Real Deals: Walmart unloads Fort Smith industrial property for $6.38M

by Paul Gatling ([email protected]) 6,355 views 

A 26.2-acre industrial property in Fort Smith has a new owner after a recent sale worth $6.38 million.

Zero Street Property LLC bought the 238,585-square-foot building at 8100 Zero St. The purchase equals $26.74 per square foot. Zero Street is managed by Ed Harmon and his son Steve Harmon. They are principals of third-party logistics firm Spartan Logistics and its associated real estate development firm NAI Harmon Group, both in Ohio.

Walmart Inc. of Bentonville was the seller.

David Elrod and John Elrod of Elrod Real Estate in North Little Rock represented the seller. Dallas Paul with NAI Harmon Group in Ohio and Bob Cooper with Ghan & Cooper Commercial Properties in Fort Smith represented the buyer.

The Class B distribution building was built in 1984 and includes 15 dock high doors. Walmart used the building as a shoe distribution facility. The company closed the building in late 2018 and moved the operations to a new fashion and apparel distribution center at 5800 S.W. Regional Airport Road in Bentonville.

A representative for the buyer said the Zero Street building will be used as an investment property. An undisclosed tenant is scheduled for a July move-in.

Two commercial lots totaling 3.89 acres along Interstate 49 in Rogers recently changed hands in a deal worth $2.7 million. The purchase price equals $15.93 per square foot.

The Luther Co. LLLP, controlled by Luther Auto Group of the Minneapolis, Minn., suburb of St. Louis Park, bought the land at 601-603 S. 52nd St., west of the interstate.

Horsebarn Holdings LLC, led by Rogers developer Hunter Haynes, was the seller.

City Title & Closing of Fayetteville was the title agent.

The land is adjacent to the south of a 16.5-acre auto mall development known as Steve Landers Toyota NWA. Luther Auto Group is a part owner of that property, along with Landers Auto Group of Little Rock.

Two parcels totaling 5.07 acres on Southeast J Street in Bentonville sold recently for $1.3 million.

Branson Mountain Investments LLC, led by Steve Faria and John Escobar, bought the property at 1908-1910 S.E. J St., across the street from Bentonville High School.

The Loy Calvin Bertschy Trust was the seller.

Cornerstone Bank in Eureka Springs provided financing with a three-year loan of $1.1 million.

First National Title Co. of Bentonville was the title agent. Bill McClard with Lindsey & Associates in Rogers represented the seller. Michael Simmons with Dick Weaver & Associates in Bentonville represented the buyer.

The property includes multiple residential structures and outbuildings.

A trio of Fayetteville developers recently closed a 17-acre land purchase for $1 million. The purchase price equals $1.35 per square foot.

CPS Ventures LLC, whose members include Clay Morton, Phil Crabtree and Stuart Collier, bought the property at 4065 E. Bridgewater Lane, near the Bridgewater Estates neighborhood in east Fayetteville.

The Whittemore Trust was the seller. Simmons Bank in Fayetteville provided financing with a one-year loan of $793,650. Waco Title Co. was the title agent.

Kim Piepenbrok with McMullen Realty Group in Bentonville represented the seller.

Morton and Crabtree are principals of Mission Contractors, a residential and commercial construction company. They also work for Collier & Associates, a real estate firm where Collier is the principal broker.

Collier said the land will be subdivided into six residential lots. A selling price has not been determined.

A gated 5-acre residential property west of Bentonville sold recently for $662,450.

Wendi Eriksen bought the four-bedroom property on Walters Road from Robert and Leigh White. It includes a 3,898-square-foot residence and a refurbished barn.

Arvest Bank provided financing with a 30-year loan worth $510,400.

Waco Title Co. of Springdale was the title agent. Kelley Hanson with Portfolio Sotheby’s International Realty in Rogers represented the seller. Jan Holland with Coldwell Banker Harris McHaney Faucette in Bentonville represented the buyer.

White paid $545,000 for the property in August 2019. Jon Haney was the seller.

A 3.27-acre lot next to Fayetteville Athletic Club changed hands for $512,500. The purchase price equals $3.60 per square foot.

La Hacienda of Northwest Arkansas Inc., led by Jose Rodriguez, bought the lot at the corner of East Zion Road and Randal Place.

Emeriyaf LLC, a Delaware-registered entity, was the seller.

Armstrong Bank in Springdale backed the deal with a 20-year loan of $435,635. Steve Fineberg with Steve Fineberg & Associates in Bentonville represented the buyer and the seller. Waco Title Co. of Springdale was the title agent.

Stevenson Holdings LLC, d/b/a Hotworx, signed a lease recently for 1,718 square feet of retail space at Sunset West Plaza at 7322 W. Sunset Ave. (U.S. Highway 412) in Springdale.

Sunset West FW Plaza LLC, led by Burke Larkin, is the building owner.

Alan W. Cole of Colliers International in Rogers represented the landlord in the lease transaction. Eric Nelson of Newmark Moses Tucker Partners in Bentonville represented the tenant.

Lease terms were not disclosed.

“There was [a] void of specialty, boutique gyms in the west Springdale area,” Cole said. “This particular area of the city is experiencing a major growth spurt. Sunset West Plaza is a perfect location with newer medical, multifamily and mixed-use projects developing along Highway 412.”

Louisiana-based Hotworx offers 24-hour access to infrared heat as well as 30-minute isometric exercise classes taught by a virtual instructor.

Hotworx will begin building out the space in the coming months with a target open date of fall 2020.

Sunset West Plaza is 12,010 square feet. There is 1,718 square feet remaining for lease. Anchor tenants are U.S. Pizza Co. and First Western Bank.