Creekside Sold for $9.1M Profit
by July 3, 2006 12:00 am 54 views
The 115-acre Creekside development in Rogers makes the Whispers column fairly often — for good reason.
On June 29, Strategic Development Partners LLC, led by Mitchell Massey and Gerald Johnston, sold 56 acres of the land to a group headed by — you guessed it — Brandon Barber, chairman of The Barber Group of Springdale.
The price tag?
We hear the deal closed for just more than $27 million. (That calculates out to $482,142 per acre, or about $11.06 per SF.)
That’s not bad considering Massey and Johnston paid $17.9 million or ($319,642 per acre, $7.30 per SF) for the same land in April 2005.
The property is adjacent to the Pinnacle Promenade project, and Massey said Strategic Development Partners did some dirt work and drainage work over the 14 or so months it has owned the site.
No word yet on what Barber’s group plans to do with the land.