A St. Louis-based commercial real estate services firm has completed a $2.72 million deal to buy a former Hooters restaurant building and adjacent property near the Northwest Arkansas Mall at 4201 N. Shiloh Drive in Fayetteville
DCM Group is behind the purchase. The Washington County Clerk’s office recorded the deed on June 8. According to property records, the acquisition covers two contiguous outparcels just south of the shopping center totaling 7.42 acres. One is a vacant five-acre lot, and the other houses a building (4,897 square feet) along College Avenue that was formerly a Hooters restaurant. It’s been vacant for nine years.
The previous owners were New York-based Namdar Realty Group LLC, Mason Asset Management Inc. and CH Capital Group. They own most of the mall real estate.
According to property records, DCM’s purchase is backed by a construction loan worth $4 million secured through Midland States Bank in Missouri.
Zack Kifer with Moses Tucker Partners in Bentonville represented the buyer.
The Fayetteville Flyer reported in October 2021 that DCM received a favorable rezoning and planned to develop the two outparcels south of the mall into a pedestrian-friendly, dense mixed-use development to include apartments and retail.
Rob Goltermann told the Northwest Arkansas Business Journal on Wednesday (June 15) that a 6,500-square-foot retail building will be built at the Hooters site. Aspen Dental will be the lead tenant.
“We [demolished] the Hooters building two days ago,” Goltermann said. “We’re in for [building] permit right now with the city and as soon we get that, we are going [to build] as fast as possible on that building.”
Goltermann said the multifamily “placemaking” component to the west of the retail building will include 208 units and is called The Claude.
The Fayetteville project is DCM Group’s first in Arkansas.