First Security Bank of Searcy has sold 46,000 SF of its complex in downtown Springdale to a real estate group that plans to redevelop the property into a multi-use space.
Residential, retail, restaurant and office space are part of the Emma Building Group's plans for the complex at 100 W. Emma Ave., according to Moses Tucker Partners, which represented the buyer and seller in the deal.
Washington County property records show the deal totaled $4.96 million.
The complex includes a 30,000-SF main building, an 11,000-SF building to the east next to the Razorback Greenway and Water Turnbow Park, and a 5,000-SF annex. Pre-leasing has already started, with Cromwell Architects Engineers of Springdale among the first new tenants. The firm has also been hired to redesign the space, Moses Tucker said in a news release.
Occupancy is expected in late 2022. Moses Tucker will manage the property.
First Security will remain in a building on the west side of the complex, which it plans to renovate and turn into a new branch. SCM Architects of Little Rock has been hired for the project.
C.R. Crawford Construction LLC of Fayetteville is the contractor on both projects.