While permits and planning approval have been granted for the Walgreens, the real estate deal still hadn’t closed as of Jan. 24. Petromark of Harrison, owned by Steve Turner, purchased the gas station in 2005 for $1.5 million and has made substantial improvements since adding a gift shop and deli.
New equipment has been removed and is headed for the new White Oak Stations coming in Benton County, one at the intersection of Arkansas Highways 112 and 12 and another coming to New Hope Road and 45th Street.
Based on prior lot sales at the current Walgreens locations, Turner could get the highest price of any of the four.
The South School Avenue Walgreens lot sold for $790,000, the Township Avenue location was purchased in 2000 for $1.45 million and the North College location sold for $2.05 million in 2002.
After the buildings were constructed, the Township Walgreens sold in 2005 for $5.95 million and the College one sold for $5.41 million in 2004.