Real Deals: Bentonville’s South Walton Suites registers sale worth $6 million

by Paul Gatling ([email protected]) 1,233 views 

An 86,120-square-foot building in Bentonville changed hands recently for $6 million. The purchase price equals $69.73 per square foot.

1120 South Walton Partners LLC, whose members include Oliver Kane Whitt and Breck Childers, bought the 5.63-acre mixed-use property at 1120 S. Walton Blvd. Walton Suites LLC, whose members include Bill Lazenby and Don Heckathorn, was the seller.

First Security Bank backed the deal with a five-year loan of $5.1 million. Steve Fineberg and Brennan Sharpe with Steve Fineberg & Associates in Bentonville represented the seller. Paul Esterer of Newmark Moses Tucker Partners in Bentonville represented the buyer.

The three-story building, known as South Walton Suites, was built in 2005 and appraised in 2018 for $8.8 million. It includes 14 commercial spaces primarily leased as office space as well as 56 hotel rooms including studios, one-bedroom and two-bedroom units. Primary tenants include Aveda Accents, Executive Escape and MELD Kitchen.

CITY REMODEL
Flintco recently paid the city of Bentonville for a commercial building permit valued at $1.7 million.

Flintco is using the permit to remodel a 23,882-square-foot building at 1000 S.W. 14th St. The two-story building is at the northwest corner of the Highway 102/Southwest I Street intersection.

The city paid $3.38 million for the building in February. The purchase price equals $141.73 per square foot. West Plaza Investments LLC, owned by Rogers developer Matt Sitton, was the seller.

When the remodel is complete, the building will house several city departments including accounting/purchasing, finance/budget, human resources, information technology and utility billing/collection. The south side of the building will have a drive-thru for the utility billing/collection department.

Among the subcontractors working on the project are Bentonville Glass Inc., Built-Well Construction Co. of Hiwasse, Estes Wood Designs of Bentonville and Laxen Painting of Rogers.

Ohio-based Diebold Nixdorf, a multinational financial and retail technology company that specializes in the manufacturing of several self-service transaction systems, is also working on the remodel.

The current timeline is for the departments to be operational in the building in the spring of 2021.

The building was built in 2002 and formerly housed vendor offices for Newell Rubbermaid.

RESTAURANT REAL ESTATE
A commercial property sale in Fayetteville’s Dickson Street entertainment district tipped the scales at $1.2 million.

Todd Martin, through his Maverick Land Company LLC, bought the 4,500-square-foot ground floor of the two-story Rollston Building Condominiums at 318 N. Campbell Ave. The purchase price equals $266.66 per square foot.

Scott Bowman and his father Ted Bowman of Fort Smith, members of Bowman Development Group LLC, were the sellers.

Fayetteville-based Signature Bank of Arkansas backed the deal with a one-year mortgage worth $1.26 million. Realty Title & Closing Services LLC in Rogers was the title agent.

Theo’s, an upscale restaurant and bar, is the tenant of the Rollston property. Martin, who owns Fayetteville restaurant Southern Food Company, bought Theo’s earlier this summer from the Bowmans for an undisclosed price. He also acquired from the Bowmans a Theo’s location in Rogers and East Side Grill in Fayetteville. Those two businesses are in leased space.

Bowman closed the three restaurants earlier this year with the arrival of the pandemic. East Side Grill and Theo’s Fayetteville are reopened. Theo’s in Rogers is scheduled to re-open Sept. 15.

Bowman Development Group paid $950,000 ($211.11 per square foot) for the Rollston property in 2005. Richard Alexander, Rob Merry-Ship, Greg House and David Buckley were the sellers.

CENTERTON KFC
Land totaling 0.69 acres on the northeast corner of Tater Black Road and East Centerton Boulevard in Centerton changed hands recently for $330,000. The purchase price equals $10.98 per square foot.

Kansas-based Plaza Street Partners, a national KFC developer, bought the property from The Patton Family Revocable Trust.

Alan W. Cole with Colliers International in Rogers represented the buyer. The buyer will develop the property into a standalone KFC restaurant.

Development will begin this fall with an estimated opening date in early 2021.

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