Seven-Figure Deal Surfaces in Rogers
by March 4, 2012 9:57 pm 89 views
A commercial deal involving a significant piece of property in the Pinnacle Point area of Rogers ended in a $6.2 million transaction.
The 40,127-SF office building at 5506 Walsh Lane was sold to Walsh Investments LLC, which lists Matthew Dearnley as the registered agent. Dearnley is the CEO at the Northwest Arkansas office of the Little Rock-based commercial real estate company Flake & Kelly Commercial.
The seller? Pinnacle Point Properties LLC, managed by Bill Schwyhart and Robert Thornton.
Chambers Bank of Danville financed the deal with a $5.29 million mortgage.
The building was not one of the properties bought by Hunt Ventures LLC in October 2010. Those buildings, all Class A commercial office properties in the Pinnacle Point development, were put up for bid on the steps of the Benton County Courthouse after U.S. Bankruptcy Judge Ben Barry dismissed bankruptcies filed by several LLCs operated by Schwyhart and Thornton the previous month.
In April 2010, Schwyhart filed for Chapter 11 bankruptcy through eight companies related to 11 buildings, with $34.93 million in debt to Metropolitan National Bank of Little Rock and about $6.65 million owed to Chambers Bank.
Barry’s order did allow one of the LLCs, Pinnacle Point Properties, to proceed with reorganization.
The single-story building, constructed in 2005, and 3.12-acre development appraised in 2011 for $5.49 million.
The building’s occupancy rate is approximately 77 percent. Some of the larger tenants include Windstream Communications, Merck & Co., JWT Action and Warner Home Video Sales.