I-49 Property Depreciates 80 Percent in Eight Years

A 10-acre property along the southbound lane of Interstate 49 in Rogers, just north of the Pleasant Grove Road exit, recently sold for $1.23 million, or $2.82 per SF.

Why is that worth mentioning? Because that land is part of a 21-acre tract that was once bought by bankrupted developer Bill Schwyhart of Rogers for $6.05 million, or $6.61 per SF.

How’s that for depreciation?

Schwyhart bought the land in 2007 from Arthur Osowski, who moved here in the late 1980s from California, where he was a successful real estate developer. He retired in 2004 and moved to Nevada, where he lived until his death in September 2010.

Osowski’s investment may be one of the most profitable in Northwest Arkansas history. He bought the land in December 1987, long before there was an interstate alongside it, for $200,000. That shook out to a profit of $5.8 million following the sale to Schwyhart.

Not a bad bet on the future.

As for the new owner, Ken T. Nguyen of Springdale now owns the undeveloped pastureland that sits just north of the Southern Hills Business Park. It was foreclosed upon by Great Southern Bank in December 2010, taking it from Schwyhart’s Pleasant Blossom Partners LLC.

Bentonville commercial real estate broker Amy Mills was the listing agent for the property. The adjacent 11 acres is still listed with Steve Fineberg & Associates of Bentonville.