Arkansas

REIT Acquires Student Housing Property Near University of Arkansas for $57M

by Camren Skelton June 29, 2017

FAYETTEVILLE, ARK. — Strategic Student & Senior Housing Trust Inc., a REIT focusing on student housing and seniors housing acquisitions and sponsored by SmartStop Asset Management LLC, has purchased a student housing community near the University of Arkansas for $57 million. Known as The District, the 592-bed community is located at 376 W. Watson St. in Fayetteville, roughly a half-mile from the university’s campus. The 198-unit property includes one-, two-, three- and four-bedroom, fully furnished floor plans. Completed in 2016, the LEED Gold-certified community features a business center, study rooms, pool, spa, courtyard, fitness facility and a yoga room. Asset Campus Housing will manage the property, which was 95 percent preleased at the time of sale for the 2017-2018 academic year.

June 29, 2017

Arkansas Retail Southeast

Ziff Properties Acquires Shopping Center in Little Rock for $7.1M

by Camren Skelton June 27, 2017

LITTLE ROCK, ARK. — Ziff Properties Inc. has purchased Bowman Curve Shopping Center, an 81,271-square-foot retail development located near the intersection of North Bowman Road and West Markham Street in west Little Rock. Mason Lewis and Todd Rice of Colliers International represented the buyer and seller in the $7.1 million transaction. The company plans to invest in cosmetic and structural renovations for the center.

June 27, 2017

Arkansas New York Northeast Retail Southeast Top Stories

Walmart Agrees to Acquire Apparel Retailer Bonobos for $310M

by Taylor Williams June 19, 2017

BENTONVILLE, ARK., AND NEW YORK CITY — Walmart (NYSE: WMT) has agreed to acquire online apparel retailer Bonobos Inc. for approximately $310 million in cash. Walmart, the giant discount department store chain, expects to complete the transaction by September. The announcement comes on the heels of Walmart’s acquisition of online women’s apparel retailer ModCloth in March. Founded in 2007 by Andy Dunn and Brian Spaly, New York-based Bonobos designs and sells its own brands of clothing for men. These brands will be featured and sold on various Walmart-owned digital platforms, including Jet.com, which Bentonville-based Walmart acquired in August 2016 for approximately $3 billion. Bonobos also operates 35 physical retail locations, known as Guideshops, across the United States. Walmart currently has no plans to feature lines of Bonobos clothing in its brick-and-mortar locations, according to The New York Times. Under the terms of the agreement, Dunn, the current CEO of Bonobos, will oversee the company’s collection of clothing brands that are designed in-house and distributed online. Marc Lore, CEO of Walmart U.S. e-commerce and founder of Jet.com, says the acquisition reflects the company’s long-term e-commerce strategy. “We’re seeing momentum in the [e-commerce] business as we expand our value proposition with customers,” he …

June 19, 2017

Arkansas Industrial Southeast

Chinese Textile Company to Invest $410M for Manufacturing Facility in Forrest City, Arkansas

by John Nelson May 19, 2017

FORREST CITY, ARK. — Shandong Ruyi Technology Group (Ruyi), a textile manufacturer based in China, plans to invest $410 million into the former Sanyo manufacturing facility in Forrest City. The facility will be the company’s first property in North America. Ruyi plans to employ up to 800 people at the plant, with plans to begin renovations in the fourth quarter of this year. The property has been vacant since Sanyo shut down production in 2007. Ruyi will use the facility to take 200,000 tons of Arkansas cotton annually and spin it into yarn for textile use. The company plans to begin operating at the Forrest City plant by mid-2018. The Arkansas Economic Development Commission worked with Ruyi to bring this deal to fruition. Ruyi can earn up to $4 million in grants from the State of Arkansas, depending on the company’s job creation at the plant.

May 19, 2017

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R&R REIT Acquires 1,020-Room Hotel Portfolio for $35M

by John Nelson May 3, 2017

MISSISSSAUGA, ONTARIO — R&R Real Estate Investment Trust (R&R REIT) has agreed to acquire a portfolio of nine extended stay hotels in the Southeast and Midwest totaling 1,020 rooms for an aggregate purchase price of $35 million. The properties are currently owned and operated by entities controlled by R&R REIT’s Majid Mangalji and Michael Klingher. Five of the hotels operate under the HomeTowne Studios brand, and the remaining four operate under the HomeTowne Suites brand. The properties are located in Kentucky, Georgia, Mississippi, Arkansas, Louisiana, Alabama, Illinois and South Carolina. Blake, Cassels & Graydon LLP and Greenberg Traurig LLP acted as legal counsel to the REIT, and Raymond James Ltd. acted as financial advisor to the special committee charged with approving the portfolio acquisition. Following the closing of the acquisition, the REIT’s portfolio will comprise 10 hotels located in nine states.

May 3, 2017

Arkansas Loans Multifamily Southeast

Pillar Originates $25.5M HUD Loan for Multifamily Property in Little Rock

by John Nelson April 13, 2017

LITTLE ROCK, ARK. — Pillar, a division of SunTrust Bank, has originated a $25.5 million HUD loan for the refinancing of Metropolitan Apartments, a 260-unit multifamily community in Little Rock. The market-rate property was fully occupied at closing. Evan Hom of Pillar’s New York office originated the 35-year loan on behalf of the borrower, Transcontinental Realty Investors/Adobe Properties, a Dallas-based multifamily property owner and developer. The HUD financing features a fixed interest rate and a 35-year amortization schedule.

April 13, 2017

Arkansas Multifamily Southeast

BSR Trust Acquires Apartment Community in Fayetteville, Arkansas

by John Nelson March 9, 2017

FAYETTEVILLE, ARK. — Little Rock-based BSR Trust LLC has completed the acquisition of Mountain Ranch Apartments, a 360-unit apartment community located in Fayetteville. Built in 2009, Mountain Ranch contains a mix of one-, two- and three-bedroom residences and sits on 15 acres across Interstate 49 from the University of Arkansas campus. BSR Trust owns more than 9,200 units in Texas, Louisiana, Oklahoma, Arkansas and Mississippi. The terms of the deal were not disclosed.

March 9, 2017

Arkansas Loans Multifamily Southeast

KeyBank Secures $47.7M Acquisition Loan for Two Apartment Communities in Little Rock

by John Nelson February 6, 2017

LITTLE ROCK, ARK. — KeyBank Real Estate Capital has arranged a $47.7 million acquisition loan for two Class B apartment communities in Little Rock totaling 712 units. The properties, Chenal Lakes Apartment Homes and Brightwaters Apartment Homes, were built in the mid-1980s and underwent several renovations between 2011 and 2016. Erik Storz of KeyBank arranged the 10-year loan through Fannie Mae’s Green Rewards Loan Program. The financing features five years of interest-only payments and a 30-year amortization schedule.

February 6, 2017

Arkansas Industrial Southeast

Binswanger Brokers Sale of 268,514 SF Warehouse Property in Arkansas

by John Nelson January 17, 2017

ROGERS, ARK. — Binswanger has brokered the sale of a single-story, 268,514-square-foot manufacturing and warehouse facility located on 20 acres at 1301 N. Dixieland Road in Rogers. Superior Industries International Inc. sold the asset for an undisclosed price. Built in 1989 about 14 miles from Northwest Arkansas Regional Airport, the property features office space, four dock-high doors with seals, four covered dock doors, a 335-space parking lot, maintenance work space, a tool shop, sprinkler system and clear heights ranging from 23 to 30 feet. Holmes Davis of Binswanger’s Dallas office represented the seller, and Marshall Saviers of Sage Partners represented the undisclosed buyer in the transaction.

January 17, 2017

Arkansas Seniors Housing Southeast

AdCare Sells Nine Skilled Nursing Facilities in Arkansas for $55M

by John Nelson October 10, 2016

ATLANTA — AdCare Health Systems Inc. has sold nine of its skilled nursing facilities in Arkansas for $55 million. The buyer was Skyline Healthcare, which operates the communities and is executing a purchase option on the lease. The purchase price consisted of $52 million in cash and a $3 million promissory note. AdCare leased the properties to Skyline on March 1, transitioning the properties from Aria Health Group. AdCare plans to use the proceeds for general corporate purposes, including the repayment of mortgage and other debt. AdCare is an Atlanta-based real estate investor largely focused on the skilled nursing sector. Following the sale, the company now owns, leases or manages 29 facilities.

October 10, 2016

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