Mathias/Pinnacle Group To Team Up

Sold! Sam Mathias and The Pinnacle Group were in a bidding war May 5 for about 170 acres of undeveloped land along both sides of Interstate 540. The property, we’re told, is near the expected site for Rogers’ coming Perry Road interchange.

Mathias, whose portfolio includes numerous commercial properties such as Springdale’s Ozark Center Pointe Place, apparently paid more than $12.3 million for the primo property. But in the 11th hour, he and Pinnacle Hills developers — Bill Schwyhart, Tim Graham, J.B. Hunt and Robert Thornton — agreed to develop the property as a partnership.

The land was tied up in the divorce case of Bill and Diane Adams. Circuit Judge Xollie Duncan Klinger apparently authorized the parties to take bids on the property, and if they received an agreeable price it would be sold. Otherwise, it was set to be auctioned on the Benton County Courthouse steps on May 5.

The auction was canceled after the Adamses’ attorneys apparently contacted the heavy hitters and the deal making started.

There are no details yet on what will go on the property.