Did you know that a company has raised $22.34 million for Westrock Coffee Co. of Little Rock’s 530,000-SF distribution center in Conway?
Tempus Conway DC LLC of Little Rock has a total offering amount of $27 million, but it looks like not all that money will be needed.
“We sort of overestimated what we thought we would need,” said Dan Andrews, CEO at Tempus Realty Partners of Little Rock, a private real estate investment partnership focused on acquiring and developing commercial real estate. “The costs are looking good on that, and so we don’t want to place all the capital if we’re going to come in and not need it all. So we’re holding back on that last couple of million to see how that turns up.”
The filing from the U.S. Securities & Exchange Commission shows that there were 82 investors who placed the minimum amount of $1,000 for equity.
Tempus Conway will own the building and lease it to Westrock, the publicly traded coffee, tea and extracts company. Westrock announced the project in January and the $70 million center will be located on a 30-acre site off William J. Clark Drive near Interstate 40 in Conway.
Westrock told Whispers that construction is going well and the center is on track to be operational by the end of this year.