Real Contracts
by July 7, 2014 12:00 am 69 views
A source told Whispers the 39,274-SF, four-building Joyce Business Park at 2434 E. Joyce Blvd. in Fayetteville is under contract and that the deal is expected to close by the end of July.
The property, owned by C-III Asset Management LLC, a wholly owned subsidiary of Dallas-based C-III Capital Partners, went to auction in June and a number of local and regional groups submitted bids.
Our source would reveal neither the amount of the winning offer nor the name of who submitted it. But the final deal will be in the multiple millions for a building that our source said is still in good shape.
Originally a Ben Israel project in 2000, the property would have changed hands four times once this latest deal closes. Our source said this acquisition should usher in an era of stability for the building.
“I think it’ll be a healthy, viable property,” said the source.
In another real estate development, a lot adjacent to the new Walmart Supercenter at Elm Springs Road in Springdale is also under contract. Plans are for an 8,000-SF, multi-tenant retail building. Closing is expected in August.