Real Deals: Vacant industrial property in Rogers sells for nearly $5 million

by Paul Gatling ([email protected]) 2,219 views 

A 26.6-acre industrial development sitting vacant in Rogers changed hands recently for $4.8 million.

6420 Bentonville Rogers LLC, managed by Louis and Shannon Froud, bought the office/warehouse property at 400 W. New Hope Road and 431 W. Dyke Road, east of U.S. Highway 71 Business. WM 57 SPV 4 LLC, led by Jim Barr Coleman, was the seller.

Arvest Bank in Springdale provided financing with an 18-month loan worth $3.84 million. City Title & Closing was the title agent. Jordan Jeter and Matt Hairston with Kelley Commercial Partners in Springdale represented the sellers. Matt Ahart with NAI Capstone in Rogers represented the buyer.

The two buildings, formerly a manufacturing operation for Scott Paper Co., are contiguous and include 111,374 square feet (New Hope, 8.8 acres) and 126,875 square feet (Dyke, 17.8 acres). The property includes a combined 21,257 square feet of office space and large laydown yard with rail access.

FAYETTEVILLE DEVELOPMENT
A land sale in Fayetteville west of Interstate 49 tipped the scales at $4.03 million. The purchase price equals $1.73 per square foot.

WRDP/ARE Land LLC, managed by Hunter Buwick, bought two tracts totaling 53.5 acres at the intersection of North Rupple and Mount Comfort roads. James and Judith Hazen were the sellers.

City Title & Closing of Fayetteville was the title agent. Tom Terminella was the listing agent.

Buwick is CEO of Anthology Real Estate in Fayetteville. In phases, and pending city approval, he plans an approximately $50 million mixed-use, walkable community on the 32-acre tract east of Rupple Road. Residential properties will be a mix of apartments, townhouses and single-family homes. Commercial space will be multiple buildings totaling about 27,000 square feet.

Gardner Studio of Oklahoma is the architect, Flintlock Architecture and Landscape of Fayetteville is the landscape architect. Walter P. Moore of Tulsa is the civil engineer.

Buwick, an Oklahoma native and former University of Arkansas golfer, started Anthology in 2017. The company, in partnership with Oklahoma real estate firm Pivot Project, is finishing a multifamily “live-work” project in Oklahoma City called Classen 16.

APARTMENT ACQUISITION
A 22-unit apartment complex in Springdale changed hands for $1.37 million. The purchase price equals $62,500 per unit.

Dalinda LLC, led by David Williams, bought the 1.49-acre development at 2100 Carlton St. Efrain and Olivia Sosa were the sellers.

First Western Bank in Rogers provided financing with a 10-year, $1.1 million loan. Waco Title Co. in Springdale was the title agent. Bob Downum with Griffin Co. Commercial in Springdale was the listing agent.

The three-building development was built in 1979 and is 100% leased. The apartments include eight one-bedroom units and 14 two-bedroom units.

Sosa paid $752,000 for the property in December 2006.

SPRING MEADOWS SALE
Fayetteville homebuilder Baumann & Crosno Construction, led by Mike Baumann and Michael Crosno, recently paid $471,000 for 10 residential lots in the new Spring Meadows subdivision in Benton County. The property is on Old Wire Road in Springdale, south of East Apple Blossom Avenue.

Stan Rodgers at First Security Bank arranged financing and City Title & Closing was the title agent.

Baumann & Crosno plans to build spec homes on the lots, which are roughly 0.25 acres each. Home sizes will range from 2,062 to 2,445 square feet. Six of the homes are pre-sold. Prices range from $280,000 to the low $330s.

Bentley Holdings LLC, registered to Gene Nicholas, paid $530,000 for the land (18.9 acres) in May 2012. Parkway Bank was the seller.

Bauman & Crosno is under contract to buy 17 additional lots from Bentley. The company will also build homes for a separate entity that will buy the remaining 28 lots from Bentley.

Real Deals submissions: Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.

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