Garver of North Little Rock's three-story headquarters on Northshore Drive sold last month for $13.2 million.
Garver of North Little Rock’s three-story headquarters on Northshore Drive has sold for $13.2 million — $3 million more than the property commanded last summer.
Ryan Gibson and Matt Imhoff of Cushman & Wakefield/Sage Partners were brokers in the off-market transaction, along with Neal Jernigan of Crossley Jernigan and Ellison Inc. of Atlanta.
The sellers were an investment partnership sponsored by a Dallas real estate firm, Old House Capital. The new owner is NAS Investment Solutions LLC of Los Angeles.
The property is “beautifully situated along the Arkansas River,” said Gibson, who noted Garver’s century-old reputation as one of the state’s top engineering firms. “We recognized the great potential for the facility as an ideal asset for our friends at NAS Investment Solutions.”
Sage Partners, part of the Cushman & Wakefield Alliance, has offices in Little Rock and northwest Arkansas.
The deal closed on June 15.
Garver, which has been at the site since 2009, will remain as the sole tenant of the 47,000 SF of Class A office space. The deal included Garver’s main building and a one-story building behind it on 5.18 acres along the Arkansas River near the Big Dam Bridge. Employee-owned Garver, founded in 1917, has 800 employees in 13 states; about 300 work in Arkansas.
Old House Capital affiliate OHC Northshore Ltd. acquired the complex last summer for $10.1 million from Taipanic Investment Group LLC, a Garver affiliate.
Imhoff, also a Sage Partners vice president, said he was proud to broker the June transaction.
“The buyer and the seller are both very happy about the deal,” he said. “This was about as smooth a transaction as we see in our business.”
Nick Cassavechia, founder of Old House Capital, had reason to be happy, considering how the property has appreciated.
“We are going to miss owning the building and getting to work alongside Garver,” Cassavechia said in a statement. “The members of Sage Partners and NAS Investment Solutions were first class throughout the entire process.”
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