Arkansas

SRS Arranges $4M Sale of Retail Property in North Little Rock, Arkansas

by Alex Tostado May 26, 2020

NORTH LITTLE ROCK, ARK. — SRS Real Estate Partners National Net Lease Group has arranged the $4 million sale of an 8,000-square-foot retail property in North Little Rock. The property is fully leased to Vitamin Shoppe and Mattress Firm on their respective corporate-guaranteed triple-net leases. The property is situated at 4300 McCain Blvd., seven miles north of downtown Little Rock. The asset is an outparcel to a Lowe’s Home Improvement-anchored shopping center. Brian Wolfman of SRS represented the seller, Los Angeles-based McCain Plaza LLC, in the transaction. Aaron Hines of Marcus & Millichap represented the buyer, New Mexico-based G&T Investments LLC, which was completing a 1031 exchange. Tyler Johnson of Pegasus Capital Markets represented the buyer in sourcing acquisition financing.

May 26, 2020

Arkansas Company News Georgia Retail Southeast

Retailers Walmart, The Home Depot Report Increased Sales in First Quarter Despite Pandemic

by Alex Tostado May 19, 2020

BENTONVILLE, ARK. AND ATLANTA — Retailers Walmart and The Home Depot have reported increased sales during their respective first quarters. Bentonville-based Walmart, which operates on a fiscal year calendar running from Feb. 1 to Jan. 31, reported a spike of 74 percent in its e-commerce department, and an overall growth of 10 percent. Walmart’s total revenue reached $136.4 billion, which was 8.6 percent higher than first-quarter 2019. The uptick from e-commerce was mostly due to grocery pick-up and delivery services. Additionally, overall sales for Sam’s Club was up 12 percent and e-commerce demand for the Walmart-owned brand jumped 40 percent. The Home Depot, which is based in Atlanta, reported sales reached $28.3 billion, which was 7.1 percent higher than its first-quarter 2019. The Home Depot’s fiscal year ends Feb. 2. Despite the increased sales, the company’s revenue dipped by $300 million from first-quarter 2019 due to expanded benefits for its employees. Some of the benefits include extra time off for hourly employees, more still for associates 65 years of age and older, doubled overtimes rate, weekly bonuses for hourly employees and extended dependent care benefits and waived related co-pays.

May 19, 2020

Arkansas Retail Southeast

Arkansas Governor: Gyms Allowed to Reopen Monday, Limited Dine-In at Restaurants May 11

by Alex Tostado May 1, 2020

LITTLE ROCK, ARK. — Arkansas Gov. Asa Hutchinson has rolled out Phase I plans for reopening the state. Hutchinson says gyms and fitness centers will be able to open Monday, May 4, while restaurants will be allowed to operate dine-in services at one-third capacity Monday, May 11. The guidelines for gyms and fitness centers include the use of facemasks for staff and patrons except when exercising, daily temperature checks for employees and patrons and social distancing of at least 12 feet while exercising. Additionally, Hutchinson placed restrictions on patrons who can enter, including but not limited to those who have returned from travel to New York, New Jersey, Connecticut, New Orleans or overseas within the past 14 days; have had a fever of 100.4°F or greater in the past two days; or had contact with a person known to be infected with COVID-19 within the previous 14 days. The guidelines for restaurants require daily health screening of staff, use of facemasks and gloves and strict social distancing. The governor requires that tables be 10 feet apart; employees interacting with patrons must wear a facemask covering the nose and mouth; kitchen staff are encouraged to wear a mask; employees must wear …

May 1, 2020

Arkansas Company News Retail Southeast

Walmart Reaches Goal to Hire 150,000 Associates, Pledges to Hire 50,000 More Amid COVID-19 Crisis

by Alex Tostado April 20, 2020

BENTONVILLE, ARK. — Amid the COVID-19 crisis sweeping the nation, Walmart set a goal in mid-March of hiring 150,000 associates before May 1. Since then, the Bentonville-based retailer has hired an average of 5,000 people per day, surpassing its goal. Now Walmart has its sights set on hiring another 50,000 people. In a statement, the company said most of the new hires will be temporary who will support current associates and customers in locations with specific needs. Additionally, 85 percent of the 150,000 new associates are temporary or part-time workers. Walmart said it worked with more than 70 companies that furloughed workers to hire the associates. In stores, Walmart will hire cashiers, stockers and personal shoppers. In distribution centers and fulfillment centers, it will hire additional fillers and pickers. Walmart also plans to add more drivers to its fleet. Walmart is considered an essential business, so its doors remain open and its e-commerce operations are still running as well.

April 20, 2020

Acquisitions Arkansas Healthcare Office Southeast

Montecito Medical Acquires Two Outpatient Healthcare Facilities Totaling 35,000 SF in Northwest Arkansas

by Alex Tostado April 9, 2020

ROGERS, ARK. — Montecito Medical Real Estate has acquired two outpatient healthcare facilities in Rogers that are part of a six-building campus occupied by Mercy Health of Northwest Arkansas. The assets total 35,000 square feet and will remain fully leased to Mercy Health. The two buildings offer internal medicine, rheumatology and outpatient orthopedic services, including minimally invasive joint constructed replacement and spinal procedures through an ambulatory surgery center. The campus includes a primary care clinic, an ENT clinic and a general surgery ambulatory surgery center. Further details of the transaction were not disclosed.

April 9, 2020

Acquisitions Arkansas Industrial Self-Storage Southeast

AKA Partners Acquires Self-Storage Facility in Metro Memphis for $8.9M

by Alex Tostado March 12, 2020

WEST MEMPHIS, ARK. — AKA Partners LLC has acquired Storage Depot, a climate-controlled self-storage facility in West Memphis, for $8.9 million. The Murray, Utah-based buyer plans to expand the property on the adjacent three acres. Storage Depot is situated at 701 Ark. Highway 77, nine miles west of downtown Memphis. AKA Partners has hired Argus Management to manage the property. Barclays provided acquisition financing. The seller was West Memphis-based DSB, a partnership between David Reagler, Scott Ferguson and LaRand Thomas. Larry Goldman of RE/Max represented the seller in the transaction.

March 12, 2020

Arkansas Development Office Southeast

Cawley Partners Breaks Ground on 150,000 SF Office Building for Transplace in Rogers, Arkansas

by Alex Tostado March 11, 2020

ROGERS, ARK. — Cawley Partners has broken ground on a three-story, 150,000-square-foot office building in Rogers that will serve as a regional operations center for Transplace, a provider of logistics technology and services. The Frisco, Texas-based firm will occupy the entire building upon completion, which is slated for May 2021. The property is situated at 4909 W. Magnolia St., three miles west of downtown Rogers. Atlanta-based Corgan designed the building that will include courtyards, lighted pedestrian walkways, a retention pond and more than 1,000 parking spaces. Cawley Partners will serve as owner-developer. Robbie Baty, Bill McClung and Marshall Saviers of Cushman & Wakefield represented the tenant in the leasing negotiations.

March 11, 2020

Acquisitions Arkansas Multifamily Southeast

Beitel Group, Scharf Group Purchase 256-Unit Apartment Community in Little Rock

by Alex Tostado March 10, 2020

LITTLE ROCK, ARK. — Beitel Group and The Scharf Group have purchased Forest Place Apartments, a 256-unit community in Little Rock. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, sundeck and a picnic area. The property was originally delivered in 1974 and renovated in 1983. The asset is situated at 1400 N. Pierce St., five miles west of downtown Little Rock. Jeff Seidenfeld of Eastern Union Funding originated the loan on behalf of the borrower. Further details of the transaction were not disclosed.

March 10, 2020

Arkansas Loans Multifamily Southeast

NorthMarq Provides $42M Refinancing for Apartment Complex in Rogers, Arkansas

by Alex Tostado March 2, 2020

ROGERS, ARK. — NorthMarq has provided a $42 million Freddie Mac refinancing loan for Woodland Park, a 427-unit apartment complex in Rogers, which is located in the northwestern part of the state. The loan features a 10-year term and a 3.72 percent interest rate. The community, which was 95 percent occupied at the time of refinancing, offers one-, two- and three-bedroom floor plans. Communal amenities include a playground, clubhouse and a swimming pool. Woodland Park is situated at 4000 S Dixieland Road, five miles south of downtown Rogers. Kyle Tucker of NorthMarq originated the loan on behalf of the borrower, Block Real Estate Services.

March 2, 2020

Acquisitions Arkansas Florida Multifamily Southeast Student Housing

East To West Capital Sells Three-Property Student Housing Portfolio in Florida, Arkansas

by Alex Tostado February 21, 2020

TALLAHASSEE AND GAINESVILLE, FLA.; AND FAYETTEVILLE, ARK. — UK-based investor East To West Capital has sold a three-property student housing portfolio located in Florida and Arkansas for an undisclosed price. The portfolio includes Gator Cottages, a three-unit, 18-bed property built in 2018 serving students at the University of Florida in Gainesville; Whitham Cottages, a 10-unit, 40-bed community also constructed in 2018 located near the University of Arkansas in Fayetteville; and Seminole Gardens, a 10-unit complex ranging from 2,213 to 2,571 square feet serving students attending Florida State University in Tallahassee. Kevin Dufour and Director Kyle Peco of FourPoint Investment Sales Partners represented the seller in the transaction. The buyer was undisclosed.

February 21, 2020

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