Arkansas

ITEX, Time Warp to Develop Cinema-Themed BTR Project in Fayetteville, Arkansas

by John Nelson February 27, 2023

FAYETTEVILLE, ARK. — The ITEX Group and Time Warp Enterprises have released plans for The Aronson, a build-to-rent (BTR) project in Fayetteville that will be anchored by a new moviegoing concept from Austin, Texas-based theater chain Alamo Drafthouse Cinema. The Aronson’s 214 units will be available as single-family, duplex or triplex configurations. Amenities will include a clubhouse, fitness center, pool, playgrounds, dog parks and bike parking. The project is anticipated to deliver by 2024. The Aronson will be home to Alamo Drafthouse Cinema + Drive-In, developed via a partnership among Catchlight Entertainment, ITEX and Time Warp. In addition to eight indoor movie screens, with a total of 798 reclining theater seats, the concept also includes a permanent outdoor drive-in theater with a beer garden and parking for cars and bikes. The Aronson is named for cinema pioneer and Arkansas native Max Aronson, whose screen name was Gilbert “Bronco Billy” Anderson. Aronson starred in several silent films in the early part of the 20th century as Bronco Billy. He also was a producer on “The Tramp,” a film released in 1915 and recognized as one of Charlie Chaplin’s first well-known performances.

February 27, 2023

Acquisitions Arkansas Industrial Southeast

Sealy & Co. Purchases 185,475 SF Industrial Facility in Little Rock

by John Nelson February 21, 2023

LITTLE ROCK, ARK. — Sealy & Co. has purchased a 185,475-square-foot industrial property located at 6001 Lindsey Road in Little Rock. The firm acquired the property for an undisclosed amount in an off-market deal at below replacement costs. Jason Gandy and Brooks Burgin led the transaction for Sealy & Co. on an internal basis. Andrew Wiechern of Colliers represented the seller, Tempus Realty Partners. The Class A, multi-tenant warehouse has a brand new TPO roof, as well as 22 dock doors, one drive-in door, 120-foot truck court, 24-foot clear heights and front-load configuration.

February 21, 2023

Acquisitions Arkansas Multifamily Southeast

Elevate Commercial Acquires 232-Unit Multifamily Community in Centerton, Arkansas

by John Nelson February 21, 2023

CENTERTON, ARK. — An investment syndication led by Elevate Commercial Investment Group has purchased Watercolors of Centerton, a 232-unit apartment community in northwest Arkansas. The seller and sales price were not disclosed. The acquisition covers Phases I and II of Watercolors of Centerton. Phase III is currently under construction and is expected to be completed this summer. Elevate Commercial is already set to close on the acquisition of Phase III once construction is complete, which will increase the property to 376 units. Situated at the intersection of SW 14th Street and Greenhouse Boulevard, Watercolors of Centerton features a resort-style pool, gym, pickleball court, basketball court, pool tables and a pet park. Elevate Commercial plans to invest $1.5 million in capital improvements to the community.

February 21, 2023

Arkansas Company News Development Florida Georgia Industrial Retail Southeast

Sam’s Club to Open More Than 30 New Locations, Five Fulfillment Centers in the United States

by John Nelson February 1, 2023

BENTONVILLE, ARK. — Sam’s Club, a division of Bentonville-based Walmart Inc. and a leading membership warehouse club retailer, plans to open more than 30 new “clubs” across the United States over the next several years. The first store, which is planned for an undisclosed Florida city, is slated to open in 2024. The new clubs will span approximately 160,000 square feet, which is larger than most current locations. Most new stores will feature a seafood/sushi island, full-service floral and walk-in dairy and fresh coolers, as well as a larger healthcare space featuring a patient waiting area, health services suites, private consultation rooms and dedicated hearing and optical centers. Many of the new locations will also include fuel stations and liquor offerings. In addition to the new stores, the company has a multiple-year plan to invest in and modernize its supply chain through new distribution and fulfillment center locations across the country. Sam’s Club will launch five new supply chain fulfillment and distribution centers this year, with the first location planned in Georgia in the third quarter. Kathryn McLay, CEO of Sam’s Club, says the decision to invest in expanding the company’s physical footprint was motivated by historic comparable sales growth …

February 1, 2023

Arkansas Development Industrial Southeast

Westrock Coffee, Tempus Realty to Develop 530,000 Distribution Center in Conway, Arkansas

by John Nelson January 31, 2023

CONWAY, ARK. — Westrock Coffee, a coffee and tea supplier based in Little Rock, and development partner Tempus Realty Partners have plans to develop a 530,000-square-foot distribution center in Conway. The companies recently acquired a 30-acre site off William J. Clark Drive near I-40, roughly 30 miles from Little Rock. Colliers represented Tempus Realty in the land sale, and Ted Dickey of Lighthouse Asset Advisors represented Westrock, which is the No. 1 supplier of private-label coffee and tea to U.S. restaurants by volume. Westrock will fully occupy the tilt-wall facility upon delivery in the fourth quarter of this year. The property will support Westrock’s product and packaging operation in a nearby facility, as well as handle additional distribution needs. The facility will feature a clear height of 36 feet, 72 dock doors and an ESFR sprinkler system.

January 31, 2023

Acquisitions Arkansas Industrial Southeast

Phoenix Investors Buys 130,000 SF Industrial Building in Pine Bluff, Arkansas

by John Nelson January 26, 2023

PINE BLUFF, ARK. — An affiliate of Milwaukee-based Phoenix Investors has purchased a 130,000-square-foot industrial building located at 3411 N. Hutchinson St. in Pine Bluff. The seller and sales price were not disclosed. Built in 1986, the turnkey property is currently vacant and is available for a single tenant or multiple users. Situated on 15 acres about 45 miles south of Little Rock, the facility features 27-foot clear heights and 40- by 40-foot column spacing, as well as rail access via CSX Greenbrier Rail. Phoenix Investors specializes in the acquisition and renovation of former manufacturing facilities and currently holds interest in approximately 62 million square feet of space across 29 states.

January 26, 2023

Acquisitions Alabama Arkansas Georgia Kentucky Oklahoma Retail Southeast Tennessee

Matthews Arranges $16.1M Portfolio Sale of Eight Stores Leased to Family Dollar-Dollar Tree

by John Nelson January 25, 2023

NASHVILLE, TENN. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Ala.; Pauls Valley, Warner and Maud, Okla.; Edison, Ga.; Lincoln, Ark.; and Coldiron, Ky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the assets at a cap rate of 6.4 percent.

January 25, 2023

Acquisitions Arkansas Multifamily Southeast

Weidner Acquires 337-Unit Apartment Community in Rogers, Arkansas

by John Nelson November 17, 2022

ROGERS, ARK. — Weidner Apartment Homes has purchased 49 West Apartments, a multifamily community comprising 325,507 square feet of rentable space in the northwestern Arkansas city of Rogers. Built in 2020, the property sits on 20.7 acres and features 337 units in one- and two-bedroom layouts. Amenities at the community — which was built by S+K Development — include a clubhouse, fitness center, indoor and outdoor lounges, pool, onsite fishing pond, pet washing stations and play area, valet trash services and a basketball court. The sales price was not disclosed.

November 17, 2022

Acquisitions Arkansas Retail Southeast

Mid-America Brokers Sale of 282,608 SF Shopping Center in Russellville, Arkansas

by John Nelson August 25, 2022

RUSSELLVILLE, ARK. — Mid-America Real Estate Corp. has brokered the sale of Valley Park Centre, a 282,608-square-foot regional shopping center in Russellville, a town within the Arkansas River Valley region. Dallas-based The Woodmont Cos. purchased the big-box retail center for an undisclosed price. Ben Wineman of Mid-America, along with Hank Kelley of Kelley Commercial Real Estate Partners, represented the seller, a joint venture between Atlanta-based RCG Ventures and an unnamed investment partner based in New York City. Valley Park Centre was 95 percent leased at the time of sale to tenants including T.J. Maxx, Ross Dress for Less, Belk, JC Penney, Shoe Carnival, Hibbett Sports, Hobby Lobby, PetSmart and Five Below.

August 25, 2022

Acquisitions Arkansas Multifamily Southeast

Cushman & Wakefield Negotiates Sale of 216-Unit Multifamily Property in Little Rock

by John Nelson August 16, 2022

LITTLE ROCK, ARK. — Cushman & Wakefield has negotiated the sale of Pinnacle Park at Chenal Valley, a 216-unit multifamily community located in Little Rock. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, entities doing business as Chenal Valley – Orchard LLC and Chenal Valley – Foxwood LLC, in the transaction. Greystone closed on the assumption of the Fannie Mae loan, which was originated in 2019. The sales price and loan amount were not disclosed. Built in 1999 on the west side of Little Rock, Pinnacle Park at Chenal Valley features a clubhouse, 24-hour virtual fitness center, swimming pool, coffee bar and a 24-hour package room.

August 16, 2022

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