Investors Showing Interest in Bentonville Office Niche

by Paul Gatling  on Friday, Nov. 9, 2012 9:06 am  

“We are looking for larger tenants; we don’t want to divide it up too many directions,” said Saviers, who declined to name the ownership group. “We’ve had a good bit of activity on the building.”

Saviers said he is targeting potential tenants moving in by next spring.

 

More Activity

The Bentonville Commerce and Kennametal deals, both consistently described as good for the market, could be the beginning of a trend in Bentonville’s office market uptick.

“I think there is potential for a trend, maybe,” said Jordan Ligon, regional director for the commercial real estate information firm Xceligent Inc. “You certainly will always have enough work force population there with the [Wal-Mart] headquarters being there.”

Other examples of new office space in the pipeline include a new Midtown Center on the northwest corner of the downtown square.

A 31,000-SF Walmart Neighborhood Market will anchor the three-story retail development, but it will also include an office space element, with offices on the second and third floors.

Wal-Mart Stores Inc. and the city of Bentonville made the announcement last month. Construction is slated to begin in June.

Another addition to the Bentonville office market could be coming at the former location of National Home Centers Inc., a privately held, Springdale-based chain of home building supply stores that filed for bankruptcy in 2009. The vacant property at 1705 S. Walton Blvd. is now under contract, with contingencies.

The buyer, according to a source, is an end-user who intends to redesign the retail/warehouse facility for office space as the primary tenant, with additional space available to lease to other tenants.

A different source indicated it’s a local engineering company.

 

 

Please read our comments policy before commenting.
Search

Latest Arkansas Business Poll

Did the Fed make the right call on interest rates?