The competitive nature of the sale of the Transplace office building in Rogers, Arkansas, was an indication of international and domestic interest in investing in Northwest Arkansas. In recognition, the $65 million deal has received a 2023 CoStar Impact Award for sale/acquisition of the year for the Fayetteville market.
Transplace, a subsidiary of Uber Freight, has leased the 148,000-square-foot office building from Cawley Partners, the seller in the deal. The property features courtyards, lighted pedestrian walkways, a retention pond and more than 1,000 parking spaces.
Through its private real estate investment trust Tempus Evergreen, Tempus Realty Partners topped the competition by providing speed and a certainty to close for the seller. Transplace will remain the tenant of the property.
About the project: Cawley Partners built the three-story office building in 2021 for Transplace, putting into place a 16-year lease.
What the judges said: "Transplace/Uber Freight's decision to construct this facility in Northwest Arkansas was a tremendous win for the community at large, and I believe that the size of the investment by, and the institutional nature of, the group that acquired the property signifies to the capital markets community that Northwest Arkansas is a market that is worthy of large scale institutional level investment," said Clinton Bennett, principal at Bennett Commercial Real Estate.
They made it happen: Marshall Saviers, president and principal at Cushman & Wakefield Sage Partners; and Ben Esterer, formerly of Cushman & Wakefield Sage Partners, and now associate at JLL.
