Lowell-based financial services agency Central Research Inc. (CRI) said Monday (Sept. 30) it’s planning to build a new headquarters near Interstate 49 in Lowell.
The company plans to combine its Lowell and Springdale operations by moving into a proposed 50,000-square-foot, two-story building. It will be part of a planned development at the southwest corner of West Monroe Avenue and Interstate 49.
CRI’s headquarters are at 106 N. Bloomington St. The company opened a 5,500-square-foot call center at Ozark Center Point Place in Springdale less than a year ago.
“As CRI continues to experience growth, the timing felt right for us to find a larger, more permanent location for our operations,” CRI President and CEO Scott Dillard said in a statement. “Northwest Arkansas has been a great location for our business. The new space will give us the flexibility to expand current and future business in this area and across the United States.”
KMK Equity LLC, an entity managed by Dillard, closed on a $4.2 million purchase of the Interstate 49 property late last week. Parker Northwest Properties LLC was the seller. Waco Title Co. of Springdale was the title agent.
In a news release, KMK Equity said it will develop the roughly 33 acres with a mixture of office, retail and hotel properties.
David Erstine with commercial real estate firm CBRE in Fayetteville assisted KMK Equity with the property search. Hank Kelley and Philip Schmidt with Flake & Kelley represented the seller. Construction of the CRI building is expected to begin during the first half of 2020.
Established in 2002, CRI provides management and financial services to federal, state and commercial sectors, including records and document management, call center and debt collection and improper payments.
The company employs nearly 300 in Northwest Arkansas and has operations in various other locations across the United States, including a Washington, D.C., program office in Annandale, Va.