The NAI Harmon Group of Toledo, Ohio, is expanding its holdings in Fort Smith.
The property management company paid slightly more than $1.37 million for 30.55 acres in Fort Chaffee. CEO Ed Harmon said the company will build two 300,000-SF industrial buildings on the site, which is located on Flagstone Road, just off Interstate 49.
Harmon said planning and engineering for the project should start in 2022, with an expected construction time of up to two years. The Harmon Group has purchased three industrial warehouses in Fort Smith since 2014 that total more than 1.2 million SF.
The seller of the property was the Fort Chaffee Redevelopment Authority.
“We will bring in manufacturing and/or distribution-type buildings that will create jobs in Fort Smith,” Harmon said. “We are very excited about being able to develop out there.”
Harmon said the rising costs of imports — he gave an example of a container from Asia costing 500% more than it did just a few years ago — is bringing manufacturing capacity back to the United States. He said the Harmon Group is trying to position itself for that trend.
“The region is known for its industrial and manufacturing strength but warehouse space has been tight for some time, limiting expansions and new capital investment,” FCRA CEO Daniel Mann said. “This property in Chaffee Crossing is conveniently located on the Interstate 49 corridor in a rapidly developing area that can readily serve new and existing industry. We are highly confident it will be a successful $40 million investment for NAI Harmon Group.”