Strode Property Co. of Dallas, Texas, announced late today that it has purchased University Mall in Little Rock and will redevelop the 27-acre area into a mixed-use, open-air shopping complex to be called Park Avenue.

Contrary to other media reports, Simon Property Group has no further involvement with the project, nor do the previous owners of the property, the William L. Patton, Jr. Family partnership and the Southern Real Estate & Financial Co., according to representatives for Strode.

Terms of the deal were not disclosed and no tenants have been confirmed at this time, although sources tell Talk Business that Target could be an anchor client for the new development.

Strode Property recently developed and opened Midtowne Little Rock, an upscale shopping center that has attracted a host of specialty retailers and restaurants. Park Avenue and Midtowne Little Rock occupy opposite corners of the University Avenue and Markham Street intersection.

”Like Midtowne Little Rock, my hope is for Park Avenue to bring new life to the University Avenue corridor and continue the ongoing redevelopment efforts of Little Rock’s central area,” said Jim Strode.

Current University Mall tenants have been given notice to vacate the building within the next 30 days. The outdated structure will be demolished afterwards to make way for the development of Park Avenue.

The land transfer could bring an end to a long, contentious legal battle between the partnerships that owned the land and Simon Property Group, which owned the buildings on the property and were responsible for their tenant management and upkeep.

The two sides have recently had their litigation sent to the 8^th Circuit Court Appeals in St. Louis. Federal Judge Bill Wilson of Little Rock had initially ruled in favor of the landowners in the case and ordered Simon to make $7 million in repairs to University Mall.

Another Talk Business source says that a condition for the sale was an agreement to seek dismissal of the judgment, which will require the St. Louis appellate court sending the case back to Wilson’s court for a final release.