Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOT SPRINGS, AR-David Garfunkel & Co. has entered the local market, acquiring the 149,802-sf Cornerstone Market Place from a Rogers-based seller for $18.4 million. The new owner will hold the 98%-occuiped retail center for the long term.

David Garfunkel, managing member of David Garfunkel & Co., says the current tenancy was the drawing card for the acquisition as was the condition of the 10-year-old center at 200-500 Cornerstone Blvd. “We were pleased with the tenancy,” he says. “This is a major power center in Hot Springs with some really good anchors. Plus the shopping center is in very good condition and won’t require a lot of upgrading.”

While the buyer is happy with his new buy, the seller, CRI, was pleased as well with the offers that came through for the listing. “We had a handful of buyers, mostly private groups, interested in this,” says Margaret Caldwell, managing director of Jones Lang LaSalle. She and JLL managing director Kris Cooper represented the seller in a deal that closed when they were affiliated with Cushman & Wakefield of Georgia Inc.

Caldwell tells GlobeSt.com that Garfunkel ended up with the 10-year-old retail center because of certainty of close and its price. She says the center’s lease roll is minimal although there is some upside when it comes to rents. “This is a good, solid center and the Number One retail property in town,” she explains. “There isn’t anything that holds a candle to it insofar as competition.”

The asset is anchored by Office Depot, Goody’s Family Clothing, Shoe Carnival, Books-A-Million, Pier 1 Imports, Kirkland’s and T.J. Maxx. Shadow anchors are Lowe’s Home Improvement Center and Belk’s Department Store.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.