Entities associated with an Arkansas-based real estate partnership recently completed two transactions totaling nearly $50 million.
CapRocq Core 2 Real Estate Fund announced Wednesday that it has sold its Village on the Creeks mixed-use development in Rogers for $32.25 million.
The buyer was OZRE Capital, an investment group formed last fall whose principals include the founders of the Slim Chickens restaurant chain.
The office and retail mixed development totals 220,153 square feet across 20 buildings on 40 acres at the northwest corner of Interstate 49 and New Hope Road in Rogers.
The property is 93% occupied with 66 tenants that range from medical services to an art studio, a stable mix that the brokers involved say made the property attractive in a challenging economic climate.
"Village on the Creeks' incredible variety of tenants, combination of office and retail offerings, unique private lake amenity, and access to walking and biking trails creates a unique sense of place that cannot be re-created," the news release said.
OZRE Capital is made up of Conner Eldridge, Steve Brooks, Tom Gordon and Greg Smart.
Gordon and Smart are co-founders of Slim Chickens, which was established in Fayetteville in 2003 and now has 105 outlets in the United States, United Kingdom and Kuwait.
Eldridge, a former U.S. attorney for the Western District of Arkansas and one-time Democratic candidate for U.S. Senate, is a co-founder of the Rogers law firm of Eldridge Brooks Partners, along with Steve Brooks.
OZRE said in a statement that the purchase was backed with a loan and mortgage from Encore Bank in the amount of $24,243,750.
"We see this purchase as the first of many commitments and investments OZRE and our partners will make in Northwest Arkansas real estate, commercial projects, and other ventures," the statement said.
The deal was marketed nationally and internationally by Colliers International/Arkansas and Kenai Capital Advisors of Denver.
Colliers also was involved in the deal in which its client, another CapRocq entity, acquired a west Little Rock office building for $16 million.
MDIH CR 1001 LLC purchased the 100,000-square-foot office building at 1001 Technology Drive that served one of three Little Rock properties for Axciom, according to online records maintained by the Pulaski County assessor's office.
Beau Blair is listed in online records maintained by the Arkansas secretary of state's office as the incorporator and organizer of MDIH CR.
Blair is co-founder of CapRocq Automotive LLC, which describes itself as an asset management company focused on origination, underwriting and oversight of commercial real property used by operators of multisite, multifranchised automotive dealerships in markets across the United States.
CapRocq Automotive and CapRocq Core 2 are two of three ventures launched by CapRocq.
Business on 05/29/2020