Emily Plaza To Get New Look, CVS to Start Construction in Springdale (NWA Real Deals)

by Marty Cook  on Monday, Aug. 25, 2014 12:00 am  

Emily Plaza in Springdale

Mathias Shopping Centers Inc. of Springdale did a $2.5 million swap with Five Forty Properties LLC of Little Rock.

Mathias, led by Sam Mathias, traded nine properties on Aug. 5 to Five Forty, made up of a consortium of four LLCs. Three of the properties were residential and six were commercial, headlined by 28,800-SF Emily Plaza at 1772 W. Sunset Ave. in Springdale.

Five Forty, in return, traded two parcels totaling 31 acres that sit between North 48th Street and Interstate 49, north of the Sunset Avenue exit. Mathias owns a large block of retail shopping properties, including the Ozark Center Point Plaza, on Sunset west of the interstate.

Bek Kaiser, whose Kaiser LLC is one of the four partners, said Five Forty acquired the 31 acres for $1.4 million in 2009 from the Cecil Vaughn Revocable Trust. Kaiser said Five Forty decided to trade the developmental properties for the income-producing properties Mathias had.

“It was just an exchange,” Kaiser said. “It was a win-win for both of us.”

Kaiser said Emily Plaza had about 80 percent occupancy and Five Forty wants to modernize the center’s look to attract new tenants.

“We’re going to update Emily Plaza and get a fresher, newer look for the tenants,” Kaiser said.

Five Forty also received a 2,359-SF home in the Valley View subdivision in Farmington as well as two houses of about 1,200 SF each on Evening Shade Drive in Fayetteville. He said the three homes acquired will be kept as rental properties.

CVS Pick-up

CVS Caremark Corp. of Woonsocket, Rhode Island, is scheduled to begin construction later this month on a pharmacy in Springdale.

CVS, through CVS 10519 AR LLC, bought two sites at the southeast corner of Thompson Street and Robinson Avenue. CVS paid a little more than $1 million for 2.48 acres at 2001 S. Thompson St., the former home of the Sunrise Inn.

The city of Springdale shut down Sunrise in 2012 for code violations. CVS bought the property from First Security Bank of Searcy.

 

 

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