Commercial Land in Rogers Sold in $8.3M, All-Cash Deal
by March 16, 2015 12:00 am 238 views
Two tracts of commercial land in Rogers totaling 83.9 acres recently sold to an alternative asset manager based in The Woodlands, Texas.
According to real estate records, EF Capital Management bought a 44.9-acre tract directly north of the Home Depot along Interstate 49, and an adjoining 39-acre tract to the east across South Promenade Boulevard that’s part of The Farms commercial subdivision.
It was an all-cash deal worth $8.3 million.
Mac Tatman and Jordan Jeter were marketing the property for the seller. Philip Schmidt assisted EF Capital in the deal. All work for Flake & Kelly Commercial Northwest of Springdale.
Bob Oliver was the seller.
So who did EF execute the deal for? According to a Whispers source, it’s Arkansas native Margaret Molleston, a lawyer by trade and a key executive with GeoSouthern Energy Corp., one of the largest independent oil and gas producing companies in the country. It also is headquartered in The Woodlands, Texas.
GeoSouthern, you may be interested to know, sold one of its largest oil holdings to Devon Energy Corp. of Oklahoma City, Oklahoma, a little more than a year ago. The price? $6 billion.
Knowing that, we’d say Molleston is one of a growing number of investors taking advantage of a 1031 exchange, a swap that allows a buyer to forgo capital gains taxes.
We’d suspect Molleston, who graduated from Southern Arkansas University and has a law degree from the University of Arkansas, is simply a discerning investor, securing a prime location in Northwest Arkansas with plans to hold the property for a bigger play down the road.