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based in Bentonville RZC InvestmentThe investment platform of Stuart and Tom Walton, grandsons of Walmart founder Sam Walton, has invested an undisclosed amount in the commercial real estate startup Ha ha at Rogers.
Loloft is an acronym for “local logistics, flexible terms”. The business model works like a regular co-working concept, but markets to early-stage or growing companies with the flexibility to offer warehouse space (lease terms start from 30 days).
Amenities include Wi-Fi, loading dock access and daily carrier transfers. Free unloading is also included, so members don’t need a forklift or pallet truck.
Loloft co-founder and CEO Brendan Howell introduced the concept at Rogers late last year with a 45,000-square-foot industrial co-working space at 2117 W. Walnut St. Operations there ceased last April, he said.
RZC’s investment supports Loloft’s development of a new 28,000-square-foot location at 600 S. First St. In downtown Rogers. It will include 11 office spaces, two meeting rooms, a large conference room, three phone booths and 31 private and lockable micro warehouse spaces ranging in size from 190 to 1,000 square feet.
“We are delighted to be working with (Loloft CEO) Brendan (Howell) and the Loloft team,” RZC
Investment partner Matt Tarver said. “We believe in micro-warehousing and fulfillment centers
Represents a key element in unlocking value for growth-stage companies and entrenched players
They want to invest in the supply chain while reducing logistics costs,
Capital investment and carbon footprint. “
Chris Baribeau of Fayetteville design firm Modus Studio is leading the architectural redesign of the former ice factory. It is expected to open by the end of the year. Johnson’s High Street Real Estate and Development is the owner of the building.
Howell said more than half of the available space in the new building is already pre-leased. Members include:
- Small e-commerce company moving out of the garage.
- Startups working on hardware projects.
- Walmart supplier.
- National brands that want flexible micro-warehousing close to retail stores.
“Initially, we thought that Loloft would primarily appeal to small e-commerce companies that
Fulfilling orders in their garage, but looking to expand into commercial warehouse space,”
Howell said. “But we’ve also found that big companies want to use our space as a last mile
Delivery micro-centres as they place products near customers quickly and cost-effectively
To achieve same day delivery time. “
In addition to RZC’s investment, Loloft has raised over $1 million. Part of the funding comes from Revolution’s Rise of the Rest Seed Fund, which is led by Revolution’s chairman, CEO and AOL co-founder Steve Case.