Commercial Real Estate Industry Notes
by June 5, 2006 12:00 am 83 views
Three partners who make up Blue Box LLC of Fayetteville are looking forward to an August completion of the building at 620 N. College Ave. in Fayetteville.
The trio purchased the building in early 2005 for about $650,000 and started gutting it in July of that year, said developer Tom Bourdeaux, one of the partners. Once complete, the 21,000-SF building will be a mixed-use retail and office space, he said.
The building had been occupied by various dance clubs, most recently Club Matrix, and probably most memorably as Doc Murdoch’s for about 15 years through the 1990s. Prior to that — sometime in the late 1970s — it was called the Y’all Come Back Saloon and before that it was a car dealership.
Bordeaux said about one-third of the space is already leased to Lacuna Modern Interiors, a Fayetteville furniture store.
The lease rate will be about $14 per SF for the office space and between $12.50 and $13 per SF for the remaining retail space, Bourdeaux said.
Bourdeaux hired Rob Sharp and his architecture firm to design the project. Sharp developed the Fayetteville Mill District project with Bourdeaux and has designed projects such as the Reindl Warehouse, Three Sisters building and The UARK Bowl.
Construction on the building is being financed by The Bank of Fayetteville.
Lindsey Leasing Space in Tower
The 76,000-SF Lindsey Office Building, dubbed internally as the Lindsey Tower, at 1165 Joyce Blvd. in Fayetteville should be complete in late August.
Bob Hopmann, leasing agent for Lindsey Management, said the third and fourth floors of the tower will be available for lease at $18.50 per SF, and both wings of the building will be available for $22.50 per SF. Each floor has about 10,000 SF and each wing about 8,100 SF.
The first two floors of the tower will be occupied by Lindsey & Associates Real Estate, the real estate arm of the company, and the fifth and six floors will be occupied by Lindsey Management Co., the apartment leasing subsidiary.
Lindsey & Associates Inc. had $704 million in 2005 revenue. The building’s estimated value is $10.1 million.