Bankruptcy Deal
by December 9, 2013 12:00 am 84 views
A commercial asset in the Metro South addition of Rogers was sold out of bankruptcy in a settlement deal worth $5.6 million.
According to a deed filed Dec. 2 at the Benton County Courthouse, Pepsi Bentonville LLC, a group based in New York led by Gary Sachs, bought the 41,500-SF building at 1001 S. 52nd St., just north of Aloft Hotel.
PepsiCo Inc. is the building’s primary tenant.
Seller? Hunter Haynes and his father, Collins Haynes, through their Metro South Lot 13A LLC.
The Haynes family built the building in 2008 and leased it to PepsiCo. The development was tied to an original October 2007 mortgage of $6.5 million held by BancorpSouth Bank of Tupelo, Miss.
As we understand it, the bank commenced foreclosure proceedings in October 2012, and Haynes filed Chapter 11 bankruptcy in March.