A 40,000-square-foot building that once housed Village on the Creeks Athletic Club in Rogers is under new ownership, with plans being developed for a new office building.
Tim Graham II and Dusty Graham, who are brothers, paid $3.62 million last month for the 4-acre development at 5214 W. Village Parkway. Dusty Graham is a founding partner of Rogers firm Core Architects. Tim Graham II is a real estate executive with Third Street Realty Services in Rogers.
Longtime property owner Jeannie Carpenter was the seller. Carpenter owned the building with her husband, Curt Carpenter, who died in November 2014.
The building has been vacant since December when the most recent tenant — Northwest Arkansas Mercy Family YMCA — closed its doors. The athletic club closed in late November 2011 for a short period and re-opened as the new YMCA.
Tim Graham said the building will be converted to office space. The original intent was to find an athletic club operator to backfill the space, but discussions with “several” potential tenants did not work out, Graham said.
He said a leasing agreement has been reached for an undisclosed tenant to occupy about half the space. The repurposing should be complete by August. Crossland Construction is the general contractor and Core Architects will handle the design work.
First National Bank of Paragould is supporting the project with a five-year mortgage of $6.8 million.