The downtown Bentonville real estate scene continues to pop with activity, most recently with the sale of two retail/office buildings on Central Avenue.
Shaw Holdings LP, a group of local investors registered to Bobby G. Shaw of Springdale, recently paid $5.9 million for two buildings at 110 and 114 W. Central Ave.
Each building has three stories and combined they have 35,000 SF, a purchase price of $168 per SF.
The buildings carry an occupancy rate of 90 percent among their nine office and retail tenants.
Sage Partners, a commercial real estate services firm in Fayetteville, will be the leasing agent for the property. Its asset management arm, Sage Asset Solutions, will be the new property manager.
“Sage Partners is excited to be involved in the future of downtown Bentonville,” Brian Shaw, managing partner and principal broker at Sage Partners, said in a prepared statement. “This property offers a unique office and retail environment with walkability to many of the great amenities in the immediate area. Sage Partners is committed to continue to invest and manage projects across all of Arkansas.”
Marshall Saviers, a partner at Sage Partners, represented the seller — DEI Property Management LLC and DBR Properties LLC — in the transaction. Shaw represented the buyer.
DEI is managed by Dean Eisma. DBR is managed by Jeff Engleman. Eisma acquired the property at 110 W. Central in 2013 for $950,000. Engleman and Eisma acquire the property at 114 W. Central in a joint venture for $2.54 million in 2014.
{Article Source: NWA Business Journal}
114 Central Ave.
110 Central Ave.
