In signing a lease at 1200 Pike Ave. in North Little Rock, Arkansas, in November 2022, the Federal Metal Co. has filled a space left vacant for the past five to six years, bringing a new industry to the market. The new tenancy has earned a CoStar Impact Award for lease of the year in the market.
The space was difficult to fill due to the previous tenant's design requirements for refrigerator and freezer needs. The smaller compartments and thick walls made it unappealing to other potential tenants.
With its lease, Federal Metal Co. has access to more than 160,000 square feet for a metal processing facility to recycle waste. The company chose this site over three other locations in Arkansas and two in Texas.
About the project: Built in 1988, the single-story facility offers 160,703 square feet of industrial and flexible space.
What the judges said: "This transaction has a tremendous impact on the local area by filling a vacancy that has been in place far too long. A great, new industry and reuse of a property," said Jason Parker, vice president at Cushman & Wakefield Sage Partners.
They made it happen: Stuart Mackey, executive vice president and director of industrial brokerage at Hathaway Group.