Did you see that a group of investors recently bought property in Benton County that includes a Mercy Clinic Family Medicine building for $4.9 million?
Lowell Capital Partners LP bought the property in May from BUR AR LLC, Guaranty Development Group LLC and Oasis OG LLC.
Well, last month, Lowell Capital Partners filed a Form D with the Securities & Exchange Commission showing that 13 investors had purchased $1.7 million in equity, nearly all of the $2 million available in the offering. The minimum investment amount was $50,000.
Conner Eldridge, a general partner of Lowell Capital, told Whispers that the capital raised was to buy the building, and it will continue to lease the building to Mercy.
“We’re interested in good, commercial income-producing property,” he said. “And obviously, Mercy is an extremely strong tenant, and a key part of the community in northwest Arkansas.”
He said that included in the purchase is about a 2-acre lot next to the clinic that Lowell Capital would consider selling or developing with someone else.
Other general partners listed in the Form D were Dewitt Smith of Rogers and Tom Gordon of Fayetteville. Devereux Real Estate Investments of Rogers will manage the property. Smith is its president and CEO. Gordon is the co-founder and CEO of the fast-food chain Slim Chickens of Fayetteville.
Eldridge is an attorney and is chairman and CEO of Riverside Bank of Sparkman.
“Our group is just excited to continue to be a part of good commercial buildings in northwest Arkansas,” Eldridge said. “We believe in northwest Arkansas real estate, and certainly in the great work Mercy is doing in this building.”
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