Tempus Realty Partners, a Little Rock-based real estate investment partnership, announced Wednesday (July 20) the purchase of the 148,200-square-foot Transplace office building along northbound Interstate 49 in Rogers.
According to a news release, the purchase price was $65 million ($438.60 per square foot). Dallas-based Cawley Partners was the seller.
“It’s been a pleasure to work with the team at Transplace over the past 3 years,” Bill Cawley said in a statement. “Developing a project of this nature mid-pandemic presented its challenges, but Transplace was a great partner as we all navigated toward completion. We especially appreciate Robbie Baty and the team at Cushman & Wakefield for trusting us with their client’s project.”
The building at 4909 W. Magnolia St. is a regional operations center for Transplace, an Uber Freight company and one of the country’s largest third-party logistics services providers. The 16-acre development opened in 2021 and features courtyards, lighted pedestrian walkways, a retention pond and more than 1,000 parking spaces.
The deal represents the first acquisition in the Tempus Evergreen Fund, a private Real Estate Investment Trust (REIT) focused on delivering long-term growth and income from high-quality real estate investments.
Dan Andrews, Kevin Huchingson, Mark Saviers and Isaac Smith are Tempus’ general partners.
“This property is an excellent fit for Tempus Evergreen’s objectives of long-term growth and income from top-tier assets,” Andrews said in a statement. “The combination of property, location and tenant quality make this an outstanding centerpiece for Tempus Evergreen.”
Transplace will remain a long-term tenant. The company manages more than $10 billion in freight and has centers across the globe that generate gross revenue of $3 billion from more than 1,000 customers.