The property at 801 John Barrow Road in Little Rock has seen several lives.
It once was home to a big-box retailer. Then Arvest Bank purchased it and converted it into a mortgage operations center. That lasted until 2020, when the pandemic led the company to shift to remote work.
Now the vacant building is about to assume a new identity as space for the Central Arkansas Radiation Therapy Institute, which purchased the property last year for $7.75 million.
The radiation therapy practice was no stranger to the site. It already had operations next door, part of an enterprise that includes multiple locations offering comprehensive cancer treatment and support to more than 60,000 patients annually. After months of negotiations and ironing out details, CARTI finally signed on the dotted line on New Year’s Eve.
Keeping CARTI in the neighborhood and putting the property to new use earned the deal a CoStar Impact Award as judged by real estate professionals familiar with the market.
About the project: Built in 1979, the 98,065‑square‑foot building sits on 10.51 acres of land.
What the judges said: “This should be a great repurpose of a property in an area of town needing some improvements,” said Jason Parker, brokerage director at Cushman & Wakefield | Sage Partners.
Matthew Beachboard, brokerage director at Moses Tucker Partners, emphasized the “significant redevelopment of a large block of space, which further enhances Interstate 630 as a major medical corridor.”
“This new owner will repurpose the vacant property for medical office use. A growing business impacts the marketplace. It expands the campus of a successful local business. I suspect that the John Barrow neighborhood will see this as a positive addition and will be glad that this once-vacant building is starting its third life,” said Stuart S. Mackey, CCIM, SIOR, principal/executive vice president at Hathaway Group.
They made it happen: A team at Colliers | Arkansas that included Bill Pendergist, vice president of brokerage, President Isaac Smith and broker Wade Smith represented the landlord.