NASHVILLE, ARK. — Phoenix Investors has purchased three industrial properties in Nashville, a city in southwest Arkansas. Swedish power tool manufacturer Husqvarna sold the properties, which total roughly 816,000 square feet, for an undisclosed price. Husqvarna had previously decided to shutter its Nashville plants in July 2023 with the goal to phase out the properties by the end of 2024. The acquisition includes a 351,763-square-foot facility located at 630 Highway 27 Bypass; a 299,885-square-foot property at 1 Poulan Drive; and a 165,046-square-foot facility at 139 Old Airport Road. Phoenix Investors plans to implement a capital improvement plan to attract high-quality industrial users to the area. The acquisition also included a solar farm of an undisclosed size.
NORTH LITTLE ROCK, ARK. — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Sherwood Park, a 242-unit apartment community located at 1707 Arrowhead Road in North Little Rock. The buyer, seller and sales price were not disclosed. Paul Yazbeck of TMG represented the seller in the transaction, and Chase Davis, also with TMG, procured the buyer. Built in 1977, Sherwood Park includes amenities such as a package service, laundry facility, storage space, swimming pool, playground and picnic tables. The property has seven floor plans, including some townhomes, and more than half of the units are two-bedroom apartments.
FORT SMITH, ARK. — Sila Realty Trust Inc., a publicly traded net lease healthcare REIT based in Tampa, has purchased a 50-bed inpatient healthcare facility in Fort Smith, a city on the Arkansas-Oklahoma border. An undisclosed seller sold the approximately 62,500-square-foot healthcare property for $28.3 million. Built in 2021, the facility was fully leased at the time of sale to Mercy Rehabilitation Hospital, a joint venture between Mercy Hospital Fort Smith and Lifepoint Health. The rehabilitative property is tailored for individuals recovering from stroke, brain injury, neurological conditions, trauma, spinal cord injury, amputation and orthopedic injury. Year-to-date, Sila Realty Trust has purchased eight Class A healthcare properties for an aggregate price of $164 million.
MONTICELLO, ARK. — Marcus & Millichap has brokered the $7.1 million sale of Northpark Shopping Center, a 71,068-square-foot retail center located at 120-155 Northpark Drive in Monticello, about 90 miles south of Little Rock. Tenants at the property, which was 95 percent occupied at the time of sale, include Cato, Hibbett Sports, It’s Fashion Metro, Pizza Hut and Rent-A-Center. Eric Abbott and Zach Taylor of Marcus & Millichap represented the seller, Timber Development, in the transaction. A DST (Delaware Statutory Trust) fund based in California acquired the property. “Investor appetite for secondary market shopping center inventory remains robust,” says Abbott. “The buyer was drawn to the dominant nature and regional trade area of the Walmart, with no major competing shopping centers in the area.”
FAIRFIELD BAY, ARK. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Indian Rock Village, a 121-bed independent living, assisted living and memory care community in Fairfield Bay. Located along Greers Ferry Lake approximately 80 miles north of Little Rock, the community was built in 1990. A regional seniors housing owner-operator looking to exit the skilled nursing industry sold the asset to a regional owner. The sales price was not disclosed. Daniel Geraghty and Bradley Clousing handled the transaction for SLIB.
FAYETTEVILLE, ARK. — An affiliate of Cohen & Steers has acquired a two-property, open-air shopping center complex located in Fayetteville, a city in the northwest portion of Arkansas near the Oklahoma and Missouri borders. Totaling 403,000 square feet, the complex comprises the retail centers Spring Creek Centre and Steele Crossing. Tenants at the properties include T.J. Maxx, Ulta Beauty, Best Buy, Old Navy, PetSmart and Kohl’s. The centers also feature corporately owned Walmart, Home Depot and Target stores. At the time of sale, the centers were 95 percent occupied. DLC Management partnered with Cohen & Steers on the acquisition. The seller and price were not disclosed. “Fayetteville is benefiting from national migration trends as people move to more affordable and economically attractive residential areas across the country,” says James S. Corl, head of the private real estate group at Cohen & Steers. “We believe the shopping centers are well positioned in a dominant location to benefit from these tailwinds, and we are excited to partner with DLC.” Prior to the acquisition, DLC served as the manager of both Spring Creek Centre and Steel Crossing for more than a decade. Headquartered in metro New York City, the company’s portfolio features more …
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.
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.
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.
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.