With New Office Underway, Lloyd Companies Deepens Roots in Northwest Arkansas

What began with a single employee working to establish Lloyd Companies’ presence in northwest Arkansas is growing into a permanent home for the Sioux Falls-based company’s expanding team.

Lloyd began construction on a three-story, 30,000-square-foot mixed-use building in the Uptown Rogers area that will become Lloyd’s Arkansas headquarters, along with offices for several other businesses and ground-floor space intended for a restaurant or retailer.

“We broke ground on a three-story mixed-use building with two floors of office over one floor of retail/restaurant, where we are taking our time to curate the right restaurant or retail partner for the area,” said Michael Ceryanec, Senior Development Project Manager for Lloyd.  “Demand for the building has been incredible, we’re mostly leased up on the two floors of office at a rate that exceeds anything we’ve seen in the conventional NWA office market.”Ceryanec was Lloyd’s first hire in Northwest Arkansas about two years ago, bringing experience from previous work with a local company called Blue Crane, as well as varied real estate roles in Denver and Chicago.

Today, the company’s Arkansas team has grown to eight employees, with room to expand in its new 5,000-square-foot office.

The project also reflects Lloyd’s broader approach to entering a market by combining its development, construction and other real estate expertise.

Lloyd is co-developing the building with Rogers based developer John Schmelzle and serving as general contractor for the core and shell. The two partnered on the investment, and Lloyd will occupy space on the second floor.

Architecture and engineering firm ISG designed the building and will be among the office tenants, along with Integrity Capital Wealth and Wilshar Steel.

Construction crews recently began moving dirt, with the building shell targeted for completion in Summer 2027 and initial tenant occupancy anticipated in the early Fall.

A Growing Business Center

The office is located in one of the most active commercial areas of Northwest Arkansas, where major employers and companies serving Walmart have established a substantial presence.

“It’s a polycentric region. The major cities north to south are Bentonville, Rogers, Springdale, and Fayetteville, and each town has its own identity and its own story,” Ceryanec said.

“In addition to the large presence of Walmart vendors, demand is driven by a diverse mix of businesses unrelated to retail, Rogers’ Uptown area has become the de facto live/work/play downtown core of the greater NWA region”

The region has experienced significant growth over the past several decades, driven partly by Walmart’s expanding presence and the network of companies that do business with the retailer.

Ceryanec traced some of that momentum to the 1990s, when Sam Walton and Walmart began requiring suppliers that wanted to do business with Walmart to establish local offices.

Companies that initially maintained small teams or rotating staff began developing more permanent operations as the region grew and its quality of life attracted additional residents.

“It has snowballed from there, and it’s not just Walmart. There are a few other Fortune 500 companies here like Tyson, JB Hunt, healthcare, legal, construction and beyond” he said.

That has created opportunities for new office buildings designed around changing workplace expectations.

“Walmart likes to see its suppliers establish a local presence. Offices in this area have become much nicer over the past 20 years – especially the last 10 – and people are using their offices in less traditional ways these days as we come out of Covid,” Ceryanec said. “Our office is a good example of that. Mixed use is not a new concept, but where we can otherwise lease the first floor to an office user and make more money with less risk, we’re holding out for a restaurant/retailer to help make the neighborhood more walkable and maybe in the long run we all make more money. We believe a rising tide lifts all ships.”

The new building is designed to complement the area’s growing walkability and connectivity, with an elevated architectural approach intended to appeal to businesses looking for modern, high-quality space that is amenitized by the mixed use nature.

Sioux Falls Relationship Expands In New Market

For ISG, the Rogers project represents an opportunity to continue growing alongside a familiar partner.

Nick Peterson, a structural engineer with ISG, relocated from Sioux Falls to Rogers two years ago and is managing the building’s design work.

“With the population projected to grow from approximately 600,000 today to nearly one million by 2050, the region is undergoing a remarkable transformation,” Peterson said.

“What stands out most is the investment in the people and places that make this community special.”

He pointed to the University of Arkansas, the newly opened Alice Walton School of Medicine and Walmart’s new home office campus as examples of investments shaping the region’s economy and quality of life.

Peterson also sees similarities between northwest Arkansas and Sioux Falls.

“Northwest Arkansas offers the opportunities and amenities of a larger metropolitan area while maintaining a strong sense of community and connection,” he said. “In just 5 minutes, you can trade the bustle of town for rolling hills and open countryside.”

The new office building is designed to reflect that combination of growth and community character.

“The three-story mixed-use building features offices on the upper two floors and ground-floor space designed to accommodate retail or a restaurant,” Peterson said. “Its refined, timeless architecture reflects the quality and character of a premium Class A property.”

ISG also will relocate its growing Arkansas team into the building.

“The opportunity to help design the space made this development especially meaningful to us,” Peterson said. “Becoming a tenant deepens our commitment to the region, giving our team room to grow as we continue designing projects that serve the community and shape its future.”

The companies’ relationship extends back to South Dakota, where their teams have collaborated on numerous projects.

When Lloyd first entered northwest Arkansas, ISG, along with a few other local businesses, helped the real estate company establish a local presence.

“During my time in Sioux Falls, I collaborated with many members of their team on projects throughout the community and built relationships grounded in trust and mutual respect,” Peterson said.

“That familiarity, along with a shared understanding of the project’s goals, helped create a smooth transition from design to construction.”

Building A Broader Portfolio

The new office comes as Lloyd continues expanding its construction and development work throughout northwest Arkansas.

The company recently completed a new building for Mobius, an after-school program focused on science, technology, engineering, arts and mathematics education.Lloyd also served as general contractor and property manager for Walnut Commons, a 60-unit affordable housing development in Rogers for the Excellerate Foundation.

The project was fully leased before opening.

“The demand for housing here can’t be understated,” Ceryanec said. “Especially for attainable housing in good locations.”Another project, Mosaic Square, is bringing 60 for-sale townhomes to a location less than a half mile from Walmart’s recently completed home office campus in Bentonville. It’s also a half mile from the recently announced Bentonville Institute of Technology.

Lloyd is serving as general contractor for the development, with construction beginning on the townhomes.

The company also is advancing additional multifamily opportunities, including property under contract and projects moving through the municipal approval process.

For Ceryanec, the diversity of the work reflects the opportunities that attracted Lloyd to the market in the first place.

Northwest Arkansas is growing rapidly, but each community maintains a distinct identity and a mix of residential, commercial and institutional needs.

The company’s goal is to establish a lasting presence that can serve those needs across multiple types of projects.

And with the permanent Rogers office taking shape, Lloyd and its old and new partners are positioning themselves to grow with the region.

“We’re exploring new opportunities to collaborate as both teams continue to grow our presence and build lasting relationships in northwest Arkansas,” Peterson said.