A half-acre commercial lot in the middle of Pinnacle Hills in Rogers recently sold for $457,380, or $21.76 per square foot.
Why is that notable? Because the lot is adjacent to a parcel the same size that sold in 2006 for $317,000, a purchase price of $14.27 per square foot.
How’s that for land value appreciation?
The land sold a decade ago at 3341 Pinnacle Hills Parkway was developed by Pinnacle Coffee Partners LLC, a Bill Schwyhart holding, into a 1,917-square-foot building. The tenant is Tropical Smoothie Café.
The recent purchase of the adjoining lot at 5092 W. Northgate Road was made in the name of BDP Holdings LLC, a company registered to Brent Medders of Maumelle.
JH Land Holdings LLC was the seller, and Merchants & Farmers Bank of Dumas provided financing.
Medders told the Business Journal he wasn’t ready to discuss his development plans for the property. It is worth noting, however, Medders is a franchise owner for Domino’s Pizza and owns more than 20 locations throughout the state. This summer, in fact, he was recognized by the restaurant company with a Gold Franny Award, an annual honor given to top Domino’s franchise owners for operational excellence.