Arkansas

CONWAY, ARK. — Ti Cold plans to develop a build-to-suit cold storage facility in Conway for Central Cold Solutions. The 125,000-square-foot property will feature 50-foot clear heights, structural steel pallet racks and the ability to regulate temperatures ranging from 40 to minus-20 degrees Fahrenheit. Central Cold Solutions aims to support food wholesalers, retailer and food manufacturing customers in Central Arkansas through this facility. The construction timeline for the project was not disclosed. Brad Lacy of the Conway Area Chamber of Commerce assisted in the site selection.

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BENTONVILLE, ARK. — Walmart has decided to shutter all 51 Walmart Health locations, as well as the Walmart Health Virtual Care service. The Bentonville-based retail giant stated that the business model, which was formally launched in 2019, was not sustainable. The company cited a lack of profitability due to “the challenging reimbursement environment and escalating operating costs.” Walmart Health locations are situated in six different states — Arkansas, Florida, Georgia, Illinois, Missouri and Texas — according to the Walmart Health online directory. The company didn’t offer a timeline for when each clinic would close. Walmart is offering relocation for its Walmart Health associates to nearby Walmart or Sam’s Club stores, as well as severance benefits for eligible associates. The company will continue to operate its nearly 4,600 pharmacies and more than 3,000 vision centers at its retail stores.

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CONWAY, ARK. — Cushman & Wakefield has brokered the sale of The Edge at Donaghey, a 432-bed student housing community situated adjacent to the University of Central Arkansas. Located at 530 S Donaghey Ave. in Conway, the 120-unit property was built in 2013. Sundance Real Estate purchased the community from an entity doing business as Azalea Holdings II LLC for an undisclosed price. Travis Prince, Victoria Marks and Shawn Lubic of Cushman & Wakefield’s Student Housing Capital Markets team, along with Martin Bynum of the firm’s Sunbelt Multifamily Advisory Group, represented both the seller and buyer in the transaction. The new buyer plans to bolster The Edge at Donaghey’s amenity package, which currently includes a business center, fitness studio, study areas, resort-style pool and a clubhouse.

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JONESBORO, ARK. — Hillcrest Acquisitions has acquired Wolf Creek, a 192-unit student housing community located at 500 N. Caraway Road near the Arkansas State University campus in Jonesboro. The seller and sales price were not disclosed. The community is set to undergo $4.4 million in renovations and will be converted into conventional multifamily. Marc Tropp of Eastern Union secured $12.1 million in acquisition financing through Bay Vanguard on behalf of Hillcrest. The five-year loan features interest-only payments for 24 months during renovations and lease-up. Once the property is stabilized, the mortgage will convert to principal and interest payments based on an amortization period of 25 years. The transaction carries a 65 percent loan-to-cost ratio. Built in 2008, Wolf Creek offers two- and three-bedroom units on a 13-acre parcel.

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LITTLE ROCK, ARK. — Cushman & Wakefield has brokered the $78.8 million sale of Landmark Apartments, a 372-unit multifamily community located in Little Rock. Canyon View Capital acquired the property in two phases — paying $40.3 million and $38.5 million in February 2023 and February of this year, respectively. Martin Bynum and Cole Herget of Cushman & Wakefield represented the seller, an entity doing business as Landmark Apartments II LLC, in the transaction. VCC Construction built the community in two phases, completing 196 units in 2017 and 176 units in 2023. Amenities at the property include two fitness centers, a coffee station, tanning salon, business center, dog park agility course, two swimming pools, outdoor games and parking garages.

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MAUMELLE, ARK. — Health Dimensions Group (HDG) has opened Mira at Maumelle, which the developer asserts is the first senior living community in the Little Rock suburb of Maumelle. Mira at Maumelle provides independent living, assisted living and memory care services. The number of units was not disclosed. HDG manages the property, bringing its portfolio to 48 communities in eight states.

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Walmart

BENTONVILLE, ARK. — Walmart (NYSE: WMT) has announced plans to expand by more than 150 new stores over the next five years, both through new construction and converting existing buildings.  The first two stores under this initiative — both under the company’s smaller-format Walmart Neighborhood Market banner — are scheduled to open this spring in Santa Rosa, Fla., and Atlanta. The company is currently finalizing plans for 12 new projects, one of which will be the conversion of a smaller existing location into a large-format Walmart Supercenter, which serves as both a grocery store and a full department store. Walmart simultaneously released plans to remodel 650 of its existing stores across 47 states and Puerto Rico over the next 12 months. The new and renovated locations will all feature the Bentonville-based company’s “Store of the Future” model, which includes improved layouts, expanded product selections and the integration of new technology.  The “Store of the Future” features expanded pharmacies and updated vision centers, with pharmacies moved toward the front of the store; activated corners with product displays that allow customers to interact with items and visualize them in their lives; digital touch points throughout the store to provide information on products …

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CONWAY, ARK. — Tempus Realty Partners has completed a 530,000-square-foot distribution center in Conway, which will be occupied by project partner Westrock Coffee. Tempus and Westrock acquired the 30-acre site, which is located roughly 30 miles outside Little Rock, in early 2023. Building features include 36-foot clear heights, a 13,000-square-foot mezzanine office, 100,000 square feet of air-conditioned production space, extensive power distribution and an exterior enclosed machine room. The property will support Westrock Coffee’s product and packaging operation at a nearby facility, as well as handle additional distribution needs. The development team included Clark Contractors, Lewis Architects, Engineering Consultants and Build Nimble/Colliers Arkansas. Ted Dickey of Lighthouse Asset Advisors advised Westrock Coffee in the project.

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SPRINGDALE, ARK. — Arkansas-based ERC Holdings and Houston-based Tradewind Properties will develop a 272-unit multifamily community at Elm Springs Road and N. 48th Street in Springdale. Dubbed The Ramsay, the property will comprise 18 three-story buildings housing 143 one-bedroom apartments and 129 two-bedroom apartments. Amenities will include a café and lounge, 1,900-square-foot wellness center, pocket park, meditation room, dog park and a clubhouse. Pick-It Construction is the general contractor, and the architect is Rob Sharp. Completion of the first units is scheduled for fall of this year.

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FAYETTEVILLE, ARK. — The Tailwind Group has acquired Ozark Villas, a 670-bed student housing community located near the University of Arkansas campus in Fayetteville. The 213-unit property was acquired from Fountain Residential Partners for an undisclosed price. Teddy Leatherman of JLL brokered the transaction. Upon closing, the community was rebranded College Town Fayetteville. The new ownership has plans to begin major exterior renovations at the property imminently. Shared amenities at the community include a resort-style swimming pool, clubhouse, billiards, a fitness center, dog park, basketball court, sand volleyball court, collaborative study spaces, private study rooms, an outdoor kitchen and a fire pit.

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