NEWS
Former Winrock HQs Sold
Winrock International is leaving its office at 2101 Riverfront Drive in Little Rock.
Winrock International is packing up to move, having sold its gleaming 25,000-SF headquarters on Riverfront Drive in Little Rock for $5.3 million this month.
The nonprofit global development agency has promised to keep its home in central Arkansas, though it hasn’t yet said precisely where it’s moving. The destination apparently will not be the eastern edge of downtown near Heifer International’s headquarters.
An investment group led by Cushman & Wakefield/Sage Partners bought the Winrock International building in a deal brokered by that group’s Ryan Gibson and Matt Imhoff. Uniti Group Inc., the Little Rock fiber and telecommunications company, will be moving into the former Winrock building.
10Box Cost Plus Sold
10Box Cost Plus location at 1101 S. Thompson St. in Springdale.
The outlet store for Harps Foods in Springdale has a new landlord.
Matt Imhoff and Brian Shaw, both of whom are with Cushman & Wakefield/Sage Partners in Rogers, paid $2.2 million for the 48,450-SF 10Box Cost Plus location at 1101 S. Thompson. Shaw is the CEO and principal of the company; he was a co-founder of Sage Partners before the companies merged.
The purchase was made through Thompson Street Investments LLC. Legacy National Bank in Springdale assisted with a loan of $1.76 million.
P10B LLC of Springdale, led by Miles Kimbel, was the seller. 10Box will remain as a tenant.
Garver HQs Sells for $13.2M
Garver of North Little Rock's three-story headquarters on Northshore Drive sold last month for $13.2 million.
Garver of North Little Rock’s three-story headquarters on Northshore Drive has sold for $13.2 million — $3 million more than the property commanded last summer.
Matt Imhoff and Ryan Gibson of Cushman & Wakefield/Sage Partners were brokers in the off-market transaction, along with Neal Jernigan of Crossley Jernigan and Ellison Inc. of Atlanta.
The sellers were an investment partnership sponsored by a Dallas real estate firm, Old House Capital. The new owner is NAS Investment Solutions LLC of Los Angeles.
The property is “beautifully situated along the Arkansas River,” said Gibson, who noted Garver’s century-old reputation as one of the state’s top engineering firms.
Commercial Deal Sells for $9 Million
A 30,339-square-foot commercial building along Interstate 49 in Springdale has a new owner after a sale worth $9 million. The purchase price equals $296 per square foot.
Two Rivers South LLC, led by Joel Whicker, acquired the building at 2710 S. 48th St. Whicker is principal of North Little Rock-based brokerage Alluvial Land Co. Los Angeles-based commercial real estate firm NAS Investment Solutions, led by Karen Kennedy, was the seller.
Matt Imhoff and Matt Mozzoni, both of Cushman & Wakefield/Sage Partners in Rogers, brokered the deal. They represented the buyer in the transaction. Relyance Bank in White Hall provided a five-year mortgage.
The property opened in 2015 as the domestic headquarters for global third-party logistics services provider BNSF Logistics. It’s a subsidiary of Burlington Northern Santa Fe LLC, a Berkshire Hathaway company. The building is 100% leased to BNSF Logistics.
Olsson Moves Into New Building
Engineering and design firm Olsson has moved into its new Fayetteville office. The company’s first official day with a new address was Dec. 4.
The new 37,000-square-foot building, with Olsson exterior signage, is at 3537 N. Steele Blvd. next to First National Bank of NWA. C.R. Crawford Construction of Fayetteville started work on the three-story building in the summer of 2022. Legacy National Bank in Springdale financed the building’s construction.
Olsson provided all engineering and landscape design, and Core Architects in Rogers was the building designer. Some amenities include a rooftop patio, bicycle racks and electric vehicle charging stations.
Olsson vacated its existing Fayetteville office (302 E. Millsap Road) and occupies the new building’s entire third floor and most of the second. The company has 68 employees in Fayetteville and space to accommodate approximately 100 workers.
Davita Bentonville Sells for $2.46M
A medical office building in Bentonville changed hands recently for $2.46 million.
EIG Bentonville LLC bought the 7,933-square-foot building at 1104 S.E. 30th St. EIG is led by Elliott Bay Capital Trust, a privately held real estate investment firm in Seattle, and Equity Investment Group, a real estate investment company based in Fort Wayne, Ind.
Northwest Arkansas Renal Investments LLC, managed by Fred Louis Smardo, was the seller.
Matt Imhoff and Tommy Van Zandt with Cushman & Wakefield/Sage Partners in Rogers marketed the property.
The single-story building was built in 2006 and is triple-net leased with a cap rate of 6.5%. Total Renal Care Inc., a subsidiary of healthcare company DaVita Inc., is the tenant. The existing lease term expires in 2028.
Springdale Grocery Registers $5.9M
A 59,466-square-foot commercial building in Springdale changed hands recently in a $5.9 million deal. The purchase price equals $99.21 per square foot and approximately a 6.75% cap rate.
Springdale-based Harps Food Stores Inc., an independent grocery store chain with 115 stores in four states, is the sole tenant with 14 years remaining on the lease.
Brian Shaw, CEO and principal, and Matt Imhoff, both of Cushman & Wakefield/Sage Partners in Rogers, brokered the transaction.
“It was a pleasure to work with both the seller and buyer groups on this transaction,” Imhoff said. “In the current COVID-19 environment, buyers want necessity retail i.e. grocery, convenience and drug stores. Harps is a fantastic tenant, too. We’ve been fortunate to have worked on dozens of Harps deals over the years, so we quickly know the value of one of their stores. We continue to see several buyers actively seeking this type of long-term, stable cash flow commercial real estate investment.”'
United Rental in Springdale Sells
A 2.56-acre industrial property in Springdale changed hands recently for $1.98 million.
Quinn Family LP II, registered to Johanna Quinn of Jonesboro, bought the fully-leased 11,514-square-foot building at 4268 Haile Lane. Haile Lane LLC, controlled by Matt Imhoff and Farris DeBoard, was the seller. The purchase price equals $172.39 per square foot.
Imhoff, with Cushman & Wakefield Sage Partners in Rogers, represented the seller. Jordan Woodcock of Marcus & Millichap represented the buyer. City Title & Closing was the title agent.
Connecticut-based rental equipment company United Rentals is the building tenant.
Haile Lane paid $1.41 million for the property in September 2018. DuWayne Eoff Property Management LLC of Missouri was the seller.
Rogers Office Registers $6 Million
A fully-leased Class B office building in the Metro Park complex west of Interstate 49 in Rogers has a new owner after a $6 million sale.
12M Commercial Properties, led by Oklahoma investor Raymond Merrill, bought the 28,480-square-foot building at 600 S. 52nd St. The purchase price equals $210.67 per square foot. Rogers Coliseum 52 Street LLC, a Delaware-registered entity whose members include Michael Sachs, was the seller.
Paragould-based First National Bank provided financing with a five-year loan worth $5.1 million.
Wade Smith and Tom Rystrom with Colliers International in Rogers represented the buyer. Marshall Saviers and Matt Imhoff with Cushman & Wakefield/Sage Partners in Rogers represented the seller.
The two-story building was built in 2007 and has a recently remodeled common area. Rogers Coliseum paid $5.1 million for the 2.78-acre property in 2008.
New York Investor completes $28M deal
A seven-building, 15.42-acre office complex in Bentonville changed hands Thursday (Dec. 8) for $28.3 million.
Sachs Investing Co. of New York purchased the properties just off Walton Boulevard at Rainbow Curve. The physical locations are on Southeast Macy Road, Southeast C Street and Southeast 34th Street.
The seven buildings are fully leased to a roster of Fortune 500 tenants. They range in size from 9,281 square feet to 45,485 square feet, and total 138,000 square feet.
The property transaction also included two undeveloped tracts totaling 2.5 acres. It was all owned by one group through four different LLCs, all registered to J.T. Compton of Morrilton.
Commercial real estate services firm Sage Partners of Rogers brokered the deal for Sachs, which has other commercial real estate holdings in Benton County. Sage was represented by Marshall Saviers and Matt Imhoff.
Montecito Medical Acquires MOB
Montecito Medical has completed the acquisition of a medical office building in Fayetteville, Arkansas, that is tenanted by a regionally dominant specialty provider.
The two-story building, which offers just over 19,000 square feet of space, is fully occupied under a new, long-term lease by Northwest Arkansas Pathology Associates.
“We are excited to be the owner of this outstanding property that plays an oversize role in healthcare delivery in the region, and for the opportunity to build a long-term relationship that centers on the success of our physician partners,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical.
Marshall Saviers and Matt Imhoff with Cushman & Wakefield | Sage Partners brokered the transaction.
Springdale Office Registers $7.4M
A 42,609-square-foot office building in Springdale changed hands recently in an all-cash deal worth $7.4 million. The purchase price equals $173.67 per square foot.
A limited liability company owned by Fayetteville financial adviser Patrick Cameron bought the building at 605 W. Lakewood Drive, east of U.S. Highway 71B. Limited liability companies managed by Charles Browning, Gerald Johnston and Tom Muccio were the sellers.
City Title & Closing of Fayetteville was the title agent. Brian Shaw and Matt Imhoff with Cushman & Wakefield/Sage Partners were the listing agents. Philip Schmidt with Kelley Commercial Partners in Springdale represented the buyer.
The two-story building is fully leased to shopper marketing agency Saatchi & Saatchi X. The existing lease expires Dec. 31, 2024, and the property had a 9.4% cap rate at the time of the sale.
Fayetteville Sale Leaseback Nears $6M
The sale and leaseback of a 4.5-acre commercial property along southbound Interstate 49 in Fayetteville registered $5.92 million.
A Colorado limited liability company controlled by Mark Middleton bought the 37,691-square-foot building at 3115 Technology Way.
Delta Arkansas Investors LLC was the seller.
The single-story flex building was developed and completed by the previous owner in 2012. New Mexico-based Delta Group Electronics, an electronics manufacturing services (EMS) provider, is the sole tenant. Delta Group has entered into an initial 10-year lease with the new owner.
Robert Guimbarda with Enhanced Value Strategies Inc. of St. Louis and Brian Shaw and Matt Imhoff with Cushman & Wakefield/Sage Partners of Rogers marketed the property with a list price of $6 million and cap rate of 7.5%.
Rogers Office Sells for $10M
A three-story office building in Rogers sold for nearly $10.5 million.
The Citizens Bank building at 3350 S. Pinnacle Hills Parkway was bought by an Oklahoma City developer who is also involved in a $100 million mixed-use development project. Andy Burnett, of Burnett Equity, bought the 43,500-SF building through his subsidiary 3350 PHP, a tenant-in-common group created by Sage Partners of Rogers.
“This is a great facility both in terms of location and tenants, making it an attractive acquisition for our investors who are excited to see the continued prosperity in the northwest Arkansas market,” Burnett said in a release from Sage Partners.
T.J. Lefler and Tom Allen of Sage Partners represented 3350 PHP in the acquisition, and Marshall Saviers and Matt Imhoff of Sage Partners represented the seller. The seller was Pullman Realty LLC, which is led by Dean Eisma of Rogers, who acquired the building for $9 million in 2006.
Springdale Dollar Tree Sells
A Fayetteville investor paid $1.78 million for a Dollar Tree location in Springdale.
HIMM Investments LLC, led by Matt Imhoff, bought the 10,032-SF property on Butterfield Coach Road. The property is next to Harps, AutoZone, Walgreens, Northwest Medical, Walmart, and more.
The property sits on slightly less than 1.3 acres.
Arvest Bank provided a loan of $1.25 million.
The property is a newly constructed building leased to Dollar Tree on a 10 year lease term.
The developer of the property and the seller was DPG Single Tenant Arkansas LLC, led by Scott Delaney of Mobile, Alabama. Delaney is the head of Delaney Property Management.
Delaney acquired the land for $526,000 in 2022.