13 Acres of Land in Fayetteville to be Divided Into Developable Commercial Lots and Class A Speculative Office Space
18 6 2018
CBRE announces the sale of approximately 13 acres of land to Jet Ventures, LLC, in Northwest Fayetteville. Jet Ventures purchased the land from Simmons Bank for an undisclosed price.
Jet Ventures plans to divide this 13-acre lot into smaller, developable plots for medical, office or other commercial development opportunities. This will range between four and seven lots ranging in size from one to five acres.
“We are excited to bring to market commercial lot opportunities east of Highway 71B, as well as the potential for Class A office space. This piece of land is unique and significant for North Fayetteville as it is one of the last large pieces of land available in this submarket,” said David Erstine, Vice President, CBRE.
In addition, Jet Ventures will be setting aside a plot for the development of a Class A, two-story, 40,000-square-foot office building that could be delivered as early as Q4 of 2019.
“In Fayetteville, we are particularly light on developable lot inventory and we are experiencing a tight office market so these lots and spec office space will be a welcomed and needed addition to the market,” said Clinton Bennett, First Vice President, CBRE.
According to the Skyline Report from the University of Arkansas, Fayetteville currently has a 4.1 percent vacancy rate for Class A office space. Since the first half of 2015, Fayetteville office vacancy has trended downward from 9 percent to the current 4.1 percent while the market grows and continues to see high absorption rates.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.