Fayetteville Office Building Reaches Full Occupancy
by October 26, 2015 12:00 am 184 views
One of Fayetteville’s more visible commercial properties has reached a milestone not seen in years
The 41,737-SF building just north of the intersection of Joyce Boulevard and College Avenue — known as One Corporate Square at 4058 N. College Ave. — is now completely leased.
The owner’s agent, Flake & Kelly Commercial Northwest, has announced that Fayetteville-based home builder Rausch Coleman Homes has signed a lease agreement to relocate its corporate offices to the three-story building. RCH will occupy the entire top floor and part of the second, a total of approximately 17,900 SF, bringing the property to complete occupancy.
Mac Tatman and Philip Schmidt handled the leasing. Schmidt noted the building’s occupancy was just 37 percent at the end of 2013. A $250,000 renovation of the building was completed in April that year.
“Slowly but surely, we are seeing some good things happen in the Fayetteville office sector,” Schmidt said. “This is a really good sign.”
The building now has nine tenants. It has been owned since January 1995 by El Dorado-based Munoco Co., a family-owned company engaged in oil and gas exploration and production, as well as timber, real estate and farming operations. The company has a large portfolio of commercial real estate, farmland and timberland holdings in Arkansas and Louisiana, under an entity called Cherry Ridge LLC.
Baldwin & Shell Construction Co. built the building in 1988 for $4 million.