Location:

 

5309 Village Parkway, Suite 2 

Rogers, AR 72758


Phone:

 

Main:  479.464.4292

 

 

 

 

 

 

 

 

Monday
Feb042013

Devereux President & CEO Announces Formation of a New Private Real Estate Fund

Devereux President & CEO Dewitt H. Smith III will serve as CEO and co-founder of a new private real estate company made up of Arkansas business leaders.

CapRocq Core Real Estate Fund, L.P. (CapRocq Core), formed with an initial capitalization of $50 million, will focus on acquiring assets throughout the Midwest and Southeast regions of the country. The founders of the fund anticipate adding additional investors with a final closing expected in the first half of 2013.

"The market conditions are right for a seasoned real estate team to outperform by catering to the underserved secondary markets with solid economics," said Smith. "To launch such a venture from our home state with an Arkansas-based team is particularly gratifying to everyone associated with the endeavor."

At the initial closing, CapRocq Core completed two significant acquisitions in Lowell, Ark., and Columbia, SC. The Northwest Arkansas acquisition included a five-building office portfolio consisting of 162,500 square feet, while the South Carolina acquisition included a two-building, suburban office campus of 157,000 square feet.

"We are excited to launch one of the largest ever private real estate funds in Arkansas," said co-founder and chief operating officer Kevin Huchingson. "Our focus will be on building a high-quality, diversified real estate portfolio with properties throughout America's heartland. We believe we will be able to deliver exceptional value to our investors while providing an attractive yield."

Smith, Huchingson, Franklin McLarty and Ted Dickey are co-founders of CapRocq Core. They have a combined 77 years of commercial real estate experience and a history of more than $1 billion in combined real estate transactions. Smith will lead the day-to-day operations of the fund, while Huchingson and Dickey will serve as chief operating officer and chief financial officer, respectively. McLarty is a principal of the fund. Smith will also continue overseeing the day-to-day operations of Devereux Management Co. 

"We can all be proud that a venture of this type is coming together in our home state," said Thomas F. "Mack" McLarty, who is serving on the fund's advisory board along with Dickson Flake. "It's a testament to the positive business climate in Arkansas and the South, and I look forward to supporting CapRocq Core's first-class, contemporary team as they build meaningful value for our investors."

CapRocq Core's investor base will be largely comprised of leading Arkansas-based institutions and accredited individual investors. Colliers International-Arkansas will serve as the exclusive real estate broker and advisor to CapRocq Core. Other Arkansas institutions that have helped with the formation of the fund include Friday, Eldridge & Clark and JPMS Cox.

About CapRocq Core
CapRocq Core Real Estate Fund, L.P. is an asset management company focused on origination, underwriting, acquisition and oversight of commercial real property located in selected secondary markets throughout the Midwest and Southeast regions of the United States. CapRocq Core will focus on stabilized properties in markets that have stable diversified economies. CapRocq Core provides value to its investors through regular dividends and strategic sales of its portfolio properties. CapRocq Core and CapRocq Automotive, LLC ("CapRocq Auto") are free standing, independent units of the CapRocq family of funds.
 

Friday
Jan042013

State’s Sole Birth Center to Open in Early 2013 in VOC

A birth center scheduled to open in early 2013 at Village on the Creeks will be the state’s sole choice for those looking for options to hospital or home births. The Birth Center of Northwest Arkansas will occupy 3,500 sq. ft. in a space overlooking the lake in Suite 3, 5302 Village Parkway. The birth center will be an option for healthy women with low-risk pregnancies, which include about 85 percent of all pregnancies. There will be three birthing rooms, and one clinical room for annual wellness exams. The space will also accommodate breastfeeding and lactation support classes, and other prenatal educational programs for moms and families. Mercy Family Practice Physicians will offer clinical back up for patients at the birth center. To learn more about the birth center, go to www.bcnwa.com.
Wednesday
Dec262012

New Medical Clinic to Open in Village on the Creeks

The new year will bring a new medical clinic to Village on the Creeks.

Dr. Caleb Gaston, MD, will open the APEX Family Medical Practice on Jan. 2, 2013, at 5206 Village Parkway, Suite 10. The clinic will employ five people initially and offer on-site lab work and x-ray services.

Dr. Gaston is an independent physician who can refer to any of the area hospitals, according to his wife and office manager, Joy Gaston. He has practiced the past two years at a Northwest Medical clinic in Springdale. Prior to that, he practiced at a clinic in his hometown of Mountain Home for seven years. He will see patients ages two and up.

Mrs. Gaston said they looked at many locations in Rogers before deciding on Village on the Creeks.

“We picked Village on the Creeks because of easy access to the interstate, plentiful parking, easy in-and-out access and it’s in a growing area with lots of activity. We also wanted something that was not a high-rise so our patients would not have to deal with stairs and elevators. Overall, it’s a perfect space,” she said.

Joining the Gastons at the clinic will be an LPN, a X-ray/lab technician and a receptionist. Mrs. Gaston said they leased the space with the idea of adding more physicians as the practice grows.

For more information, visit the APEX web site at www.ApexFamilyMedicalClinic.com or contact them at 479-657-6600 or appointments@apexfamilymedicalclinic.com.

Wednesday
Dec192012

New Restaurant Coming to Village on the Creeks

Village on the Creeks will be home to a new restaurant when The Egg & I Restaurant opens early next spring.

The 3,777 sq. ft. restaurant, to be located at 5206 Village Parkway, will offer patio seating and a breakfast and lunch menu from 6 a.m. to 2 p.m. on weekdays and from 7 a.m. to 2:30 p.m. on weekends.

This will be the second franchised location owned and operated locally by The Egg of Rogers, LLC, led by President Kevin Roberts, who currently operates The Egg & I Restaurant in Fort Smith with his son-in-law Bradley Dortch. The franchise is based in Centennial, Col.

Alan W. Cole, principal at Colliers International in Bentonville, is the exclusive tenant representative for The Egg & I in Arkansas, and assisted site selection and lease negotiations. Pat Morrison, of Morrison Wanger Adams, represented the landlord, VOC,LP, in the lease negotiations. "This was a case where the landlord was willing to be creative and the result was a win-win for both the landlord and the tenant," said Morrison.

Devereux Management Company, Village on the Creeks' onsite management team, will oversee the project improvements to the space that has visibility from both 52nd Street and Interstate 540. "We are delighted about our newest restaurant that will be a unique offering in the Pinnacle Hills area," said Leslie Logan, Director of Marketing.

"We are very excited about opening our second The Egg & I Restaurant in Arkansas," said Kevin Roberts, president of The Egg of Rogers, LLC.  "We expect our new location to duplicate the same community support and brand loyalty we've enjoyed since opening our first restaurant in Fort Smith in December 2011."

The Egg & I Restaurants opened its first restaurant in  Ft. Collins, Col. in 1987. As of September 2012, there are 61 company and franchise restaurants operating in 15 states. The Egg & I Restaurants are casual, full-service, breakfast and lunch restaurants offering Arabica premium high grown coffees, 100% pure-squeezed orange juice, generous portions and creative menu items.  Frittatas, omelets, whole wheat pancakes, waffles and many "non-egg" and "Smarter Choice" items make up the extensive breakfast and brunch menu.  Lunch choices include chef-inspired sandwiches, generous salads and freshly-prepared, homemade soups. Private meeting rooms are available at most locations. The Egg & I Restaurant was recently named for the third year in a row to Technomic's The Future 50 listing, its annual ranking of the fastest-growing concepts between $25 million and $50 million in sales.

To learn more, visit www.TheEggandIRestaurants.com.
Wednesday
Dec192012

New Traffic Signal Will Mean Easier Access to Village on the Creeks

Access to and from Village on the Creeks will be easier next year, thanks to a new turning lane and traffic light at Stoney Brook and 52nd Street.

“It will help relieve the congestion that happens on Village Parkway and 52nd at certain times of the day,” said Brian Jackson, President of Hight Jackson Associates PA, the engineering firm that is overseeing the work. “This gives people an option.”

The “option” referred to by Jackson will mean drivers may access the Village via Stoney Brook, which parallels Village Parkway one block to the north.

“The light will make it easier for drivers on Stoney Brook who are turning north onto 52nd Street, and the right-hand turning lane will ensure a more constant traffic flow for those heading south to access I-540,” Jackson said.

Also planned is an advanced traffic warning system on 52nd Street, to be located on top of the hill near Crabby’s Seafood Bar and Grill. It will be mounted on a mast arm like a traffic signal, and will alert drivers heading south that there is a traffic light ahead.

Many new businesses have opened in the area over the past few years, including two new hotels and numerous restaurants. Also adding to the traffic is increased activity at Village on the Creeks, which has grown from 70% occupancy to over 90% in just two years. As a result, traffic counts at the intersection at peak times swells to 1,200 cars an hour, according to Ernest J. Peters, P.E., President and Principal Engineer of Peters & Associates in Little Rock.

“The Pinnacle Hills area has come roaring back from the Great Recession,” said Dewitt Smith, President of Devereux Management, which manages Village on the Creeks. “I don’t know of an area in Northwest Arkansas that can match this growth and vibrancy.”

The Village on the Creeks Property Owners Association paid for the preliminary warrant study and design of the new signal, and contributed an undisclosed amount for installation costs.

“All of us at Village on the Creeks are pleased that Mayor Hines, along with Planning and Transportation Director Steve Glass and his staff, were willing to work constructively with our POA in partnership to get the new signal designed and funded,” said Smith. “A special thanks goes to our State Highway Commissioner, Dick Trammel, who assisted in facilitating the discussions with the City of Rogers and helped gain the blessing of the Arkansas Highway Department, which was needed as the signal lies within their overlay area.”

The light will be operational next year, according to Jackson. “There are too many unknowns to allow me to give a date at this time. Utilities have be moved, and that’s always a wild card, but I expect it will be functioning in the first half of 2013."