Cushman & Wakefield | Sage Partners announced Friday the $9M sale-leaseback of Lewis Ford Sales, Inc. located at 3373 N College Avenue in Fayetteville. The deal represents a landmark partnership between seller Lewis Ford Sales and buyer City Center North, LLC including a new master lease agreement allowing Lewis Ford to leaseback property.
Zach Hocker, broker with Cushman & Wakefield | Sage Partners, represented Waco-based investment group City Center North in the purchase of the property.
“The location of this property makes this opportunity special,” said Hocker. “We are extremely excited about this transaction and the opportunity for my client to serve as landlord to such a great institution like Lewis Ford. We are also excited to unlock development potential when the time comes. It was a win-win for both the buyer and seller.”
“We are so pleased to announce our entry into the Northwest Arkansas real estate market and honored to be leasing this premium property to a local and trusted name like Lewis Ford,” said Roselle Williams, representative for City Center North, LLC.
Jeff Pederson of Lindsey & Associates Inc. represented Lewis Ford in the transaction.
“It has been a great honor representing the Lewis family in this transaction,” said Pederson. “The Lewises have served this community for over three generations at the College Avenue location, and I think it’s commendable that they are taking steps to ensure they can continue serving the Fayetteville community for many generations to come in a way that conforms to and supports the direction of growth this community has shown they desire.”
City Center North, LLC plans to continue leasing the property to Lewis Ford Sales, Inc. for the foreseeable future. Future mixed-use development plans are still in the works.