A Little Rock-based real estate investment fund has listed two prominent properties along Interstate 49 in Northwest Arkansas for sale.
A spokeswoman for commercial real estate firm Colliers International Arkansas in Little Rock confirmed to the Northwest Arkansas Business Journal on Wednesday (Jan. 30) that a large portion of Village on the Creeks in Rogers and the Northwest Arkansas Business Center in Lowell are on the market.
They are owned by CapRocq, a family of real estate investment funds established in 2012 by co-founders Kevin Huchingson and Franklin McLarty along with partners Dewitt Smith and Ted Dickey. The fund now includes two additional partners — Mark Saviers and Isaac Smith — and is separated into CapRocq Core 1, CapRocq Core 2 and CapRocq Auto. CapRocq 1 and CapRocq 2 include Arkansas individual and institutional investors.
CapRocq took ownership of a large portion of Village on the Creeks — some of the buildings in the original development are privately owned — in 2014, and the Northwest Arkansas Business Center in 2016.
“[Village on the Creeks] has been a great performing asset, highly occupied with a great tenant mix,” Huchingson wrote in an email to the Northwest Arkansas Business Journal. “Both CapRocq 1 and 2 are in a process now of selling selective assets in the portfolio.”
Huchingson, chairman and CEO of Colliers International’s Little Rock office, and Steve Lane, Butch Gurganus and Pat Morrison, who all work with the Colliers International office in Rogers, are leading the marketing efforts for the two properties.
“These properties will make a fantastic investment for their next owners,” Lane said in a statement provided to the Business Journal. “With their high occupancy rates and positioning near some of the nation’s largest and most successful businesses, both Village on the Creeks and Northwest Arkansas Business Center are positioned for continued success. Colliers is grateful to the owner’s representatives for these prominent properties.”
The two properties combined total nearly 329,000 square feet. Village on the Creeks was built between 1996 and 2001 and is considered the region’s first true mixed-use development. The 20 buildings owned by CapRocq total 220,153 square feet. Village on the Creeks features a walking trail around the perimeter and direct access to the Razorback Regional Greenway trail system. Major tenants include Mercy Health, Sun-Maid Growers of California, Merrill Lynch, Humana, 3M and Allstate.
Dewitt Smith was part of a partnership that purchased Village on the Creeks in 2010 for $22.25 million. The previous owner, Carmen Lehman, transferred ownership of Village on the Creeks, originally a $30 million development, to Arvest Bank in 2009. Lehman and her then-husband Arnold “Tuffy” Lehman were the original developers.
Northwest Arkansas Business Center, on Enterprise Drive in Lowell just east of Interstate 49, is a portfolio of three Class A buildings totaling 108,627 square feet. It is comprised of office space and medical facilities with major tenants including Transplace Logistics, Mercy Health, Rockline Industries and Banker’s Life.
Northwest Arkansas Business Center is 95% occupied overall and Village on the Creeks is 96% occupied, according to Colliers International.