Colliers Arkansas announced the sale Tuesday (Nov. 8) of two industrial/flex buildings in Little Rock totaling 178,900 square feet. The nearly 15-acre property, known as Bowman Plaza I and II, traded for $16.5 million. The purchase price equals $92.23 per square foot.
According to a news release, MCC Self Storage LLC, managed by J.T. Compton, and Wobbe Lane LLC, managed by Raymond Merrill, are the new owners. Colliers Arkansas executives Steve Lane and Tom Rystrom represented the buyers.
CG-Bowman Properties LLC, a Colliers Arkansas affiliate, was the previous owner. Kevin Huchingson and Casi Runnells of Colliers Arkansas represented the sellers. CG-Bowman Properties originally purchased the property in 2012.
Bowman Plaza I is situated on 4.97 acres at 4700 S. Bowman Road. It was built in 2000 and features 66,564 square feet of office and warehouse space.
Bowman Plaza II is situated on 9.97 acres at 12120 Colonel Glenn Road. It was built in 2001 and includes 112,336 square feet of office and industrial space.
Colliers Arkansas will continue as both buildings’ leasing agent and property manager. Combined, they are 92% occupied.
“With the market’s current low supply and high demand for industrial space, Bowman Plaza I and II should remain well leased and continue to be a valuable asset for the new ownership group,” Runnells said. “The properties are located in the coveted west Little Rock submarket with easy access to I-430, as well as I-30 and I-40, and have many features and amenities that are attractive to tenants.
“Additionally, Topgolf recently announced plans for their first Little Rock facility just across Bowman Road, and several other exciting projects are potentially in the works nearby.”