Two commercial real-estate brokers will have another year to attract tenants for the state's largest airport under a proposed contract extension that will go before the Little Rock Municipal Airport Commission next week.
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Sage Partners, a local firm, and Jones Lang LaSalle, an international firm, already are in line to draw more than $202,000 in commissions from Bill and Hillary Clinton National Airport/Adams Field, under an agreement that expires June 30.
The commissions are from two deals Sage and Jones Lang LaSalle have reached with new airport tenants.
Fly Arkansas LLC is leasing 55,000 square feet of space in the former Hawker Beechcraft complex. The lease with the aviation services and products firm was signed almost a year ago.
Cantrell Drug, meanwhile, began leasing the building that used to house the Southwest Airlines reservation center in January.
Projected revenue from both leases for the airport is expected to total $443,607 this year and $571,459 in 2017, according to the real-estate brokers.
Given the performance of the brokers, a one-year renewal of the agreement was warranted, Greg Garner, the airport's business and properties manager, told the commission's lease committee Wednesday.
Bryan Malinowski, the airport's executive director, said the specialized services the brokers can offer the airport make an additional year worth pursuing. The Hawker Beechcraft space can only be filled by a national or international company, he said.
"We've had some success," Malinowski said. "It takes time for these things to bear fruit."
Metro on 06/16/2016