An investment group known as Delta Cow, LLC has purchased the first floor of the newly constructed Market Square South property at The Village at Hendrix from Hendrix College for $1.3 million.
Monty Scott, managing partner of Delta Cow, LLC, said the investors saw the $1,327,287 transaction as a great opportunity to get involved with The Village at Hendrix.
When Hendrix first announced Market Square South, the college said, unlike a traditional commercial lease arrangement, the building’s ownership would be shared.
"Hendrix will own the upper two floors of the building and the investor group, which includes the ground floor tenants, will own the ground floor," Hendrix said in a new release.
Scott serves as a member of Delta Trust and Bank’s board of directors with Philip A. Tappan, chairman of the Purple Cow, whom Scott says is among the investors.
"Conway is a great town," Scott said. "[Tappan] and myself are on the board of Delta Trust. We were familiar with Conway, and knew we needed a branch up there."
Scott said he didn’t feel comfortable disclosing the identities of the other investors without their permission.
Each member of the investment group "kicked in some money" to own a part of the investment, Scott said.
Delta Cow, LLC is leasing the first floor units to Purple Cow Restaurants, Conway Management, Inc. and Delta Trust and Bank.
Hendrix College retains ownership of the two upper floors, which should be ready for student residents by the beginning of the fall semester.
The deal closed on Feb. 27, but Scott said Delta Cow has been working on the purchase for more than a year.
The group saw Market Square South as the building that "completes the horseshoe that makes up the entrance" to The Village at Hendrix, Scott said.
Scott said there are other plans "afoot" for commercial development.
Ward Davis, CEO of The Village, said additional commercial phases are on the drawing board, but none he can speak to at this time.
(Staff writer Michelle Corbet can be reached by email at email@example.com or by phone at 505-1215. Send us your news at www.thecabin.net/submit)