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.