The group planning a new 200,000-SF industrial facility has purchased 13 acres for $1.5 million in North Little Rock for the project, and construction is set to begin on June 1.
The total estimated cost for the project is more than $15 million, Isaac Smith of Colliers International Arkansas told Arkansas Business late Tuesday. His firm will lease and manage the center.
Central Commerce Center LLC closed Monday on the 13.32 acres at 9401 Diamond Drive near the Galloway exit along I-40. The seller was SBD Investments LLC.
Arkansas Business first reported on plans for the Central Commerce Center, or C3, in its April 5 Whispers column. Smith said in a news release that the C3 will be the Little Rock metro's "first Class A industrial park."
"Industrial projects of this size and scope are a fixture in nearby markets like Dallas, Memphis and Chicago, but the Little Rock market is void of similar industrial complexes," he said in the release. "Surprisingly, our market suffers from an overall lack of product despite its location at two of America's busiest freeways."
Phase 1 of the project will include a 204,120-SF building, called C3 One, featuring concrete tilt-walls, 34 feet of clear height, ESFR sprinklers, a rear truck court with multiple docks, loading ramps and paved trailer parking.
The contractor and architect is ARCO of Houston.
The center, with interstate access and clear freeway visibility, is minutes from the Little Rock Port, Clinton National Airport and a Love's truck stop, developers said.
"On behalf of a few investment clients, our Colliers team explored every major interstate exit in Arkansas before identifying this site as the most efficient location for this unique development," Smith said.
Smith and Bill Pendergist, also of Colliers, represented the buyer. Matt Chandler and Adam Jenkins from Newmark Moses Tucker Partners represented the seller.
"Our team is excited to bring an industrial project of this scope and design to central Arkansas," said Bradford Gaines, who is leading Colliers' development management team for the project. "We have engaged a construction team with tilt-wall experience across the region to help ensure competitive design standards, pricing and top-notch engineering."
