Arkansas

Grandbridge Provides $12.2M Acquisition Loan for Apartment Complex in Arkansas

by John Nelson April 12, 2016

FAYETTEVILLE, ARK. — Grandbridge Real Estate Capital has provided a $12.2 million acquisition loan for Garden Park Apartments, a 246-unit apartment community in Fayetteville. Alan Tapie of Grandbridge originated the 10-year, non-recourse loan with a 30-year amortization schedule through Freddie Mac’s CME program. The loan was structured with an interest rate fixed below 4 percent and featured an interest-only period, according to Tapie. The non-student housing property is primarily occupied by University of Arkansas students and features a business center, swimming pool with sundeck, hot tub, fitness studio and a basketball court.

April 12, 2016

Arkansas Multifamily Southeast

Dominium Purchases Apartment Community in Little Rock MSA

by John Nelson April 1, 2016

MAUMELLE, ARK. — Dominium, an apartment development and management firm based in Minneapolis, has purchased The Gables of Maumelle, a 120-unit apartment community located in the Little Rock metro area. Built in 2001, The Gables is Dominium’s first acquisition in Arkansas. Dominium will upgrade the property’s clubhouse and pool with new furniture, artwork, painting and a new fully equipped fitness room. All units will receive washers and dryers, and select units will receive new flooring, appliances and other improvements. The property will also receive updated signage, major landscaping and new lighting. The sales price and seller were not disclosed.

April 1, 2016

Arkansas Multifamily Southeast Student Housing

Arkansas State, Zimmer Development to Develop Two On-Campus Residential Complexes

by John Nelson March 8, 2016

JONESBORO, ARK. — Arkansas State University (ASU), in a public-private partnership with Zimmer Development Co., is set to begin construction on two new on-campus residential complexes. The project will include a 350-bed undergraduate facility on the east side of the Arkansas State campus, and a 165-bed complex primarily for graduate students on the west side of campus. The undergraduate housing will feature four-bed apartments that are approximately 33 percent larger than the university’s current offerings. The graduate complex will offer one- and two-bedroom units. Both complexes will feature nine-foot ceilings, a washer and dryer in each unit, walk-in closets and private bathrooms. Construction is expected to begin after spring semester with completion scheduled for the fall 2017 school year. The 35-year land lease with Zimmer Development is the first of its kind for Arkansas State University, which owns and maintains the current inventory of 3,200 beds. The ASU System Board of Trustees approved the 35-year land lease with Zimmer Development on Feb. 26.

March 8, 2016

Walmart International Productivity Chart

Arkansas Retail Southeast

Wal-Mart to Close 269 Stores in the U.S. and Globally

by John Nelson January 19, 2016

BENTONVILLE, ARK. — Bentonville-based Wal-Mart Stores Inc. (NYSE: WMT) is set to close 269 stores in the U.S. and globally. In total, the stores to be shuttered represent less than 1 percent of both global square footage and revenue. Wal-Mart Stores will close 154 locations nationally, including 102 of the company’s smallest format stores, Walmart Express. Click here for a full list of the stores set to close. Walmart intends to focus on strengthening the company’s Supercenters, optimizing Neighborhood Markets, growing e-commerce and expanding pickup services for customers. Also included in the closures are 23 Neighborhood Markets, 12 Supercenters, seven stores in Puerto Rico, six discount centers and four Sam’s Clubs. The company is closing 115 stores internationally, including 60 loss-making stores in Brazil and 55 primarily small, loss-making stores in other Latin American markets. Domestically, Wal-Mart intends to open 50 to 60 Supercenters and 85 to 95 Neighborhood Markets in fiscal 2017. Sam’s Club also intends to open seven to 10 new locations. The financial impact of these closures is estimated to be approximately 20 to 22 cents of diluted earnings per share from continuing operations, with approximately 19 to 20 cents expected to impact the fourth quarter of …

January 19, 2016

Arkansas Retail Southeast

GBT Realty to Develop Shopping Center in Arkansas

by John Nelson October 2, 2015

BENTON, ARK. — GBT Realty Corp. has signed a contract to acquire a 28.8-acre parcel along I-30 West in Benton for the development of The Shoppes of Benton. The 170,000-square-foot regional shopping center will be GBT Realty’s first development in Arkansas. The Brentwood, Tenn.-based developer plans to close on the land purchase by the end of the year and break ground in the first quarter of 2016. The city of Benton passed a resolution in September that established a partnership with Benton Public Utilities Commission for $1.4 million in infrastructure improvements at the site, including water, sewer and electrical services. Valued at $36 million upon completion, The Shoppes of Benton will feature two anchor tenants, space for three junior anchors, 32,000 square feet of small shop space and four outparcels. GBT is currently finalizing negotiations with several national retailers, some first-to-market. The company expects to announce the initial tenant line-up early next year and complete construction by spring 2017.

October 2, 2015

700 702 S.E. 5th St. Bentonville Arkansas

Arkansas Office Southeast

Newmark Grubb Arkansas Brokers $6M Sale of Two Office Buildings

by John Nelson July 8, 2015

BENTONVILLE, ARK. — Newmark Grubb Arkansas has brokered the $6 million sale of two office buildings located at 700 and 702 S.E. 5th St. in Bentonville. The properties are situated on a 3.2-acre lot and span roughly 59,000 square feet. Bentonville-based Food Hub NWA LLC purchased the buildings from Dixieland Inc., which is also based in Bentonville. Paul Esterer of Newmark Grubb Arkansas represented Food Hub in the transaction. Steve Fineberg and Amy Mills of Steve Fineberg & Associates represented Dixieland.

July 8, 2015

Westgate Shopping Center Little Rock Arkansas

Arkansas Retail South Carolina Southeast

The Shopping Center Group Brokers Sale of Retail Centers in Metro Greenville, Little Rock

by John Nelson May 14, 2015

EASLEY, S.C. AND LITTLE ROCK, ARK. — The Shopping Center Group has finalized the sales of The Shops at Easley Town Center in the Greenville submarket of Easley and Westgate Shopping Center in northwest Little Rock. A private investor based in California purchased the 21,300-square-foot Shops at Easley Town Center from Akron, Ohio-based Cedarwood Development for an undisclosed price. Built in 2012, the unanchored shopping center was 92 percent leased at the time of sale to tenants such as Five Guys Burgers and Fries, GameStop, AT&T Mobility, Aspen Dental, Jersey Mike’s, Sprint and GNC. An affiliate of Denver-based Baceline Investments purchased Westgate Shopping Center from Weingarten Realty for $6.7 million. Built in 1965, the center was 96 percent leased at the time of sale to tenants such as Stein Mart, Dunkin’ Donuts, Top Nails, Tanglewood Drug Store, All Aboard, Subway and Jackson Hewitt Tax Service. Anthony Blanco, Lenard Williams and Mallory Ham of The Shopping Center Group represented the sellers in both transactions. The team partnered with Flake & Kelley Commercial in the Westgate sale.

May 14, 2015

Arkansas Multifamily Southeast Student Housing

GMH Capital Partners, PREI Acquire Sterling Frisco Near University of Arkansas

by John Nelson February 5, 2015

FAYETTEVILLE, ARK. — GMH Capital Partners has made the first acquisition of its new joint venture with Principal Real Estate Investors (PREI). GMH purchased Sterling Frisco, a LEED Gold-certified, Class A student housing community located near the University of Arkansas spanning 219 units and 640 bedrooms, each with its own private bathroom. Sterling Frisco has convenient access to both the university’s campus and downtown Fayetteville. The property features amenities including a 24-hour fitness center, computer lab, study lounges, pool with cabanas, a rooftop deck and a secured parking garage. Each of the units has its own washer and dryer as well as cable and internet included. GMH also plans on additional upgrades, including increased bandwidth, Wi-Fi in all student living areas, enhanced cable package with digital HD service and DVRs, upgraded card access and video surveillance system, as well as additional outdoor living features to the pool patio and rooftop terrace.

February 5, 2015

DoubleTree by Hilton Downtown Little Rock hotel

Arkansas Hospitality Southeast

HFF Brokers Sale of DoubleTree by Hilton Hotel in Downtown Little Rock

by John Nelson January 28, 2015

LITTLE ROCK, ARK. — HFF has brokered the sale of the 288-room DoubleTree by Hilton Downtown Little Rock hotel in downtown Little Rock. The 14-story hotel has recently undergone $10 million in capital improvements and features the Plaza Grille and Lounge, a business center, swimming pool, fitness center and 12,000 square feet of meeting space. The hotel, located at 424 W. Markham St., is attached to the Robinson Center Music Hall, which is undergoing a $68.6 million reconstruction. The hotel is located within walking distance to the River Market Entertainment District, the William J. Clinton Presidential Center and Library and Highway 167. Denny Meikleham, John Bourret and Alan Suzuki of HFF represented the seller, a joint venture between Trinity Hotel Investors LLC and BayNorth Capital LLC. An affiliate of New York-based Fifth Avenue Capital LLC and Waterford Hotel Group purchased the hotel for an undisclosed amount.

January 28, 2015

Arkansas Market Reports Southeast Market Reports

Population growth sustains retail and healthcare markets

by admin August 3, 2012

“When the going gets tough, the tough get going.” The old adage is certainly taken to heart in Jonesboro. Amid the uncertainty of the recent recession, Jonesboro has become a beacon of resiliency and steadfast performance, resulting in much-deserved attention in nearly every aspect of commercial development. In fact, the Jonesboro MSA is one of only 54 U.S. metros that had gains in total employment between pre-recession November 2007 and post-recession November 2011. According to Garner Economics, a look at November 2011 employment shows that only 54 metros, or 15 percent, are at levels exceeding their November 2007 totals, which was one month before the recession officially started. Jonesboro has continued to increase its population, growing at a very respectable 2 to 2.5 percent per year for the past three decades and counting. This steady, consistent growth in population and tax base has made Jonesboro a huge attraction for expansion, particularly in the retail and healthcare segments of the market. 2011 saw just under 300 commercial building permits issued at a value of more than $250 million dollars, and nearly $40 million dollars worth of permits were issued in the first quarter of 2012. Investment in new infrastructure and facilities …

August 3, 2012

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