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Arkansas

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Arizona State University, Catellus Underway on 275,000-Square-Foot Retail Portion of Novus Innovation Corridor in Tempe, Arizona

by Hayden Spiess

Tempe, Ariz. — Arizona State University (ASU) and Catellus Development Corp. are underway on Novus Place, the 275,000-square-foot retail and entertainment portion of the 4.5 million-square-foot mixed-use Novus Innovation Corridor in Tempe. Located adjacent to ASU’s Tempe campus, the multi-phase project is being developed through a public-private partnership between the university and development firm. Vestar will manage the retail portion of the development. Fox Restaurant Concepts (FRC) recently signed a lease to bring three food-and-beverage concepts — Flower Child, Blanco Taco Cocina + Cantina and North Italia — to the property, …

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Legacy Brokers $9.3 Million Sale of Retail Center Near Little Rock, Arkansas

by Hayden Spiess

Benton, Ark. — Legacy Realty Group Advisors has brokered the $9.3 million sale of Benton Commons, a 74,870-square-foot retail center located in Benton, roughly 25 miles southwest of Little Rock. Kroger anchors the property, and other tenants include State Farm Insurance, Sumo Express and H&R Block. Jacob Baruch, Jonah Warshaw and Daniel Baruch of Legacy represented the undisclosed buyer. Todd Rice of Colliers Arkansas represented the undisclosed seller.

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Slim-Chickens
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Slim Chickens to Open 25 Restaurants in Southeast Michigan

by Hayden Spiess

Fayetteville, Ark. — Fast casual franchise Slim Chickens has signed a deal to expand into Southeast Michigan with 25 restaurants. Partners Brad DeLange, Todd DeLange and Doug Broadright will lead the restaurant’s Great Lakes division and bring the brand to locations in the Detroit and Ann Arbor metropolitan areas. Slim Chickens has opened more than 225 locations in the U.S. and the U.K. and has more than 1,100 restaurants in development.

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ArkansasInvestment salesNews

Timber Purchases 70,000-Square-Foot Retail Center in Southern Arkansas

by Hayden Spiess

Monticello, Ark. — Timber Development Corp. has purchased North Park Village Shopping Center, a 70,000-square-foot retail center located in Monticello. Todd Rice of Colliers brokered the $4.6 million transaction. The property, which is shadow anchored by Walmart Supercenter, was 75 percent leased at the time of sale.

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Sam’s Club to Open More Than 30 New Stores, Five Fulfillment Centers in the United States

by Hayden Spiess

Bentonville, Ark. — Sam’s Club, a division of Walmart Inc., plans to open more than 30 new locations across the United States over the next several years. The first store, which is planned for an undisclosed Florida city, is scheduled to open in 2024. The new clubs will span approximately 160,000 square feet, which is larger than most current locations. Most new stores will feature a seafood/sushi island, full-service floral shop and walk-in dairy and fresh coolers, as well as a larger healthcare space featuring a patient waiting area, health …

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Matthews Arranges $16.1 Million Portfolio Sale of Eight Stores Leased to Family Dollar-Dollar Tree

by Hayden Spiess

Nashville, Tenn. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Alabama; Pauls Valley, Warner and Maud, Oklahoma; Edison, Georgia; Lincoln, Arkansas; and Coldiron, Kentucky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the properties at a cap rate of 6.4 percent.

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ArkansasInvestment salesNews

Inland Private Capital Corp. Sells Little Rock, Arkansas Shopping Center for $14.6 Million

by Hayden Spiess

Little Rock, Ark. — Inland Private Capital Corp. (IPC) has sold Chenal Commons Shopping Center in Little Rock for $14.6 million. The 70,147-square-foot property is comprised of two buildings, which were fully leased at the time of sale to tenants including Petco, Shoe Carnival, Old Navy, Ulta Beauty, David’s Bridal, Great Clips, Kirkland’s Home and Elegant Nails and Spa. IPC sold the property on behalf of Chenal Commons DST, a 1031 investment program.

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Mid-America-Arkansas
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Mid-America Arranges Sale of 282,608-Square-Foot Shopping Center in Russellville, Arkansas

by Katie Sloan

Russellville, Ark. — Mid-America Real Estate Corp. has arranged the sale of Valley Park Centre, a 282,608-square-foot shopping center located in the Arkansas River Valley community of Russellville. The property was 95 percent occupied at the time of sale by tenants including TJ Maxx, Ross Dress for Less, Belk, JC Penney, Shoe Carnival, Hibbett, Hobby Lobby, PetSmart and Five Below. Ben Wineman of Mid-America and Hank Kelley of Kelley Commercial Real Estate Partners represented the sellers, an affiliate of RCG Ventures and an undisclosed New York City-based joint venture partner, …

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Walmart Posts Growth in Fiscal Third-Quarter Earnings, Raises Future Revenue Projections

by Julia Sanders

Bentonville, Ark. — Walmart Inc. (NYSE:WMT) posted growth in earnings during its fiscal third quarter of 2021, which ended Oct. 31. Walmart’s total revenue was $140.5 billion, an increase of 4.3 percent from a year earlier when it was $134.7 billion. These numbers were also higher than Wall Street’s predictions of $135.6 billion, according to CNBC. According to Refinitiv, the discount retailer’s earnings per share were $1.45 adjusted versus $1.40 expected. Additionally, Walmart’s e-commerce sales increased 8 percent during the fiscal third quarter and 87 percent over a two-year period. …

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Walmart Plans to Hire 150,000 Associates in Preparation for Holiday Season

by Julia Sanders

Bentonville, Ark. — Walmart, has released plans to hire approximately 150,000 new store associates, with most of the job positions being permanent and full-time. The Bentonville, Arkansas-based retailer wants to hire new employees ahead of the holiday season to ensure its stores are highly staffed for the predicted busy months. This July, the discount retailer announced its education program called Live Better U, in which it will invest approximately $1 billion over the next five years to pay for college tuition and books for its employees. Walmart also offers an …

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