Jordan Jeter led an investment group that paid $1.1 million for a 32,000-SF building at 271 W. Main St. in Farmington in June and hopes to announce a tenant in the next six weeks.
Jeter, a partner with Flake & Kelley Commercial Northwest, said the prospective tenant has agreed to a long-term lease but declined to identify the company. He did say it was a regional home-goods and furniture retailer that should prove a great fit to the growing Farmington area.
Much as Centerton has grown farther north as a spillover area to Rogers and Bentonville, Farmington has seen growth just west of Fayetteville. The previous owner, Emily Tan and her business partner Tony Reeves, operated Oops, a home-goods store at the location, before selling to Jeter’s group.
Before Oops, the location was the longtime site of a Marvin’s IGA.
“It’s the perfect setup for the retailer,” Jeter said. “We got a lot of calls on it. There were a lot of [potential] tenants who had good ideas. Farmington is a super hot market.”
When Jeter’s group bought the Oops building, it also bought two adjacent private residences with the idea of converting those spaces to fast-food restaurants or some other commercial outlet. Jeter said the group has concentrated on renovating the Oops building and fixed up the residences as rental properties with the idea of converting them to commercial at a later date.
“There’s a need for more retail out there,” he said. “There’s a ton of traffic. Ideally, we’d like to put some food there. I’d love to see some kind of chicken place.”