358 replies to this topic

[Mith242]

FabianR, on 31 August 2010 - 11:25 PM, said:

Academy sports and outdoors is now opened if anyone wants to know

I heard something about that.  At first I thought it was taking the former outdoors shop location.  But I got the impression it's in that area but not the same location.  I know Academy Sports has had a presence in other parts of the state.

[FabianR]

its behind walgreens. apparently the former outdoor shop building was too small so they built a new building.

[Mith242]

Village on the Creeks has been sold for $22.25 Mil.  Arvest sold it to Devereux Management Company.  With all the other more recent development that's happened I think Village on the Creeks sometimes gets overlooked.  But it's in a pretty nice location, in the same vicinity of a lot of the more recent development.

[zman9810]

Mith242, on 02 September 2010 - 02:26 PM, said:

Village on the Creeks has been sold for $22.25 Mil.  Arvest sold it to Devereux Management Company.  With all the other more recent development that's happened I think Village on the Creeks sometimes gets overlooked.  But it's in a pretty nice location, in the same vicinity of a lot of the more recent development.

That seems like a very low price- Arvest must have really wanted to get rid of it.

[comreguy]

zman9810, on 02 September 2010 - 07:39 PM, said:

That seems like a very low price- Arvest must have really wanted to get rid of it.

It's not a low price for what was there. It is a good deal for Arvest and for the buyer. There is considerable deferred maintenance and other cash that will have to be pumped into the development to get it back up to par.

That being said, Arvest did want to get rid of it.

[Mith242]

Yeah the article I read said holding on to the property doesn't really do the bank any good.  Developments tend to not look good on the books and be a bit of a drain to the bank.  The bank would rather just sell it off.  But as mentioned there does need to be some work done on it.  It's been around a while.  But I do still think it's a good location and has a lot of potential.

[thewizard16]

comreguy, on 03 September 2010 - 09:00 AM, said:

It's not a low price for what was there. It is a good deal for Arvest and for the buyer. There is considerable deferred maintenance and other cash that will have to be pumped into the development to get it back up to par.

That being said, Arvest did want to get rid of it.

Agreed. It's only "low" if you compare it to the prices things were going for over there when things got really out of hand several years back. If the property were truly worth more than that, Arvest would have gotten more out of it (even if they were ready to drop it like a hot rock, haha). As it stands now, I'm just glad to see a local group pick up a distressed property in the area instead of having be in limbo for any longer.

[zman9810]

Yes, I do remember that a lot of previous tenants saying that the property wasn't being maintained properly. Still, it is valued about $3 million more than that on the tax roles and is in a premier location in NWA.

Wow- there are people making some low ball deals right now that in the years to come will pay off big time. The old saying about it takes money to make money has never been more true than now. If you have the extra cash and invest wisely now .........

[gdbaker]

Anyone know what happened to the Hallmark Store that was in the Frisco Station Mall?  Seems kind of sad that we have to travel to Fayetteville to go to a Hallmark store.

[comreguy]

Looks like Ross Dress for Less has leased the former Linens N Things at Scottsdale Center. This is a great national retailer, and is a much better backfill tenant than what has been taking other big box spaces, specifically thrift stores and churches. Ross will provide tax dollars.

Also, looks like Firehouse Subs is taking space near the new TCBY and Qdoba south of the New Hope/Promenade intersection.


http://www.nwaonline...ers/?nwa-rogers

[Mith242]

comreguy, on 02 November 2010 - 04:36 PM, said:

Looks like Ross Dress for Less has leased the former Linens N Things at Scottsdale Center. This is a great national retailer, and is a much better backfill tenant than what has been taking other big box spaces, specifically thrift stores and churches. Ross will provide tax dollars.

Also, looks like Firehouse Subs is taking space near the new TCBY and Qdoba south of the New Hope/Promenade intersection.


http://www.nwaonline...ers/?nwa-rogers

Thanks for the update.  

[thewizard16]

comreguy, on 02 November 2010 - 04:36 PM, said:

Looks like Ross Dress for Less has leased the former Linens N Things at Scottsdale Center. This is a great national retailer, and is a much better backfill tenant than what has been taking other big box spaces, specifically thrift stores and churches. Ross will provide tax dollars.

Also, looks like Firehouse Subs is taking space near the new TCBY and Qdoba south of the New Hope/Promenade intersection.


http://www.nwaonline...ers/?nwa-rogers

That's great news for that space. Although I think the thrift stores and churches fill an important need in our society, I don't think they're great tenants for big box spaces...

[comreguy]

thewizard16, on 02 November 2010 - 08:09 PM, said:

That's great news for that space. Although I think the thrift stores and churches fill an important need in our society, I don't think they're great tenants for big box spaces...

Very diplomatic...ha

[aerotive]

I can see churches not fitting in and I'd prefer that they not go into retail areas, but I don't see the problem with thrift stores.  It's retail activity in a retail location that'd otherwise be vacant and decaying.  Better than nothing.

[thewizard16]

aerotive, on 04 November 2010 - 05:00 PM, said:

I can see churches not fitting in and I'd prefer that they not go into retail areas, but I don't see the problem with thrift stores.  It's retail activity in a retail location that'd otherwise be vacant and decaying.  Better than nothing.

I think that depends on the effect such a business would have on other tenants of a shopping center/how it would affect the ability of adjoining spaces to be leased later on. For better or worse, I feel like other retailers would much rather be next to a Ross Dress for Less than a Goodwill/Salvation Army/Savers type major tenant. I'm also not sure about the tax rules on something like this, but Goodwill and the like are non-profit organizations. I'm not sure they actually pay sales tax, so other than the rent on their space, I don't think they contribute much to the local economy, which if true makes them an even less appealing big box space candidate.

[Mith242]

I've got to agree.  I'm not trying to slam any organizations here.  But I do think some organizations just don't fit well into big box spaces.  As was mentioned earlier, they may play important roles in the community.  But that doesn't mean I don't think there may be better uses of of a particular space.  I caught a little flack from an editorial in the newspaper a while back because I basically said the same thing about City Hospital and Hillcrest Tower in Fayetteville .  Once again both play important roles but I still those those particular locations could be better utilized.

[zman9810]

thewizard16, on 04 November 2010 - 11:22 PM, said:

I think that depends on the effect such a business would have on other tenants of a shopping center/how it would affect the ability of adjoining spaces to be leased later on. For better or worse, I feel like other retailers would much rather be next to a Ross Dress for Less than a Goodwill/Salvation Army/Savers type major tenant. I'm also not sure about the tax rules on something like this, but Goodwill and the like are non-profit organizations. I'm not sure they actually pay sales tax, so other than the rent on their space, I don't think they contribute much to the local economy, which if true makes them an even less appealing big box space candidate.

While I see your point about high end retailers not wanting to be next to resalers, I also think that it is more complicated than that. Goodwill Industries is very different than the Salvation Army. Goodwill is all about the stores and employing/training people who might otherwise not be able to enter the workforce. They can fit in quite well in the nicer areas. The Salvation Army is a religious organization who's stores are just one source of income and are generally located in the areas considered not as nice. The organization has a very different mission than Goodwill. Savers is actually a for-profit chain although I am not very familiar with them.

[zman9810]

Here is the new Benton County Cancer Center off 52nd in SW Rogers. It is 56,000 sq. ft and will cost over $8 million. It was originally set for an April, 2011 finish date but that obviously won't happen- haven't seen another date set yet. This project is by the Highlands Oncology Group out of Fayetteville.

Edited by zman9810, 08 March 2011 - 09:13 PM.

[Mith242]

Thanks for the pic.