The former EJ Ball Building at 112 W. Center St. in Fayetteville, which underwent a complete renovation a few years ago, has sold for $10.5 million.
The buyer is LFKDF LLC of Jonesboro, led by Robert Jones and Donald Smith. Britnee Stearman of The Griffin Co. Commercial represented the buyer in the transaction.
The sellers — Tower Square of Fayetteville LLC and Bradford Square of Arkansas LLC — purchased the seven-story, 56,000-SF building in 2016 for $3.2 million.
They were represented in the transaction by Chris Moses and Greyson Skokos of Little Rock firm Newmark Moses Tucker Partners. Arkansas Business previously reported that Moses owned 80% of the property through his Tower Square LLC, while the other 20% was owned by Mark and Kimberly Dake through their Bradford Square LLC.
NMTP, alongside Specialized Real Estate Group, led the renovation, which included a modernized exterior and extensive interior and building system upgrades.
NMTP said it stabilized the property at 100% occupancy. It was 60% occupied in 2016. The firm will continue to lease and manage the building on the behalf of its new ownership.
“We can’t thank our partners and investors enough for their trust and commitment in this venture,” Moses said in a news release. “Projects like this are a true testament of our firm’s mission statement and overall impact on the community.”
Skokos said the renovation was one of the first significant projects for Moses Tucker in Fayetteville. He said the project aligned with its “philosophy and focus on downtown urban core.”