Commercial real estate transactions totaling $5.4 million closed near the University of Arkansas campus this week, involving three parcels on Frisco Avenue and one residential property on Wilson Street. Cushman & Wakefield | Sage Partners brokered the deals, which combined roughly 3.8 acres of land with a single-family home.
The land at 520 N. Frisco Avenue sold for $2.8 million. This 1.9-acre tract is part of a corridor that connects the university core to downtown developments. Accompanying the Frisco Avenue purchase was a 0.59-acre lot at 922-924 N. Frisco, which sold for $725,000. Together, these parcels offer potential for multi-use development, given their attachment to the university district.
Separate from the Frisco Avenue purchases, 1.33 acres at 632 W. Prospect Street sold for $1.2 million. Prospect Street serves as a major commercial thoroughfare for the city. The buyer for both the Prospect Street and Frisco Avenue properties is Chancad University Property LLC, tied to Brian Moore of Springdale.
The Chancad entity’s purchase of the Prospect Street parcel suggests an ongoing interest in capitalizing on the area’s logistics and proximity to the U of A campus. The proximity to the university creates a steady demand for properties from educational institutions and affiliated entities.
A separate residential transaction closed on N. Wilson Street in the 600 block, where the house sold for $655,000. The seller was the Mulkey Family, who owned the property for nearly 30 years. The buyer was Home on the Hill Construction LLC, a Fayetteville-based entity connected to William Skelton.
Clark, listed alongside the Mulkey Family in the sale documentation, facilitated the residential transfer. The inclusion of a local construction firm in the Wilson Street purchase indicates ongoing residential interest in that specific block of the city.
In the Fayetteville commercial market, land value near higher education institutions typically commands a premium due to zoning restrictions and campus expansion potential. The transactions reported this week reflect the current appetite for acquiring fee-simple interests in these corridors.
The Friday closing brings an end to a nearly month-long marketing period for the properties, which were marketed by the same broker that represented the Mulkey Family in the home sale. William Skelton’s involvement in the real estate transaction reflects the local network of contractors and investors operating within Benton County.
For commercial brokers
Source: NWA Democrat Gazette
