The two companies announced the acquisition of Fayetteville’s largest office tower in a joint news release. The deal was completed Tuesday and purchase price was $3.12 million.
The seven-story tower, named for a former University of Arkansas law and business professor, was built in 1965 and has a most recent appraisal of $4.58 million. It sits at the northwest corner of the downtown square in Fayetteville. Ball Plaza Holdings LLC, led by Ted Belden, was the previous owner.
The current occupancy rate of the multi-tenant building is 60 percent.
In the release, Jeremy Hudson, SREG’s chief executive officer, said he is excited about the possibilities to “reinvent” the property.
“There’s a lack of Class A office space in downtown Fayetteville, and this building offers panoramic views and proximity to Arkansas’ best farmers’ market,” he said. “We are thrilled to partner with Moses Tucker, who have reinvented downtown Little Rock, and we can’t wait to make EJ Ball a point of pride for Fayetteville.”
Jamie Moses, Moses Tucker’s director of development, said the project will add to the downtown square neighborhood.
“Redevelopment of the EJ Ball is the first significant project for Moses Tucker in Northwest Arkansas and one that is aligned with our philosophy of building strong core cities,” Moses said.
Moses Tucker opened a second office earlier this year on Joyce Boulevard in Fayetteville’s Nelson’s Crossing development.