One Corporate Square Renovated, Ready for Tenants

One of the more visible commercial properties in Fayetteville is making a cautious comeback.

The owner of the 24-year-old building just north of the intersection of Joyce Boulevard and College Avenue — known as One Corporate Square —recently completed a $250,000 renovation.

Potential tenants seem to be responding to the effort. The occupancy rate has increased from 28 percent to 37 percent in the last three months, with seven tenants now occupying 15,709-SF of the 41,737-SF building.

About half that space is being retained by Arkansas Rehabilitation Services, a division of the Arkansas Department of Career Education.

El Dorado-based Munoco Co., a family-owned company engaged in oil and gas exploration and production, as well as timber, real estate and farming operations, has owned the building since January 1995. The company has a large portfolio of commercial real estate, farmland and timberland holdings in Arkansas and Louisiana, under an entity called Cherry Ridge LLC.

Ray Nolan, who oversees the properties, said the owners have shifted their stance on allowing exterior signage on the building, something that was prohibited in the past, and was often a stumbling block in attracting interest from potential large tenants.

“It’s been a great project to do, and it puts the building in a good place,” he said. “Given the market in Northwest Arkansas and the location and visibility, for that price, I think it’s an attractive deal.”

The project included updates to all common areas, including new lighting, paint, flooring and ceiling tiles in corridors. Restrooms throughout the building were also updated, the HVAC system was replaced and all elevator interiors were refurbished.

Christine Pennington, a property manager with Flake & Kelley Commercial Northwest, the owner’s agent, did the design and Momentum Construction of Farmington did the initial renovation.

Full service rates at the “Class A” office building are $16 per square foot.