$14.1M Arkansas Deal Caps Year's Search by Dallas Senior VP

DALLAS-The New York City-based Scholastic Distribution Services has pumped some promise into an Arkansas town coping for a year with a vacant 497,200-sf distribution center. Scholastic takes the keys for a little more than $14.1 million, capping about a year of searching for J. Holmes Davis IV, Philadelphia-based Binswanger/CBB’s senior vice president in Dallas.

“It was a long time in coming,” Davis tells GlobeSt.com as he described the complications of dealing with multiple parties to drive a deal that included a lease buyout. Scholastic reviewed 15 to 20 sites in several states in its search for an existing building with all the right stuff. Holmes learned of the building’s availability and went to talk with its owner and developer, Warmack Warehouse LP. Instead of subleasing, Scholastic had its broker start talking acquisition. The building sits at 104 Champs Blvd. on 75 acres in Maumelle, a community on the outskirts of Little Rock, AR.