Fayetteville buildings owned by former Hog sold for $7.4 million

by Paul Gatling (pgatling@nwabj.com) 1,891 views 

A three-building commercial property in Fayetteville owned by former University of Arkansas basketball star Joe Kleine has sold in a $7.4 million deal.

A limited liability company owned by Fayetteville financial adviser Patrick Cameron is the new owner of the fully leased buildings at 2125 E. Joyce Blvd.

A group of investors led by Kleine was the previous owner since the buildings were built in 2001.

“It’s a good location and a good property all around,” said Philip Schmidt, a partner at Flake & Kelley Commercial in Springdale. Schmidt represented the buyer in the transaction. “We see some upside in the future for that property given the market conditions.”

The acquisition was backed by a $7.4 million loan arranged through Hunter Norton at First Security Bank.

Flake & Kelley has also assumed leasing and property management responsibility of the three buildings, which combined total about 67,000 square feet occupied by multiple tenants.

Schmidt said Cameron plans to open a small office in one of the buildings for his new financial services firm, called RPC Investments. The primary tenants of the 6-acre development include Youth Bridge Inc. and the U.S. Social Security Administration.

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