Investor pays $1.6 million For Madison Plaza in Springdale
by June 28, 2017 8:12 am 1,437 views
The 3.72-acre Madison Plaza commercial development at 2505-2507 S. Thompson St. in Springdale has been sold for $1.6 million.
Highway 71 Properties LLC, managed by Wanda Braswell, acquired the 53,600-square-foot retail/warehouse property, backed by the Central Bank of Branson in Missouri. The purchase price equals $29.85 per square foot.
The property previously belonged to an LLC managed by Little Rock developer John Flake.
Jessica Dearnley with Flake & Kelley Commercial Northwest in Springdale was the agent for the seller. Mike Overton with Overton Realty in Springdale represented the buyer.
It was originally built in the mid-1990s by Springdale developer Sam Mathias, who acquired the land in 1994 for $390,000.
The two-building strip center has a cap rate of 9.7%, is leased to multiple tenants and is about 98% occupied. Anchor tenants are Arkansas Support Network, Bingo-Arkansas Veteran’s and Razza Distribution, a distributor of Hispanic foods.
Traffic counts along South Thompson Street exceed 29,000 vehicles per day.