Marcus & Millichap is pleased to present the opportunity to acquire the property located at 218 Massengale Road in Clarksville, Arkansas. The subject property consists of approximately 60,427 square feet of mixed-use industrial space and is situated on 10.02 acres of land. The three-building asset features a clear height ranging from 12’ to 20’, four dock-high doors, metal construction, and wet sprinkler system. The seller reports newly installed TPO in 2021 on each roof, reducing near-term capital expenses. With 5,100 square feet of retail space and 8,683 square feet of office space, the property is ideal for a variety of owner uses. At $28.96 per square foot, the property can be acquired well below replacement cost. Situated along Interstate 40, the property has high visibility with property signage.
The subject property is located 104 miles northwest of downtown Little Rock and East of the Fort Smith market. In 2024, the relatively small Fort Smith market, containing 27.9 million square feet of industrial space, welcomed a record amount of new supply, largely thanks to the delivery of an 825,000-square-foot, build-to-suite warehouse. With demand nearly keeping pace with supply at 766,000 square feet of net absorption, the vacancy rate remained in low territory at 3.7 percent. Availability in Fort Smith sat far below the 7.0 percent national vacancy rate (based on the top 50 metros, minimum 10,000 square feet, and Class A, B, & C properties). Despite availability remaining tight, annual rent growth decelerated from 9.2 percent the year before to 4.9 percent in 2024 yet remained ahead of the increase in the Consumer Price Index. At the start of 2025, no industrial properties were under construction in Fort Smith, placing demand in the driver’s seat of rents and vacancies for the foreseeable future (CoStar).
With a metro population of just under 765,000 (including about 204,000 within city limits), Little Rock serves as the state’s cultural hub in addition to the capital of Arkansas. Historically, Little Rock has been anchored by government employment but the local economy has been diversifying into other industries such as advanced manufacturing and medical services. Major private employers include Dillard’s headquarters and Skippy Foods’ flagship manufacturing plant. The University of Arkansas at Little Rock and the University of Central Arkansas in Conway are the primary source of the metro’s educated workforce. While Little Rock does not host any major professional athletic teams, the area offers a low cost of living and easy access to major cities such as Memphis, Tennessee, and Dallas, Texas.
STEVE GREER
Arkansas Broker of Record
10527 Kentshire Court, Suite B
Baton Rouge, LA 70810
P: (225) 376-6729
Steve.Greer@MarcusMillichap.com
License #: PB00098133
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