Little Rock firm opening NW unit in realty
Moses Tucker Real Estate Inc., a Little Rock real estate and development firm known largely as the catalyst for redevelopment of the city's River Market District, is opening an office in Northwest Arkansas, the company's president, Chris Moses, said Monday.
The maneuver is intended to better serve the firm's existing clients with assets in Northwest Arkansas and to help its national clients -- such as Subway, Wendy's and Pie Five Pizza Co. -- that are looking to expand in and around that part of the state, Moses said. The company has yet to choose a location but has pinpointed possibilities in Fayetteville, Rogers and Bentonville.
Eventually, the partners would like to have offices in both Washington and Benton counties, said Christine Pennington, who has been hired to run the Northwest Arkansas office.
"There's no substitute for being there in person," said Rett Tucker, the company's co-chairman.
Until now, company workers have been traveling to and from Northwest Arkansas to serve clients. Having an office there will enable them to go after new property-management business, Chris Moses said. The firm also plans to develop its own properties, as it has in the Little Rock area, specifically downtown.
"We hope to grow our portfolio [in Northwest Arkansas] substantially within the next 24 months," he said.
Partners in the Northwest Arkansas venture include Tucker, Chris Moses, Jimmy Moses, Pennington and Lori Adcock-McGhee. Pennington is in Northwest Arkansas; the other four work in the Little Rock office. Besides Pennington, the office will have an assistant, two or three brokers and two maintenance workers.
"I think the market here in Northwest Arkansas is so dynamic and changing so much that I don't really want to elaborate on where the brokers will come from," Pennington said. "Some have already contacted us knowing that this change is going on."
Moses Tucker was the third-largest commercial property management firm in the state as of September 2015, responsible for managing 3.8 million square feet of office, retail and warehouse space, according to information collected by Arkansas Business.
Colliers International-Arkansas is at the top with 14.2 million square feet, and Flake & Kelley Commercial is No. 2 with nearly 4.7 million square feet, Arkansas Business said. Both firms have Northwest Arkansas offices.
Alan Cole, principal and executive vice president at Colliers, said there's enough business for everybody in Northwest Arkansas.
"With how large this market is getting, how much business there is and how fast it's growing, it only makes sense for Moses Tucker to look up here to expand," said Cole, who works in Colliers' Northwest Arkansas office. "I think there's plenty of opportunity to go around.
"It only helps to strengthen the perception that Northwest Arkansas is a professional and growing market that people need to be in," he added.
A Northwest Arkansas presence is worth the resources, said Flake & Kelley Chief Executive Officer Hank Kelley Jr.
"We are thrilled to be part of the growth of Northwest Arkansas and continue to invest in our team and real estate opportunities in that region," Kelley said.
Said Chris Moses: "We've been ramping up for a couple of years to be able to do this."