University of Arkansas Buys Suites on Fayetteville Square
by January 5, 2015 12:00 am 93 views
In two deals totaling $1.44 million, the University of Arkansas recently purchased 8,351 SF of office space at 1 E. Center St. on the Fayetteville square.
The purchases entailed five suites on the third floor and two suites on the first floor. With the exception of privately owned condos on the third and fourth floors on the west side of the building, the purchases give the university full ownership of East Square Plaza, according to university officials.
Current leases will remain intact, but in the future, the offices will likely be used for academics.
“We’ll lease the space to third parties until the space may be needed for university purposes,” said James Ezell, director of risk and property management. “It’ll come up when it comes up.”
Six suites were bought from Ted Belden, through his One East Center LLC, for $1.03 million, and one suite was bought from Theresa M. Gibbs for $410,000.
Spaces in the plaza owned prior to the most recent purchases are under renovation for the Pryor Center for Arkansas Oral & Visual History.
Once the center moves out of its temporary offices within the building and into the renovated space, the Pryor Center’s temporary offices will then be renovated to house the Community Design Center, a division of the Fay Jones School of Architecture.
All renovations are expected to be complete this year.