In The News

Nation’s largest Pet Retail Franchise Fetches First Site in Arkansas

Flake & Kelley Commercial is pleased to announce Arkansas’ first Pet Supplies Plus store coming soon.

The new store will be joining other national tenants like Ross and Burlington at the Pleasant Crossing Commons in Rogers. Located at Pleasant Crossing Road and I-49, the retail center is positioned in one of the fastest growing trade areas in Arkansas.

Pet Supplies Plus will occupy 7,500 SF of end cap space near a high performing Walmart Supercenter.

The area’s demographics and high traffic volume were both important factors to the site selection process.

Flake & Kelley Commercial Agents, Hank Kelley and Cynthia Lu, along with Bialow Real Estate out of Boston represented the pet food & supplies chain in this transaction.

Pet Supplies Plus is the nation’s largest pet retail franchise and the third largest pet food and supplies chain. They brand themselves as America’s Neighborhood Pet Store and were founded in 1988. The Michigan based company is rapidly expanding and currently boasts over 300 locations in 25 states.

Keeping Fayetteville Funky – The Sunkissed Wanderess

We love articles like this one that celebrate life in the great city of ‪#‎FayettevilleAR‬!

Check out The Sunkissed Wanderess’ blog for more great reads. via @wordpressdotcom

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I won’t lie – I never gave Arkansas two thoughts before I moved to Fayetteville in 2014. The only time I ever heard anything about the state was from proud Arkansans, who I went to Baker University with. Ethan and Evan – take this as my official apology for not believing you when you told me Arkansas was a mini oasis in the United States. I won’t ever doubt you again!





These words only partly describe to you a sense of what the city of Fayetteville is truly like, but one thing is for sure – it has never disappointed me. The city itself is a rapidly growing college town, so it’s persona changes periodically with the seasons. In Autumn, you can feel the excitement of thousands of incoming students becoming acquainted with the city, ready to begin the fall semester. For most here, the beginning of the school year represents one thing – Arkansas football. Now if you’re geographically challenged, Arkansas is located in the South and the only thing that Southerns love more than Jesus, BBQ and sweet tea is SEC football. So if there is one piece of advice I can give any newcomer to the area during football season – DO NOT LEAVE YOUR HOUSE ON A GAMEDAY. Just don’t.

In Winter, the Fayetteville Square illuminates with thousands of Christmas lights and sleigh rides. In the Spring, hikers are out in full bloom experiencing nature in the beautiful Ozarks. There is a reason that Fayetteville was recently named the 3rd best place to live in the USA by the US News and World Report. I mean – who doesn’t want to live in an active, supportive community?

For the past two years, I’ve tried to explain to my friends and family why Fayetteville holds such a vital place in my heart. I don’t think I can ever adequately describe how and why this college town turned me into the happiest I’ve ever been, but I will never stop trying to explain its Southern charm. For those of you who have expressed interest in experiencing Fayetteville for themselves, here is a list of my favorite stores, restaurants, and attractions located in the Fayetteville city limits.

1. Fayettechill

Created by a former University of Arkansas graduate, Fayettechill is easily one of the most widely known brands coming out of Fayetteville. The company caters its outdoor products to the adventure junkie, vagabonding, nature-loving enthusiasts of the world. I personally love the brand because of its engagement with the community as a whole. Whether its a trip to Yellow Rock trail for sunrise yoga or a group bike ride down one of Fayetteville’s many trails, Fayettechill is always looking to spread their positive vibes across the city. You can find one of their essential t-shirts, Kammoks, or hats at the Basecamp store on Dickson Street, the Smokehouse near Mt. Kessler, or online. If you decide to follow their Instagram page, be prepared to fall in love with all of the beauty the Natural State has to offer.

2. Arsaga’s Coffee Roasters

If you’re ever in town and looking for a local coffee shop to fulfill your needs, look no further than Arsaga’s Coffee Roasters. While the business boasts several locations around town, my favorite go-to spot is the Depot located right off the Frisco Trail and Dickson Street. This location is known for their sweet and savory crepes, live music, and thirst quenching drinks. In the mood for toast instead? Visit their newest spot at the corner of Church & Center for a taste of their homemade sourdough toast variations.

3. Dickson Street Books

Looking for a good book to read this summer? Do you enjoy spending long walks through a maze of bookshelves? Or love the smell of dusty old books? Go visit Dickson Street Books for the best and most versatile selection of used books in the heart of Fayetteville. Whether you’re a history nut, a sci-fi addict, or enjoy the Classics, this store will not disappoint. Be sure to give yourself plenty of time to browse through the shelves when you stop by!

4. Fayetteville Farmer’s Market

If you’re a veggie lover like me, more than likely, your Saturday mornings will be spent at the award winning Fayetteville Farmer’s Market. Voted Favorite Large Farmers Market in 2012 and voted #5 in the nation in the 2011 American Farmland Trust’s America’s Favorite Farmers Market Contest, this weekly event is a favorite amongst thousands of locals every April through November. If you’re a fan of fresh produce and flowers and want to support your local farmers, stop by and interact with this lively bunch.

5. Alchemy Macarons and Tea

If you have a sweet tooth while shopping around Town Square, go check out the new dessert boutique, Alchemy, for the best French macarons in town. Make sure to get there early though, this popular spot sells out of their delicious macarons quickly on a daily basis. FYI – their fine teas are as good as their sweet treats! Try the ginger peach green tea and the lemon or honey lavender macarons for a summer treat worth every penny.

6. Mount Kessler Greenways

The Fayetteville community certainly embraces living amongst the Ozark mountains through the beautiful trails located throughout the city. One of my personal favorites, based on the foliage and scenic views, runs though Mount Kessler right off MLK Boulevard. This easily accessible trail boasts more than 1,500 acres of forest within Fayetteville’s city limits. This trail in particular is a popular route for many mountain bikers and trail runners in the area. Be sure to schedule a hike up Mt Kessler in the Fall to see the beautiful leaves turn amber.

7. Lake Fayetteville

Lake Fayetteville provides local families with countless outdoor activities. Whether you’re interested in playing sand volleyball at Veterans Park, want to take a shot at Frisbee golf, or decide to challenge yourself with running or biking the 6 miles around the lake; Lake Fayetteville is a popular destination for the outdoor and fitness lovers of the community. If you’re an early bird like myself, put it on your bucket list to wake up and watch the sunrise over the lake for views that don’t disappoint.

8. Mount Sequoyah Overlook

What I can only imagine has been the location for many high school dates or the best spot for romantic marriage proposals; the overlook at Mount Sequoyah is a hidden gem that grants full views of the city. You’re not a true member of the Fayetteville community until you capture a breathtaking photo of the sun setting behind the mountains in the distance.

9. George’s Majestic Lounge

George’s Majestic Lounge is one of the longtime music venues located on Dickson Street. It’s unique charm has brought in talented musicians from the local and national stage for over 40 years. Whether it’s Dirks Bentley or Fitz and the Tantrums, there is no artist too big or small to hit their stage. As the oldest and longest-running club in Arkansas, you can always count on George’s for great live music.

10. The University of Arkansas

Now I might be a little biased, but the University of Arkansas is undoubtedly the main attraction in Fayetteville. Founded in 1871, the U of A continually boasts the Carnegie Foundation’s highest research classification among U.S universities. When you visit campus, be sure to snap shots of the iconic Old Main, the newly renovated Chi Omega Greek Theatre, the Fulbright Peace Fountain, and of course the Donald W. Reynolds Razorback Stadium.

The University of Arkansas is also home to over 1,500 international students from over 113 countries. If you’re an international student looking for a place to study in the U.S, please seek out guidance from the Office of International Admissions for any questions you may have. The staff is highly knowledgeable and caters greatly to the needs of their international students.

If there is one piece of advice I can give – don’t judge any city before you get there. You never know how charming it may be.

Other notable places around town:

Hammontree’s Gourmet Grilled Cheese –

Savoy Tea Company –

Riffraff –

Puritan Brew Co –

Little Bread Company – via @wordpressdotcom

Cheryl White Elected President of BOMA Greater Little Rock

Cheryl White_BOMA

Cheryl White of Flake & Kelley Commercial has been elected President for BOMA Greater Little Rock. This organization is dedicated to the professional management of commercial real estate properties.

White was among the 14 commercial real estate professionals now serving on the Board of Directors and Committee Chairs. BOMA Greater Little Rock members include property owners, property managers, and many service providers. BOMA was founded in 1907 and has over 14,000 members.

To learn more about BOMA Greater Little Rock, visit their website at

Arkansas Business 40 Under 40: Bill Pendergist

(2)Bill's 40 Under 40 Ad

Baseball has been very, very good to Bill Pendergist. He was a state high school champion at Arkansas Baptist preparatory school and played at Lyon College, but the sport also launched his career.

A baseball connection with Hank Kelley’s sons introduced him to the co-founder of Flake & Kelley. “He told me to get my real estate license and then come see him,” said Pendergist, a Little Rock native who earned an MBA from the University of Central Arkansas.

Kelley sent Pendergist to start an office in northwest Arkansas, which suited Pendergist since his girlfriend — now his wife, Amy — was at the University of Arkansas. After Amy graduated, Pendergist returned to Little Rock and became a partner in the firm at age 31.

Kelley is his primary mentor, along with John Flake. “They showed me how to give good service to clients,” Pendergist said. “When you keep clients happy, word of mouth will be your best advertisement.”

Pendergist has been involved in more than $80 million in commercial sales, an achievement that he ranks as significant.
Deeply involved in Fellowship Bible Church, he leads Bible study and a family outdoors ministry. He has taken part in community cleanup projects and tutored schoolchildren in reading. Of course, Pendergist has helped coach baseball in the Junior Deputy program, though his three young children are keeping him busier these days.

Article originally ran in Arkansas Business.

A Growing Appeal by Jessica Dearnley

Northwest Arkansas has been on the national radar from a number of perspectives for many years now. Our appeal has been well chronicled and justified in a number of quarters.

One segment of the investment sector, however, hasn’t been as “all in” on NWA as others. That would be institutional investors. But indications are that may be changing.

Not too long ago, the idea of institutional investment in real estate in NWA was akin to investing in China or India. International real estate investors, to a great extent, remain focused on the East and West coasts and Texas. The Washington, D.C., area gets its share of institutional investment, as do “NFL cities.”

But there are signs NWA is increasingly attracting the attention of institutional investors with an appetite for higher capitalization rates and comparatively low land and construction costs. The opportunity for the region is to continue educating institutional investors. We must “sell” the area to this important sector just as we have successfully done with other sectors. There are a number of selling points.

First, consistent population growth. According to the Northwest Arkansas Council, 24 net new residents have been added to Northwest Arkansas each day since 1990. Non-native Arkansans now represent 56 percent of our population. That staggering statistic reflects the fact that NWA has become an attractive destination for relocation.

Not long ago, I was on a flight to Boston full of MBA graduates from Harvard Business School and the Tuck School of Business at Dartmouth. They had been in NWA to interview the way they normally would on Wall Street. NWA has been named one of the most affordable places to live in the country. That’s resonating with recently graduated students looking to start careers and families.

A second selling point when it comes to attracting institutional investment is the fact that retail and office growth follows rooftops (i.e.: residentialgrowth). Flake & Kelley Commercial represents The Fresh Market, Starbucks, Whataburger and Cabela’s, among others in NWA. Their investments here are based in no small measure on our demographics. Walmart, J.B. Hunt and Tyson are core employers, and each core employee represents a number of new employees in non-core jobs.

A third component in the growing appeal of NWA among institutional investors is better cap rates and higher returns. Real Estate Investment Trusts (REITs) have outperformed the S&P 500, investment-grade and high-yield bonds since 2009. However, several investment research firms are estimating that shares of REITs are at peak. One valuation metric for REITs is the implied cap rate. The implied cap rate is derived by dividing the net operating income by the market capitalization, plus the debt. Right now, commercial property prices are considered about 15 percent above the 2007 peak, and the overall implied cap rate is at an all-time low. As REITs still need to place capital, they are going to be forced to consider alternative markets. U.S. investors may be less familiar with developing countries and the associated risk, but investing in the home of Walmart, J.B. Hunt, Tyson Foods is more comfortable. As headquarters for several leading players within several sectors, we are less risky with those company headquarters than other tertiary markets.

Keys to building on these and other strengths will revolve around continuing to attract millennials and burnishing our growing reputation as one of the best areas for startups. As with any kind of portfolio, diversity is the key to stable, sustained growth. And stable, sustained growth, along with low land and construction costs, is essential to attracting institutional investors, especially REITs.

We should be appealing specifically to non-traded or unlisted REITs since these are not followed by the large research firms and are less regulated, meaning they are seeking higher returns. Given the region’s sustained growth, its growing appeal to yet another generation of emerging business leaders and a proven ability to weather economic downturns, there is reason for institutional investors to be attracted to NWA. 

Jessica Dearnley is principal broker/partner for Flake & Kelley Commercial in Northwest Arkansas. She is a chartered financial analyst (CFA), certified public accountant (CPA) and certified commercial investment member (CCIM).