combined real estate transactions.

CapRocq Core purchased the 102,616 square-foot office supply store space in December of 2013 for $3.25 million from the Ashley Co. based in North Little Rock and owned by Rick Ashley, who serves on the board of directors for Home Bancshares Inc. headquartered in Conway.

Colliers International-Arkansas serves as the exclusive real estate broker and advisor for CapRocq Core Real Estate Fund, L.P.

Isaac Smith, principal and executive vice president of Colliers International-Arkansas, said the Office Depot would remain operational for the foreseeable future, as there are no plans for it to close at this time.

“We will continue to lease the space to Office Depot, and we are in the process of identifying other co-tenants,” he said. “In time, we may consider redevelopment, but that is not something we anticipate happening in the near term.”

CapRocq Core also owns the adjacent property, which includes the 39,190 square-foot Cinemark movie theatre. “Because CapRocq Core owns the adjacent property, it believes that owning the Office Depot adds value to their existing investment,” Smith said.

CapRocq Core purchased the Cinemark portion of the Conway Towne Centre property in 2009 from Centro Ga Apollo Vi Sub, LLC, for $4.75 million.

(Staff writer Michelle Corbet can be reached by email at michelle.corbet@thecabin.net or by phone at 505-1215.)

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