Brandon Buys 150 Acres in Brownstone Development

A new player is involved in what was to be the Brownstone Development in Bentonville.

Gary Brandon Enterprises Inc. bought 150 acres of what had been part of that development from Steven Butcher of Brownstone Development LLC on March 18 for about $7.4 million. Brandon secured a $3.34 million mortgage for the purchase through Arvest Bank-Springdale on the same day. Benton County Title & Abstract of Rogers completed the title work.

Jim Shearin of Shearin Hathaway & Associates in Bentonville is the listing agent for the 224-acre Brownstone development. The acreage initially listed for $9 million in February.

The mixed-use development, originally a 3 million-SF futuristic design on Arkansas Highway 12, was expected to cost $450 million to build and have a $1.5 billion economic impact on the area. Perry Butcher of Perry Butcher & Associates of Rogers championed Brownstone before suffering a stroke last year that put the development on hold. Steven Butcher is his son.

The site includes about 200 undeveloped acres and about 24 acres that include Straube Business Park. Three of the 25 lots at Straube have been sold. In February, Shearin said about 150 acres of the 224 had been accepted under contract. We’re assuming that could be the Brandon purchase.