Arkadelphia Plaza under new management; former owner implied in embezzlement

By Joel Phelps on May 31, 2023

From news reports

**Arkadelphia Plaza, a strip mall located at W.P. Malone Drive, has a new landlord.**

An Arkadelphia strip mall is under new management after its owner raked in $2.45 million in unpaid debt.

What was once home to a Sam Goody music store, Firehouse Subs, Hibbett Sports and other go-to shopping destinations for locals is now almost entirely vacant. Of the 11 storefronts at Arkadelphia Plaza, located at 112 WP Malone Dr., only five are open for regular business: Dollar Tree, Rent-A-Center, T-Mobile, the recently re-branded Abbey Road vape shop, and O P Nails. The plaza most recently lost longtime tenants The Great Wall, a Chinese buffet restaurant, as well as GameStop.

Mortgage holder FSNB SUB 4 LLC filed a foreclosure lawsuit against two companies owned by millionaire Jonathan Larmore, who owns strip malls throughout the United States. ArciTerra Real Estate Investment Trust Inc. is among the two companies named in the foreclosure suit. Larmore is the CEO of ArciTerra Group; a sign in front of the strip mall advertises that spaces are available for lease from ArciTerra.

Larmore was named in various media outlets Wednesday as lawsuits have emerged, with investors accusing Larmore of using their cash to buy jets and fund a lavish birthday party for his dog.

Arkansas Business broke news of Arkadelphia Plaza changing hands in its May 29 print issue, which noted that Clark County Circuit Judge Blake Batson, at the behest of of Larmore’s creditors, appointed a receiver to manage the 32,526-SF shopping center in Arkadelphia.

The new judge-appointed landlord is Distel Thiede Advisory Services LLC/Amicus Management of Grand Rapids, Michigan.

Court filings indicate that creditors had discovered former Arkadelphia Plaza tenants left due to “physical deterioration” of the property, including leaky roofs that caused water damage to inventory; tenants also complained that they were unable to communicate with the landlord.

Efforts from state and national media outlets to talk to Larmore have been unsuccessful, but one of his emails included in court documents states he intended to sell all of his properties or give them to creditors in an effort to “shed the baggage of my past and start fresh.”