Real Deals: Procter & Gamble-leased building in Fayetteville sells for $12.7 million

A 61,017-square-foot office building in Fayetteville recently sold for $12.7 million. The purchase price equals $208.13 per square foot.

A tenants-in-common partnership led by Bayou Bluff LLC of Texas, managed by Graham Streett, and GAR CO LLC of Arkansas, managed by Brandon Adams, bought the two-story, Class A office building at 1303 E. Joyce Blvd. Cole PG Fayetteville AR LLC, managed by Phoenix-based real estate investment trust Vereit Inc., was the seller.

A five-year, $6 million loan arranged through Chip Blanchard of Russellville-based First State Bank backed the acquisition.

Clinton Bennett, principal broker of Bennett Commercial Real Estate in Rogers, represented the buyer. Coler Yoakam and Maggie Hood with JLL in Dallas represented the seller. City Title & Closing in Fayetteville was the buyers’ title agent.

The 8.26-acre development is triple-net leased to Procter & Gamble Distributing LLC, a wholly owned subsidiary of Procter & Gamble. The building was a build-to-suit project for P&G in 2007 and was designed specifically to support distribution and logistics for P&G’s account with Walmart Inc. There will be no change in P&G’s tenant status.

Vereit paid $12.2 million for the building in April 2018. The purchase price equaled $199.94 per square foot.

PLATINUM PROPERTY
An empty commercial building on 7.6 acres in Fort Smith has a new owner after a recent sale worth $2.25 million.

Platinum Building Group LLC, led by Brooks Norris, bought the 62,201-square-foot building at 3600 Wheeler Ave. Stephens Media LLC was the seller. The purchase price equals $36.17 per square foot.

Grand Savings Bank in Fort Smith provided financing. Wade Smith and Alan Cole with Colliers Arkansas in Rogers represented the seller. Bob Cooper Jr. with Ghan Cooper in Fort Smith represented the buyer.

Norris is president and CEO of Fort Smith-based real estate developer and builder Norris Companies. COO Kelly Clark said that after a $1.5 million renovation, the company plans to relocate its corporate offices later this year to occupy most of the Wheeler Avenue building.

The Southwest Times Record newspaper was the two-story building’s previous tenant.

GRANITE GRAB
A vacant 57,667-square-foot industrial/warehouse building in Siloam Springs sold recently for $1.3 million. The purchase price equals $22.54 per square foot.

TC Developments LLC, led by Allison and Garrett Carroll, bought the 7.1-acre development at 700 E. Granite St. Granite Business Park LLC, managed by Russell L. Potter II, was the seller.

First National Bank of Fort Smith backed the deal with a five-year loan worth $1.04 million. Waco Title Co. was the title agent. Brennan Sharpe with Steve Fineberg & Associates in Bentonville was the listing agent. Reid Carroll with Ward Jones Realtors in Siloam Springs represented the buyer.

The property includes 15,000 square feet of remodeled office space.

FAYETTEVILLE LAND
A 10-acre commercial land sale in the Fayetteville Industrial Park-West development registered $395,000. The purchase price equals $0.91 per square foot.

J2NE LLC, led by John Cloyed, bought the lot on Industrial Drive, across from Marshalltown USA. Bridgeton LLC, managed by Allen Befort, was the seller.

Little Rock-based Bank OZK provided financing. Alan Cole and Wade Smith with Colliers Arkansas in Rogers represented the seller. Terry Timmons with Keller Williams Market Pro Realty in Fayetteville represented the buyer.

Real Deals submissions: Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.