Enterprise Center Building Donated to University of Arkansas Technology Development Foundation
65,000-square-foot Enterprise Center in Arkansas Research and Technology Park was donated by Clayco, CRG and IDEA Partnerships
Developers CRG and IDEA Partnerships, together with design-builder Clayco, recently donated the Enterprise Center Building in Arkansas Research and Technology Park (ARTP) to the University of Arkansas Technology Development Foundation (UATDF), which manages ARTP and its corporate affiliates.
Built by Clayco to facilitate top-tier academic research, the two-story building is LEED Silver and contains high-end laboratory, office and manufacturing facilities. Its lab-enabled capabilities serve as a commercialization hub for technologies, many of which were developed at the University of Arkansas and include new methods of insulin delivery and health monitoring systems; as well as the development of advanced materials such as silicon carbide for energy efficient high-power switches.
“Community stewardship is one of the cultural pillars of our company,” said Clayco Executive Chairman & Founder Bob Clark. “We are honored to be able to make this donation to support innovation and entrepreneurship in Northwest Arkansas.”
“After we closed this transaction in 2009, we learned that it was on the weekend of the very bottom of the Great Recession. Without the Foundation and the counsel of Jim Smith (of Smith Hurst, PLC) helping us chop the wood required to close the transaction, I doubt it would have closed,” said Howard Smith, a former Clayco executive who handled the closing in 2009.
As a result of the donation, UATDF solidifies ownership of assets within ARTP and unifies property management of leasable space, allowing the Foundation more fluidity with strategic affiliates in the Park. Additionally, the arrangement will accelerate UATDF’s access to cash flows while consolidating and lowering debt obligations.
“I am delighted to have been able to work with Clayco and IDEA Partnerships to structure this donation in such a way that all parties are able to benefit,” said David E. Snow, UATDF President and Interim Vice Chancellor for Economic Development at the University of Arkansas. “We are very grateful for the donation of the Enterprise Center Building. It will provide ongoing benefits to our expanding innovation ecosystem here at the Arkansas Research and Technology Park. I would like to thank Jim Smith for his efforts and support on this transaction and the rest of the UATDF Board of Directors, Chancellor, and General Counsel of the University of Arkansas, and congratulate my now retired predecessor Phil Stafford, who laid the foundation for our success today many years ago.”
The Enterprise Center was developed between 2008 and 2009 by CRG and IDEA Partnerships through uniquely leveraged financing options available to public-private partnerships, including the New Markets Tax Credit Program. Recently appraised at a market value of over $20,500,000, the Enterprise Center Building was master-leased by the University of Arkansas. Its unique leasing structure resulted in a permanent lease with expansion opportunities for companies that outgrow ARTP’s accelerator facilities.
CRG is a privately held national real estate development and investment firm that has developed more than 9,000 acres of land and delivered over 200 million square feet of commercial, industrial, institutional and multifamily assets exceeding $13 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Seattle, Southern California, St. Louis, Philadelphia and Phoenix. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next-generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at www.realcrg.com.
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely delivers clients across North America the highest quality solutions on time, on budget, and above and beyond expectations. With $3.8 billion in revenue for 2020, Clayco specializes in the “art and science of building,” providing fast track, efficient solutions for industrial, commercial, institutional and residential related building projects. For more information visit www.claycorp.com.
The Arkansas Research and Technology Park (ARTP) was formed in 2003 and began operations in 2004. Over the past several years, the ARTP has shaped a dynamic environment for innovation where university research is being translated into innovative products supporting high-skill, high-wage jobs. Today, the ARTP is recognized as a regional hub for innovation where business enterprises benefit from collaborative opportunities that provide access to intellectual capital, leading-edge research resources and a technologically skilled workforce. At present, the facility inventory at the ARTP totals 285,000 square feet and includes the Engineering Research Center, the High-Density Electronics Center, the National Center for Reliable Electric Power Transmission, the GENESIS Technology Incubator, Innovation Center, and the Enterprise Center. At full build-out, the ARTP is designed to create nearly 750,000 square feet of research and development capacity, housed in several buildings providing over 2,000 high skill, high-wage jobs.