Community Center & Aquatics Park
Recently, Jim Dailey and Hank Kelley traveled about 90 miles northeast of Little Rock to visit the city of Batesville. They consulted with Mayor Rick Elembaugh and Chamber President Crystal Johnson to explore economic development opportunities in this small community located along the shores of the White River. Their hosts led them on a tour of Batesville’s active downtown, state-of-the-art conference center, the Terry Sims Diamond Sports Complex, and the Community Center & Aquatics Park completed in 2017.
As Arkansas’ oldest city, Batesville (which has gone by other names including Napoleon and Poke Bayou) has a long and interesting history. Batesville is home to Lyon College and the University of Arkansas Community College at Batesville. It is also the hometown of NASCAR driver Mark Martin. The Mark Martin NASCAR Museum, built in his honor, is a popular attraction as is the speedway where he began his racing career.
Historic Melba Theatre on Main Street, Batesville, AR
Several buildings in Batesville are on the National Register of Historic Places, including the historic Melba Theatre which was built in 1875 and became one of Arkansas’ first cinemascope theaters in 1940. This historic property has undergone several transformations over the years, but today it operates as a beautiful modern movie theatre and is considered an integral part of Batesville’s Main Street business district.
Batesville has a thriving retail community where you can expect to find big-business names like TJ Maxx and Home Depot alongside small, family-run businesses like Bellabird Boutique and Thompson’s Fine Jewelry. Batesville can is a charming place to visit, a prosperous place to do business, and a beautiful place to call home.
If you would like to explore economic development opportunities in your city, contact our Director of Government Relations, Jim Dailey, at email@example.com.
We recently sat down the Daily Record to talk about Kelley Commercial Partners’ recent rebranding efforts and how excited we are about the future of the firm. CEO and executive broker of KCP, Hank Kelley, emphasized that while our name has changed, the company will continue to operate much in the same way it has for the better part of three decades. Most of the firm’s current partners have been in place for several years, and in order to underscore the value of their knowledge, experience, and hard work, Kelley wanted to include the word “partners” in our new name.
And before the ink could dry on our new business cards, an unexpected global pandemic hit and we knew our clients and tenants needed our support more than ever. Property managers and brokers worked closely with tenants to help them understand the process and red tape involved in obtaining state and federal assistance, while our facilities team helped to ensure the health and safety of the occupants in more than 7.4 million square feet of property managed by our firm. Kelley Commercial Partners has also been involved in negotiations that will bring Costco and Amazon to Little Rock.
All in all, it’s been a challenging year for everyone, but Kelley Commercial Partners still sees a bright future for Arkansas and we will continue to serve our community for decades to come.
Hank Kelley, CEO, Executive Broker, and Partner at Kelley Commercial Partners
Whitney Burgess, Vice President of Client Services and Strategy at Team SI
Today the University of Arkansas Little Rock School of Business announced it will honor Kelley Commercial Partners’ CEO, Hank Kelley, as Distinguished Alumnus of the Year for his the mark he has made in business and for his service to the community and UA Little Rock. Whitney Burgess, vice president of client services and strategy at Team SI, will receive the Dean’s Award for Excellence. Awards will be presented at the Distinguished Alumni Luncheon to be held Oct. 16.
Kelley received his MBA from the UA Little Rock School of Business in 1984, the same year he joined the firm which is now Kelley Commercial Partners. He has stayed connected at UA Little Rock over the years by serving on the Business Advisory Council and as adjunct instructor at the School of Business. Last year, Kelley and his wife, Stephanie, made a generous donation to A.P. Vibhakar Endowed Scholarship.
“I’m honored to be recognized by the university and appreciate the efforts of the faculty and administration to engage and stay connected to the business community,” said Kelley.
For all of your commercial real estate questions, ask a professional at Kelley Commercial Partners
A 1031 exchange, also known as a tax-deferred exchange, gets its name from the Internal Revenue Code 1031. Essentially, this rule in the tax code allows investors to defer certain tax liabilities they would otherwise incur after making a profit from a real estate investment. This can be an incredibly effective tool for investors who find themselves in a situation in which they would like to sell a real estate holding, but do not want to incur the tax burdens such a transaction would create.
In order to take advantage of the 1031 exchange rule, you must replace the property you are selling (the relinquished property) by purchasing another property (the replacement property) with one of equal or greater value and similar in kind and use. For example, if you are relinquishing a rental property for $100,000, you must replace it with another rental property with one valued at $100,000 or more. (You may also have the option to buy several rental properties, so long as the sum total of their value is $100,000 or more). So, unfortunately, you cannot relinquish a rental property and replace it with a vacation home because those two properties would not be alike in kind and use.
In addition to these restrictions, there is a set time frame in which all of these transactions must occur. Once the relinquished property has closed, investors have 45 days to identify the replacement property and 180 days to close that transaction.
Finding buyers for the properties you wish to relinquish, while at the same time attempting to identify equitable exchange properties can be challenging, especially considering the time restrictions. Proper attention must be paid to the details of how 1031 exchanges work and how using them might affect your long-term plans. This is why it is so important to find an experienced CRE professional you can trust to help you with the due diligence commercial real estate transactions require.
If you have any questions regarding a tax-deferred exchange or any other commercial real estate issue, Kelley Commercial Partners brokers and associates are here to provide the answers and support you need to make successful decisions.
Our vice president of government relations, Jim Dailey, made a recent trip to the City of Morrilton and visited with Mayor Allen Lipsmeyer. This charming, historic city in the heart of the Arkansas River Valley is located in Conway County, just 50 miles northwest of Little Rock and about 20 minutes from Petit Jean State Park.
Mayor Lipsmeyer has been in office since 2015 and has dedicated himself to improving housing, employment, and business opportunities in Morrilton. Some of the city’s major employers include Green Bay Packaging, South Conway County School District, Walmart, and the University of Arkansas Community College Morrilton.
The residential real estate market in Morrilton is booming. One of the newest subdivisions has already sold every home built so far and further development is still in the works. Lipsmeyer is proud of this small town and the sense of community it offers its residents and visitors alike. The historic downtown includes the Rialto Community Arts Center, a venue for stage performances, concerts, and other events. Their first Thursday Farmer’s Market will reopen this Thursday from 4 to 7 p.m. as a drive-thru market on the 100 block of Commerce.
On your next trip west on interstate 40, take a break and spend some time in Morrilton. Small city. No limits.