J.B. Hunt Pays $18M For Office Complex (NWA Real Deals)

J.B. Hunt Pays $18M For Office Complex (NWA Real Deals)
J.B. Hunt Transport Services Inc.'s headquarters in Lowell. (J.B. Hunt Transport Services Inc.)

J.B. Hunt Transport Services Inc. of Lowell paid $18 million for an office complex just north of its headquarters.

The complex has three three-story buildings totaling nearly 109,000 SF on slightly more than 9 acres. The complex was anchored by the logistics company Transplace of Frisco, Texas, which opened a new 150,000 office for its Arkansas operations in August 2021.

J.B. Hunt recently renovated and expanded its headquarters, which is about a block south of the complex. Both the headquarters and office complex are just east of Interstate 49.

The sellers were a three-member ownership group. The Cosby Hodges Trust, led by Patricia Hodges of Fort Worth, and Bayou Bluff LLC, led by Graham Streett of Fort Worth, each owned 45% of the properties. 

Clinton Bennett of Fayetteville, a real estate developer and investor, owned the remaining 10%.

The ownership group acquired the property for $12.95 million in 2020 through its NWA Business Center LLC. The seller then was the Lowell Park Plaza Office Partners, a subsidiary of CapRocq Core Real Estate in Little Rock, led by Kevin Huchingson.

Pathology Sale-Leaseback

A Nashville real estate investing company paid slightly more than $8 million for a medical office in Fayetteville.

Montecito Medical Real Estate, through its MMPF III Fayetteville-Path LLC, bought the 21,622-SF building on East Longview Street. It is the home of Northwest Arkansas Pathology Associates. 

CIT Bank of New York City provided a loan of $8.73 million. Northwest Arkansas Pathology will remain a tenant in the building.

The seller was Rosatto Springs LLC, led by Lucas Campbell, who is the president of the medical group.

Tire Company Sale-Leaseback

A Goodyear tire and service center in Springdale sold for slightly more than $4.2 million.

Agree Realty Corp. of Bloomfield Hills, Michigan, bought the 28,530-SF facility on North 45th Street through its Agree Stores LLC.

The seller was Wingfoot Commercial Tire Systems LLC of Akron, Ohio, a subsidiary of the Goodyear parent company. Goodyear will remain a tenant at the location.

Joyce Office Park

A Rogers real estate investor paid $3 million for an office park on Joyce Boulevard in Fayetteville.

Kezie Odunukwe of the Mockingbird Real Estate Group bought the property, which totals 24,730 SF and sits on approximately 2.4 acres. Armstrong Bank provided a loan of $2.55 million.

The sellers were Joyce Office Park LLC and Dale “Bo” Briggs. Joyce Office Park is led by Matthew Dearnley and owned 65% of the property while Briggs owned the remaining shares. 

They had acquired the property for slightly more than $2.1 million in 2011.

Berry Street Apartments

A Bentonville development company paid $2.8 million for an apartment complex on Berry Street in Springdale.

Newell Development, led by owner Jake Newell and COO Mitch Moore, bought the 42-unit complex, which totals approximately 22,500 SF. Legacy National Bank provided a loan of $3.13 million.

The seller was Alston & Morrison Properties LLC, led by Steve Morrison of Bentonville. He acquired the property as land for $42,000 in 2014.

Two Apartment Complexes

Two Fayetteville investors paid $2 million for apartment complexes in Greenland and Fayetteville.

Bradley and Whitney Ward, through their Tricar Properties, bought an eight-unit complex on Razorback Road in Fayetteville along with a 24-unit complex in Greenland. The complexes total approximately 34,500 SF.

Simmons Bank provided a loan of $1.6 million.

The sellers of both complexes were Norman Moulden and Bernice Mathias. They acquired the land for the complexes for $123,000 in two transactions in 2003.

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