Distress sale | Arkansas Blog

Wednesday, September 9, 2009

Distress sale

Posted By on Wed, Sep 9, 2009 at 6:38 AM

The Arkansas Teacher Retirement System (under new leadership it should be noted before this item gets underway) apparently may unload a white elephant -- the Victory Building on Capitol Avenue across from the Capitol.

Built ten years ago for $44 million, the building has struggled to reach full occupancy. The USA Drug company has offered to buy the building for $16.9 million. System Director George Hopkins indicates others might be interested and that the time might be right for a sale to take the money where it might produce a return.

Hopkins said, in an understatement:

"I think we have proved that our expertise is not in building buildings."

The building was one of several improvident real estate deals ATRS was led into during a wild and woolly period that drew attention from, among others, legislative auditors in 2002.

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