A pair of investors from the Fort Smith metro have acquired a vacant 20-acre industrial development in Rogers for $4.8 million, and are looking for a long-term tenant.
Darrell Robinson and Larry Breeden of Van Buren paid $17.88 per square foot for the former Superior Industries at 1301 N. Dixieland Road. The office/warehouse property includes 268,514 square feet.
Simmons Bank in Fort Smith provided financing with a five-year loan of $3.64 million.
Marshall Saviers, president of Fayetteville-based commercial real estate firm Sage Partners, represented the buyers. He said they are planning to retrofit and upgrade the property into a distribution warehouse. The building, built in 1989, contains 229,350 square feet of manufacturing/warehouse space, 15,420 square feet of maintenance work space, an 11,644-square-foot tool shop and 12,100 square feet of modern, air-conditioned office space featuring private offices and conference rooms.
“They’re going to add some docks and clean it up a little bit,” Saviers said. “It’s a good location for an industrial use and with where the vacancy in industrial is right now it seems like a good opportunity for this kind of project.”
According to the most recent data available from Xceligent, the vacancy rate for Northwest Arkansas’ industrial market is 4.9%.
“That is really strong; it means it’s almost full,” Saviers said.
The building’s previous owner was Superior Industries International Arkansas LLC was the seller. Superior Industries, which is headquartered in Van Nuys, Calif., closed its Rogers facility in 2014. Superior bought the land in August 1988 for $157,000. The property appraised in 2016 for $7.49 million.
Philadelphia-based real estate services firm Binswanger had the listing, handled by Holmes Davis in the firm’s Dallas office. The property was listed in September 2015 for $6.3 million.