Arkansas

The Multifamily Group Brokers Sale of 242-Unit Apartment Complex in North Little Rock

by Alex Tostado August 12, 2020

NORTH LITTLE ROCK, ARK. — The Multifamily Group (TMG) has brokered the sale of Arrowhead Estates, a 242-unit apartment complex in North Little Rock. The property, which was originally built in 1968, offers one- and two-bedroom floor plans. Communal amenities include a pool, playground, basketball court, picnic area and a sundeck. The community is situated at 1707 Arrowhead Road, six miles north of downtown Little Rock. Paul Yazbeck of Dallas-based TMG represented the undisclosed seller in the transaction and procured the undisclosed buyer. The sales price was also not disclosed.

August 12, 2020

Arkansas Development Industrial Southeast

Amazon to Develop Fulfillment Center, Delivery Station in Little Rock Totaling 910,000 SF

by Alex Tostado July 9, 2020

LITTLE ROCK, ARK. — Amazon will develop afive-story, 825,000-square-foot fulfillment center at the Port of Little Rock in Little Rock. Slated for delivery in 2021, the property is expected to house 1,000 employees who will work alongside Amazon Robotics to pick, pack and ship small items to customers such as books, electronics and toys. The center will sit on 80 acres along Zueber Road, which, according to the Arkansas Democrat-Gazette, an Amazon entity paid $3.2 million for. Seattle-based Amazon is also planning an 85,000-square-foot delivery station near Interstate 30. Items at the fulfillment center will be shipped to the delivery station, which will serve in the last-mile delivery effort. The station, which will be Amazon’s second in Little Rock, is expected to open by the end of this year. According to the Gazette, Amazon is spending $8 million to renovate the warehouse for the delivery station.

July 9, 2020

Acquisitions Arkansas Multifamily Southeast

Pebb Capital Sells Apartment Complex in Conway, Arkansas for $17.5M

by Alex Tostado June 9, 2020

CONWAY, ARK. — Pebb Capital has sold Glenrock Apartments, a 180-unit apartment complex in Conway, for $17.5 million. Pebb acquired the property in 2016 when it was a 540-bed student housing community. The asset is located at 2730 Dave Ward Drive, one mile from the University of Central Arkansas campus. The Boca Raton, Fla.-based company converted the property, which now offers two-, three- and four-bedroom floor plans. Communal amenities include a 24-hour fitness center, saltwater pool, sand volleyball and basketball courts, business center, game room, coffee bar and tanning beds. The buyer was not disclosed.

June 9, 2020

Acquisitions Arkansas Mixed-Use Southeast

CapRocq Sells Mixed-Use Property in Rogers, Arkansas for $32.3M

by Alex Tostado May 28, 2020

ROGERS, ARK. — CapRocq Core 2 Real Estate Fund has sold Village on the Creeks, a 20-building, 220,153-square-foot retail and medical office complex in Rogers, for $32.3 million. The property was 93 percent leased to 66 tenants ranging from medical services to an art studio at the time of sale. The asset spans 22 acres along Interstate 49. The buyer was not disclosed, although the Northwest Arkansas Democrat Gazette reports the buyer is Ozre Capital. Kenai Capital Advisors and Colliers International | Arkansas represented the seller in the transaction.

May 28, 2020

Acquisitions Arkansas Retail Southeast

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

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