A seven-figure property transaction in downtown Bentonville has put into motion the early stages of a hospitality project headed by the two sons of Walmart President and CEO Doug McMillon.
Urbn Share is marketed as an alternative to hotels for business travelers, according to its website. Spencer McMillon is the founder and CEO. Blake McMillon is the COO. Spencer McMillon deferred an interview request from the Northwest Arkansas Business Journal to a later date.
The website urbnshare.com indicates the company’s plans for locations in Bentonville in 2021 and Seattle in 2022. The Bentonville site shown on the website is at the corner of Southeast Eighth and Southeast C streets. Adjacent residential properties at that location changed hands recently for $1.52 million.
Urbn Share LLC, registered to Springdale attorney Denton Woods, bought the properties at 805 S.E. C St. and 402 S.E. Eighth St. The lots total 1.11 acres and are near the Thaden School campus.
Emerald Isle Holdings, whose members include Cynthia Coughlin and her sons Michael Coughlin and Tommy Coughlin, was the seller.
Paul Esterer and Payne Phillips with Newmark Moses Tucker Partners in Bentonville brokered the transaction. Emerald Isle assembled the property in late 2015 for a combined $376,000.
According to the website, Urbn Share in Bentonville will have 12 units available for lease with co-working and co-living areas in the building.
“As businesses circuit their employees to the same locations year after year, would it not be more efficient to pay a lease while maintaining perks of a hotel staff?” the website says. “With Urbn Share, companies will have an opportunity to take all of the hassle and boredom out of typical business accommodation. Whether coming for a week or transitioning your people to NWA, we have options for every scenario.”
Amenities proposed include smart lock security for the building and a third-floor fitness area. Mountain bikes for all guests would also be provided.
“We partner with local mountain bike instructors for guidance around OZ Trails for all skill levels throughout the week,” the website says.