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.


Comments (4)

Showing 1-4 of 4

Add a comment

Subscribe to this thread:
Showing 1-4 of 4

Add a comment

More by Max Brantley

Readers also liked…

  • Your daily dose of Jason Rapert

    Sen. Jason Rapert really, really didn't like it when a KATV reporter asked him about the hypocrisy of his political arguments.
    • Feb 4, 2017
  • Tom Cotton's influence on Trump's new security chief

    U.S. Sen. Tom Cotton is getting credit for pushing President Donald Trump to select Lt. Gen. H.R. McMaster as his national security adviser, Politico reports.
    • Feb 21, 2017
  • Payday lenders on the march at legislature

    Payday lenders are working hard to get legislative cover for the reintroduction of their usurious loan business to Arkansas. Some are fighting back.
    • Mar 10, 2017

Most Viewed

Most Recent Comments



© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation