Pence Place
by February 3, 2003 12:00 am 127 views
Dryden Pence III., a Fort Smith native and principal of Pence Wealth Management/LPL in Newport Beach, Calif., owns the building at 3561 N. College Ave. that’s home to Merrill Lynch & Co.’s Fayetteville branch. The 5,236-SF facility will be available for lease late this year because Merrill Lynch is consolidating its Northwest Arkansas offices to Rogers. A report on the consolidation is available at ArkansasBusiness.com.
Merrill Lynch’s lease with Pence expires Sept. 30.
The property, at the corner of College Avenue and Millsap Road, is in a virtual “Park Place” location. Millsap Road has become Fayetteville’s de facto medical park and is home to the Wal-Mart team offices of mega-vendor Procter & Gamble.
And the building is within a few hundred yards of the bustling CMN Business Park and Northwest Arkansas Mall.
The building and its 0.98-acre lot appraised for $687,850 in 2001, according to county records. Pence said the net usable space is 4,972 SF, but there’s room for a 2,000-SF expansion.
It was built in 1990 specifically for Merrill Lynch and is set up for a brokerage or banking operation. Pence said the building comes with a triple-net lease (the tenant is responsible for taxes, insurance, maintenance and utilities) and that the price per SF will be competitive.
Pence manages local commercial property as Pendragon Development Corp. He is the son of longtime Fort Smith physician Dr. Eldon Dryden Pence Jr.