Arkansas

CBRE Secures Construction Financing for Whole Foods-Anchored Development in Rogers, Arkansas

by John Nelson October 27, 2023

ROGERS, ARK. — CBRE has secured an undisclosed amount of construction financing for the development of Pinnacle Springs, a planned mixed-use development located at 1800 S. Osage Springs Drive in Rogers. The project will comprise 362 apartments and 91,000 square feet of retail space, including a 37,000-square-foot Whole Foods Market grocery store. The borrower is SJC Ventures, a mixed-use development firm based in Atlanta. Richard Henry, Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing. Arvest Bank provided uncrossed construction loans for the project, while Dome Equities provided both common and preferred equity investments in the multifamily component. SJC Ventures plans to break ground on Pinnacle Springs by the end of the year, with an expected delivery date of 2025.

October 27, 2023

Arkansas Development Hospitality Southeast

Windsor Aughtry Breaks Ground on 170-Room Tapestry by Hilton Hotel in Rogers, Arkansas

by John Nelson October 26, 2023

ROGERS, ARK. — Greenville, S.C.-based Windsor Aughtry Co. has broken ground on a 170-room hotel in Rogers branded under the Tapestry by Hilton flag. The six-story property will be located at 4100 S. Pinnacle Hills Parkway. The hotel will feature a rooftop experience with an open-terrace bar, steakhouse restaurant and 2,400 square feet of banquet space; 1,500 square feet of meeting space; outdoor patio; fitness center; and inside bike storage. Hospitality America will manage the hotel upon completion. The construction timeline was not disclosed.

October 26, 2023

Arkansas Development Seniors Housing Southeast

Arrow, O’Reilly Development Deliver 158-Unit Seniors Housing Community in Little Rock

by John Nelson August 29, 2023

LITTLE ROCK, ARK. — Arrow Senior Living has opened The Summit Senior Living at Chenal Valley in Little Rock. Built by O’Reilly Development, the property is situated in the West Little Rock area and sits on 12 acres near outdoor recreation, shopping and fine dining. The 163,000-square-foot property features 96 independent living units, 44 assisted living units and 18 memory care units. The Summit Senior Living at Chenal Valley is the first Arrow-operated community in Arkansas and the operator’s 35th in the nation.

August 29, 2023

Acquisitions Arkansas Multifamily Southeast

Cushman & Wakefield Brokers Sale of 250-Unit Fitzroy Grove Apartments in Rogers, Arkansas

by John Nelson August 14, 2023

ROGERS, ARK. — Cushman & Wakefield has brokered the sale of The Fitzroy Grove, a 250-unit apartment community located in Rogers. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, Huffman & Co., in the transaction. Lurin Capital acquired the property for an undisclosed price. Built in 2021, Fitzroy Grove features studio, one-, two- and three-bedroom apartments. Community amenities include a 24-hour health club, bocce ball and pickleball courts, business center, coworking spaces, dog park, coffee bar, putting green and a resort-style swimming pool with cabanas, according to the property website.

August 14, 2023

Arkansas Development Southeast

Arkansas Symphony Orchestra Breaks Ground on $11.8M Music Center in Little Rock

by John Nelson August 11, 2023

LITTLE ROCK, ARK. — The Arkansas Symphony Orchestra (ASO) has broken ground on its Stella Boyle Smith Music Center, an $11.8 million project in Little Rock’s East Village. Scheduled for completion in September 2024, the facility will total 20,000 square feet and will feature music classrooms and practice spaces. Witsell Evans Rasco Architects designed the center, and Bailey Construction will serve as the general contractor. Major donors for the project include The Stella Boyle Smith Trust, Susie and Charles Morgan, Gus Vratsinas, Terri and Chuck Erwin, the Windgate Foundation, E. Lee Ronnel, Simmons Bank, the State of Arkansas and members of the ASO board of directors.

August 11, 2023

Acquisitions Arkansas Multifamily Southeast

Cushman & Wakefield Arranges Sale of 260-Unit Uptown Terrace Apartments in Rogers, Arkansas

by John Nelson August 9, 2023

ROGERS, ARK. — Cushman & Wakefield has arranged the sale of Uptown Terrace, a 260-unit apartment community located in Rogers, a town in Northwest Arkansas. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, SC Bodner Co. Inc., in the transaction. The buyer and sales price were not disclosed. Built in 2021, Uptown Terrace features a bark park, business center, clubhouse, coffee bar, fire pit, fitness center, Luxer One package locker system, outdoor TV area, resort-style swimming pool with a sundeck and cabanas, a pickleball court, valet trash service and a yoga room. The property also features 28,000 square feet of ground-level commercial space.

August 9, 2023

Arkansas Development Loans Multifamily Southeast

Mia Rose Secures Land, Financing for 177-Unit Multifamily Development in Fayetteville, Arkansas

by John Nelson July 5, 2023

FAYETTEVILLE, ARK. — Mia Rose Holdings LLC has secured the land and construction financing for The Junction at Shiloh, a planned 135-unit multifamily community in Fayetteville. Southern Bank provided financing. Upon completion, the property will feature 12 studio, 118 one-bedroom, 35 two-bedroom and 12 three-bedroom apartments ranging from 629 to 1,291 square feet in size. Amenities at the community will include a swimming pool, fitness center, business center and multiple green spaces. Rosemann & Associates is the architect on the project, construction for which is scheduled to begin in the third quarter of this year. The Engenuity is providing mechanical, electric and plumbing (MEP) engineering. Kimbel Mechanical is the MEP contractor, and Oelke Construction is the sitework contractor. Asset Living will manage The Junction at Shiloh, with the first units expected to open mid-year 2024.

July 5, 2023

Arkansas Development Industrial Southeast

Compass Cold Delivers 142,160 SF Cold Storage Facility in Mulberry, Arkansas

by John Nelson June 30, 2023

MULBERRY, ARK. — Compass Cold Storage has announced the completion and opening of the 142,160-square-foot first phase of its new cold storage facility located in Mulberry. Featuring 18,500 pallet positions, the cold storage facility can maintain temperatures ranging from negative 20 to 40 degrees Fahrenheit. Completion of the second phase of the project, which will include additional freezer and dock space and bring the project cost to roughly $50 million, is scheduled for later this summer. A third phase is in the planning stage. Doug Bowen and Darren Winstead are the owners and operators of Compass Cold. Melbourne, Fla.-based Ti Cold is the developer on the project.

June 30, 2023

Acquisitions Arkansas Retail Southeast

Legacy Realty Brokers $9.3M Sale of Kroger-Anchored Retail Center Near Little Rock, Arkansas

by John Nelson June 15, 2023

BENTON, ARK. — Legacy Realty Group Advisors has brokered the $9.3 million sale of Benton Commons, a 74,870-square-foot retail center located in Benton, roughly 25 miles southwest of Little Rock. Kroger anchors the property, and other tenants include State Farm Insurance, Sumo Express and H&R Block. Jacob Baruch, Jonah Warshaw and Daniel Baruch of Legacy represented the undisclosed buyer in the transaction. Todd Rice of Colliers Arkansas represented the undisclosed seller.

June 15, 2023

Arkansas Company News Development Retail Southeast

Walmart Opens Second In-Store Fulfillment Center in Bentonville, Arkansas

by John Nelson June 7, 2023

BENTONVILLE, ARK. — Walmart has opened its second in-store fulfillment center, dubbed Market Fulfillment Center (MFC), at a store in its headquarters city of Bentonville. The Walmart store (Store 100) is located at 406 S. Walton Blvd. The retail giant’s MFC strategy calls for high-tech fulfillment centers to be built within existing Walmart stores and powered by Alphabot, a proprietary storage and retrieval system. “This new order fulfillment system is truly game changing,” says Ryan Simpson, store manager at Store 100. “Not only does it enhance the customer experience through quicker, more accurate online order fulfillment, it also provides us the runway to continue growing our business now and in the future.” Walmart’s proof of concept store for the MFC strategy was in Salem, N.H. Walmart plans to continue opening MFCs in select stores in the coming years.

June 7, 2023

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