Renovations are underway at commercial properties in the Jefferson Square Shopping Center on Olive Street and the property owner is courting prospective tenants, including a grocery store for the former Budget Saver building.
AlbaneseCormierHoldings bought a roughly 316,000 square foot property in December from Schickel Development Company of Little Rock. ACH is looking to lease roughly 109,000 square feet to commercial tenants at the 2801 Olive Street complex.
ACH leasing agents have been meeting with representatives of two grocery stores, said Mark Hardy, director of property management at ACH.
“We will have one grocery store or the other but not both,” he said.
Hardy estimates the real estate investment company has hired up to 30 local painters, contractors, electricians and maintenance professionals to restore and renovate the buildings.
“Our philosophy is buying and renovating properties,” Hardy said. “Renovations began about one month ago and should be done in 90 days.”
Newly maintained facilities appeal to prospective tenants, he said.
ACH is a family of companies headquartered in Beaumont, Texas, that includes real estate investment and management interests. It holds commercial properties in Arkansas, Louisiana, Kentucky, Mississippi, Missouri, Tennessee and Texas. Elsewhere in Arkansas, ACH has four properties in Fort Smith and one in Hot Springs.