First Security Bank Lends $34M on Little Rock Industrial Project
By Andrew Coen December 19, 2022 3:41 pm
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A joint venture between Asset Management Group and Bluestem Partners has landed $34 million in construction financing to build a warehouse and distribution center in Little Rock, Ark., Commercial Observer has learned.
First Security Bank provided the loan for the JV’s planned South Port Commerce Center project. The first phase will feature a 537,845-square-foot cross-dock facility while the second phase will consist of a 428,000-square-foot one
Newmark arranged the transaction with a team led by Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Ben Kroll and Tim Polglase.
The property at 7103 Zeuber Road is less than five miles from Bill and Hillary Clinton National Airport and the Port of Little Rock, Little Rock’s two main distribution hubs. It is also next to a five-story, 3.6 million-square-foot distribution center opened by Amazon last year.
A groundbreaking for South Port Commerce Center was held in July, with phase one of the project slated for completion in the second quarter of 2023. The facility will feature 152 trailer parking spaces and 449 parking spots for warehouse workers.
Representatives at First Security Bank and Asset Management Group did not immediately return requests for comment. Bluestem Partners declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
