In the past 18 days, Newmark Grubb Arkansas, a commercial real estate firm with offices in Conway, has facilitated a sale for more than $4.2 million in property along Dave Ward Drive.
The latest sale closed Thursday morning when Newmark Grubb Arkansas announced a $2.1 million brokerage sale of property formerly belonging to school bus manufacturing giant IC Bus, LLC.
The sale includes two existing industrial buildings and 70 acres located on the south side of Dave Ward Drive.
The buyer of the property is Covington Sturgis Road Complex, LLC.
Philip Hiegel, broker for Newmark Grubb Arkansas, handled the sale.
George Covington, Sr., president of Covington Companies, said he plans to “remodel and modernize” the two existing buildings, but has no plans for the open acreage at this time.
The building on the west side of the property, located at 655 Dave Ward Drive, will be kept as an industrial building, Covington said, but the building closer to the overpass, at 605 Dave Ward Drive, will be remodeled into a mixed-use development.
“It doesn’t look like it from the road, but it’s a real neat building on the inside,” Covington said.
The building will receive “a total makeover,” Covington said, to include a mix of office and commercial components.
“We’re going to make it into something special,” he said.
After renovations, Covington said, the buildings would be available for lease through Covington Properties.
Last month, a section of IC Bus property on the north side of Dave Ward Drive sold to Douglas Companies, a convenience store product distribution network.
On May 19, Newmark Grubb Arkansas announced a $1.8 million brokerage sale of 17.5 acres and an existing 60,000-SF industrial building formerly belonging to IC Bus, to Diamond State, LLC, a sister company to Douglas Companies.
Douglas Companies revealed plans to build a new distribution center and commercially develop the southwest corner of the property where South German lane meets Dave Ward Drive.
Steve Douglas, President of Douglas Companies Inc., said the commercial development would be similar to the already established developments across the street such as Taco Bueno and Hardee’s. About two weeks later, Clint Bailey with Newmark Grubb Arkansas represented Nabholz Properties Inc. in selling a half –acre lot at 1105 Dave Ward Drive to Trentlaw LLC for $255,000.
Dennis Porter, CEO and owner of Trentlaw LLC, said the managing group plans to build a Krispy Kreme Doughnuts on the lot.
Bailey joined Newmark Grubb Arkansas in May of last year when he and Hiegel moved their real estate licenses to the company after Nabholz Properties ended its contract with Sperry Van Ness, another commercial real estate brokerage and property management franchisor.
Since then the three men have provided services including, but not limited to, tenant representation, landlord representation, real estate and economic consulting services, investment sales and capital markets, and property and facilities management in partnership with US based Newmark Grubb Knight Frank.
The Arkansas firm was formed in 2004, with offices along the river in North Little Rock, in Bentonville adjacent to Walmart’s Headquarters and with substantial assets and local presence in Conway, the firm has more than 25 employees and agents and manages more than one million square feet of office, retail, industrial and mixed-use property across Arkansas, southern Missouri and eastern Texas.