CapRocq closes buy of Wells Fargo site
Arkansas real estate fund CapRocq Core 2 has closed on the purchase of its final investment, a $33.25 million Wells Fargo Center in Greenville, S.C.
CapRocq Core 2 purchased 12 properties across the South and Midwest to build its real estate portfolio. The Wells Fargo Center, in downtown Greenville, is 200,652 square feet of retail and office space, plus 22 luxury apartments. Tenants include Wells Fargo and the FBI.
CapRocq Funds, including CapRocq Automotive and CapRocq Core, currently total $404 million in assets.
"We're extremely proud of the investments made on behalf of our CapRocq Core 2 partners," Kevin Huchingson, co-founder of CapRocq, said in a news release. "We have fortunately been able to implement our strategy of acquiring key assets in secondary markets that are sometimes overlooked by large investment firms. This final investment in Greenville keeps with that theme, and we have engaged our local Colliers International offices to market and lease the property."
Huchingson co-founded CapRocq with Franklin McLarty.
-- Chris Bahn
Walmex to put $1.3B in logistics upgrade
Wal-Mart Stores Inc.'s Mexico division plans to invest $1.3 billion in logistics infrastructure over the next three years.
The retailer's Mexico and Central America business -- a publicly traded company known as Walmex -- revealed the plans during a news conference in Mexico City on Wednesday. Wal-Mart spokesman Jo Warner said the investment is part of Walmex's broader strategy to double the size of its business over a 10-year period.
Walmex Chief Executive Officer Guilherme Loureiro said Wednesday that the investment will include building new distribution centers and expanding current ones, according to Reuters. It will create about 10,000 permanent jobs.
Warner said there will not be any jobs moved from the United States to Mexico as part of the investment.
-- Robbie Neiswanger
State index up 3.89; 5 post 52-week highs
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 3.89 to 379.81 Thursday.
Twelve stocks advanced and four declined.
Three of the four bank stocks -- Bank of the Ozarks, Home BancShares and Simmons First National -- hit 52-week highs, as did ArcBest and Deltic Timber.
Total volume for the index was 24.6 million shares.
The index has risen by more than 23 percent for the year.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 12/09/2016