Investment Group Buys Lewis Ford Property in Sale-Leaseback
Cushman & Wakefield | Sage Partners brokers purchase of Lewis Ford Property in Fayetteville
Fayetteville, Ark. (Jan.4 2022) — Cushman & Wakefield | Sage Partners is pleased to announce the $9MM sale-leaseback of Lewis Ford Sales, Inc. located at 3373 N College Avenue in Fayetteville, Arkansas. The deal represents a landmark partnership between seller Lewis Ford Sales, Inc. and buyer City Center North, LLC including a new master lease agreement allowing Lewis Ford to leaseback property.
Zach Hocker, broker with Cushman & Wakefield | Sage Partners, represented City Center North, LLC, a Waco, TX-based investment group, in the purchase of the property. “The location of this property makes this opportunity special,” said Hocker. “We are extremely excited about this transaction and the opportunity for my client to serve as landlord to such a great institution like Lewis Ford. We are also excited to unlock development potential when the time comes. It was a win-win for both the buyer and seller.”
Roselle Williams, representative for City Center North, LLC, echoed that sentiment, “We are so pleased to announce our entry into the Northwest Arkansas real estate market and honored to be leasing this premium property to a local and trusted name like Lewis Ford.”
Lewis Ford Sales, Inc., represented by Matt Lewis, provided insight as to why the timing is right for this sale-leaseback partnership. “We are excited for the next step in continuing our family business in Northwest Arkansas. This transaction is a win-win for both parties. It helps us to focus on our future location and creates an opportunity for our current location to be redeveloped.”
Jeff Pederson, of Lindsey & Associates Inc., represented Lewis Ford in the transaction. “It has been a great honor representing the Lewis family in this transaction,” said Pederson. “The Lewises have served this community for over three generations at the College Avenue location, and I think it’s commendable that they are taking steps to ensure they can continue serving the Fayetteville community for many generations to come in a way that conforms to and supports the direction of growth this community has shown they desire.”
City Center North, LLC plans to continue leasing the property to Lewis Ford Sales, Inc. for the foreseeable future. Future mixed-use development plans are still in the works.
About Lewis Ford Sales, Inc.: Lewis Ford Sales, Inc has served the Northwest Arkansas community and taken care of our customers’ vehicle needs for over 75 years! We pride ourselves on putting you first. Conveniently located in Fayetteville, we’re a short and convenient drive from many surrounding communities in Arkansas. For more information visit www.lewiscars.com.
About City Center North, LLC: City Center North, LLC is a regional real estate investment group based out of Waco, Texas focusing on NNN single-tenant assets and mixed-use developments. City Center North is legally represented by Matthew Mitchell of Friday Eldridge & Clark.
About Lindsey & Associates Inc.:
Lindsey & Associates is the leading real estate company in Northwest Arkansas with over 45 years of experience in the local real estate business, two convenient locations and 200+ agents. Buyers and Sellers will find our professionally trained agents and staff eager to assist you in your Arkansas residential and commercial real estate needs and show you how “We Bring Great Neighbors Together.” For more information visit www.lindsey.com.
About Cushman & Wakefield | Sage Partners:
Cushman & Wakefield | Sage Partners, a member of the Cushman & Wakefield Alliance, is a locally owned and operated full-service commercial real estate firm specializing in brokerage, capital markets, and asset services. With offices in Rogers and Little Rock, Ark., Sage Partners manages and markets more than 6.5 million square feet of office, industrial, and retail properties across the state. For more information visit www.sagepartners.com.