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Portfolio trimming.

Arkla Plaza was sold by Arkansas Teacher Retirement System, which continues to scale back its real estate investments.

Did you know the state's largest pension fund also sold off a couple other properties?

Gone are two nursing home projects inherited in 2001 from Pat Riley St., who defaulted on an $11.5 million loan with ATRS.

Woodland Heights Rehabilitation & Healthcare Center, a 222-bed nursing home at 8701 Riley Drive in west Little Rock, was sold for nearly $4.2 million.

Northridge Rehabilitation & Healthcare Center, a 112-bed nursing home (with capacity for twice that) at 2501 John Ashley Drive in North Little Rock went for $3.4 million.

We're told the buyer is an out-of-state real estate investment trust.
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Title Annotation:Whispers
Publication:Arkansas Business
Date:Feb 6, 2006
Words:118
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