West Memphis and Texarkana Buildings Have Sold
Two buildings that house county offices of the Arkansas Department of Human Services have been sold for an undisclosed amount to a private equity investor in Chicago.
Colliers International’s Capital Markets Team facilitated the sale; the seller was the Arkansas Teacher Retirement System.
The first building is a 25,000-SF single-tenant office on 6.2 acres at 3809 Airport Plaza Drive in Texarkana. It serves as DHS' Miller County branch office.
The second building is a 26,268-SF single-tenant office on 4.82 acres at 401 S. Airport Drive in West Memphis, housing the agency's Crittenden County office.
Both properties were built in 2001 for the Arkansas DHS, the state’s largest agency with more than 7,500 employees.
“With both assets 100% occupied and purpose-built for the DHS mission, the investment offered attractive returns with a premium credit tenant committed to these locations long-term,” Zack Ficke, vice president for Colliers International, said in a news release. “Arkansas legislature requires DHS to provide a physical location in each of the 75 counties across the state for its constituents underscoring the critical nature of this agency and these locations.”
Drew Holbert, Kevin Huchingson and Issac Smith in Colliers’ Little Rock office represented the seller. Geoff Ficke and Zack Ficke with Colliers’ Dallas office represented the buyer.