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Shopping center sale?

Have you heard the ownership picture at McCain Plaza in North Little Rock could be changing?

Folmar & Associates of Montgomery, Ala., is studying its options of selling the 274,000-SF strip center or obtaining permanent financing.

The 30-acre development was created with the aid of a $15-million construction loan from First Alabama Bank of Montgomery.

The Crestwood Co. of North Little Rock, which is going through Chapter 11 bankruptcy proceedings, sold the site for $5 million ($2.67 per SF).

McCain Plaza, which held its grand opening in August, is located at the southeast corner of the intersection U.S. 67-167 and McCain Boulevard.

Anchor tenants include Kmart, Phar-Mor, TJ Maxx and Cinemark USA.

Folmar usually builds to hold. Its developments stretch from North Carolina to Oklahoma.

Judging from initial traffic and the quick lease up, the center will be a success.

But who did the landscaping? Half the trees are already dead.
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Title Annotation:McCain Plaza
Publication:Arkansas Business
Date:Sep 23, 1991
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