Real Deals: Walgreens in Benton County draws $5.85 million investment

A 14,729-square-foot retail building leased to Walgreens pharmacy in the Promenade Pointe area of Rogers, formerly called the Creekside development, sold for $5.85 million.

Limited liability companies managed by Robert B. Schilli of Missouri acquired the pharmacy at 4206 New Hope Road, north of the Pinnacle Hills Promenade.

Rockola/Rogers LLC of Lisle, Ill., led by Thomas Herriford, was the seller. Newmark Knight Frank Capital Markets represented the seller.

The single-story building was built on 2.03 acres in 2009 and appraised in 2018 for $3.29 million.

The property has 16 years left on an absolute triple-net lease and had a cap rate of 5.47% at the time of the sale. Annual rent is $335,000.

Rockola Rogers paid $5.36 million for the development in November 2012. Pinnacle Pharmacy Partners LLC, managed by Tim Graham, was the seller.

TONTITOWN WAREHOUSE
An 8.43-acre commercial property in Tontitown’s Northwest Arkansas Industrial Park addition has changed hands for $1.6 million.

Solomon Properties LLC of Fayetteville, organized by Michael Bader of Fayetteville, bought the property at 474 Industrial Drive.

Ozarks Coca-Cola/Dr Pepper Bottling Co. of Springfield, Mo., was the seller.

City Title & Closing of Fayetteville was the title agent.

The property includes a 39,000-square-foot office/warehouse building. Ozarks acquired the property in July 2017 for $380,895, a purchase tied to its acquisition of service territories previously owned by Great Plains Coca-Cola Bottling Co. of Oklahoma City, Okla.

The building has been empty since March when Ozarks moved to a new warehouse and distribution facility in Lowell.

LIMESTONE LAND
An 11.38-acre commercial lot in Bentonville’s Limestone Ranch addition has changed hands for $1.48 million. The purchase price equals $3 per square foot.

Heritage Heights Eat LLC, registered to Springdale attorney Scott Lar, bought the property south of Southwest Regional Airport Boulevard, along Southwest Ranch Road across from The Pointe at Bentonville apartment complex.

Bentonville 12 LTD of Texas, led by Jim Williams Jr., was the seller.

Arvest Bank of Fayetteville backed the deal with a three-year loan of $1.48 million.

Waco Title Co. of Springdale was the title agent.

Steve Lane with Colliers International in Rogers was the listing agent. The property is zoned for commercial or residential mixed-use.

TALAMORE ABODE
A 4.32-acre residence in Phase II of Bentonville’s Talamore subdivision recently sold for $700,000.

Toni and Jimmy Clark bought the six-bedroom home on Sagamore Lane. Claire Babineaux-Fontenot and her husband Barry Fontenot were the sellers. At 5,745 square feet, the purchase price equals $121.84 per square foot.

Fayetteville-chartered Arvest Bank provided financing with a 30-year loan of $400,000.

Waco Title Co. of Springdale was the title agent.

Scott Waymire with Berkshire Hathaway HomeServices Solutions in Bentonville was the listing agent.

The custom home was built in 2004 and last appraised in 2016 for $838,750.

Fontenot paid $899,000 for the residence in November 2010. Frank and Norma Farrer were the sellers.