For nearly a decade, the decrepit concrete parking lot of a former automobile dealership along Bentonville’s main thoroughfare has sat empty and weed-infested, a contrast to the commercial development boom that has come to embody Northwest Arkansas.
Redevelopment of the 8.68-acre site, though, is just around the corner.
Alan Cole, a principal of Colliers International Arkansas in Rogers, confirms that a group of investors has the former Nunnally Chevrolet property at 1001-1005 S. Walton Blvd. under contract. The deal is expected to close this fall.
Colliers, through its development arm, is shepherding the former Nunnally property through the city’s development process with plans to redevelop the property into six lots, five of which will be buildable commercial lots. Cole said two of the lots are already under contract by two users who would be new to the market. A third lot is intended for a retail shopping center with a national tenant anchoring the development.
Cole did not disclose tenants but said formal announcements are forthcoming. Colliers will develop and market the property, led by Cole and Bradford Gaines of the company’s Little Rock office.
Square Deal Capital Inc. of Oklahoma City paid $2 million for the Nunnally property in November 2016. Nunnally left Walton Boulevard for a new Bentonville location on Moberly Lane in July 2011.
Square Deal’s acquisition was part of a $56.8 million purchase that included the nine-story Bentonville Plaza office building and 16 additional acres.