Investment Highlights
- Sales Price of just $14 PSF—Far Below Replacement Cost and Original Cost to Construct
- Recently Constructed Facility (Built in 2019) With Ample Acreage for Expansion
- Facility was Previously Used by Harvest Cannabis for Cannabis Grow Facility
- ±35,280 Total Square Foot Industrial Facility (12,032 Square Feet of Which is Under Greenhouse Canopy)
- Located on ±20 Acres Providing Ample Space for Expansion
- 0.5 Miles from Newport Raceway, Which Recently Opened
- 33 Miles from the University of Arkansas Community College With 25,000 Students and More Than 1,500 Administrative and Academic Staff
- 39 Miles South of Jonesboro – in 2020 Had a Population of 81,874 Which was a 21.21% Increase Over the Most Recent Census, And Has a 1.44% Annual Increase
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a Vacant Industrial Facility in Newport, Arkansas. This property was previously used by Harvest House of Cannabis, for a cannabis grow facility. The property consists of a 35,280 total square foot industrial facility which sits on ±20 acres of land, providing ample space for expansion. 12,032 square feet of the facility is under a greenhouse canopy, leaving approximately 23,248 square feet of traditional industrial space. The property is priced at just $14 PSF which is far below replacement cost and original cost to construct.
Located in Newport, Arkansas, the subject property is a half mile from a newly opened, Newport Raceway and less than two miles from Newport Municipal Airport. 39 miles from Jonesboro, the largest major market connected to Newport. Jonesboro is the County seat and has seen major population growth over the last five years, it continues to grow 1.44% annually. Also located in Jonesboro is Arkansas State University, a public research university and the second largest university in the state with more than 14,000 students.
Broker of Record
Anne Williams
Lic #: PB00066390
