1200 S. Waldron Road · Fort Smith, AR 72903 · Dollar / Discount
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Central Shopping Center is a 197,686 SF retail shopping center located along South Waldron Road in Fort Smith, Arkansas, offering strong visibility and access in a prime Fort Smith retail corridor. The property features a diverse tenant mix anchored by Malco Theatres, Ollie's Bargain Outlet, Locke Supply, and Chuck E. Cheese's. Approximately 79% of leased GLA and 89% of rental revenue are generated by national and regional tenants, providing stable cash flow with embedded upside.
The property presents a compelling value-add opportunity with an average in-place rent of $8.49 PSF sitting meaningfully below market. Several leases were signed 15+ years ago, creating direct upside as renewals and rollovers occur. Four vacant suites totaling 14,933 SF offer immediate lease-up potential at market rents of $10-14 PSF. The property benefits from sticky tenancy and long-term anchor commitment, with Malco Theatres recently executing a 10-year lease extension through 2035 and investing $2,000,000 in interior renovations, reinforcing long-term confidence in the asset and trade area.
Fort Smith serves as the commercial hub for western Arkansas and eastern Oklahoma, with a diversified, stable employment base anchored by manufacturing, oil & gas, healthcare, logistics, education, and government. The market benefits from limited new retail supply and strong demographic fundamentals. The property offers an attractive yield profile with lender support at 60-65% leverage, supporting positive leverage and flexible capital structures.
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Asking-market observation aggregated from public listing sources, last observed Sep 11, 2026. Figures are asking price and asking cap rate as published by the listing party, not a verified closed transaction. Lease terms shown where reported by the listing party and not independently verified. Shown for market reference only; this is not an offering. Investment Grade Income Property, LP represents buyers on a cooperating commission basis.