Bentonville building on downtown square changes hands for $2.75M

It’s not often a commercial building on the square in downtown Bentonville changes hands. So when it does, it’s news. According to property records, the 4,552-square-foot building at 104 E. Central Ave. sold recently for $2.75 million.

The purchase price equals a whopping $604.13 per square foot. Now you know why property transactions on the square are not a regular occurrence. MLC Inc., registered to Ann Bogle McKenzie, bought the two-story building facing the square from Arend LLC, registered to Debi Havner.

Josh Holland with Coldwell Banker Harris McHaney & Faucette represented the buyer. Steve Lane with Colliers Arkansas in Rogers represented the seller. Colliers listed the property at $2.95 million.

“The building is unique and really a trophy property,” Lane said. “We’re pleased that Colliers could assist the owners with a successful transaction and contribute to the incredible growth in downtown Bentonville and our region.”

Visit Bentonville, the city’s tourism bureau, is the building tenant, and that isn’t expected to change. At least not immediately.

“Business as normal,” Kalene Griffith, president and CEO, said in a statement. “We continue to focus on the mission to brand, promote and sell Bentonville as a tourism destination. Our lease continues for another couple of years. If there’s one thing COVID taught us, it’s that we can tell our story from anywhere. That being said, nothing compares to working in the middle of our community, in person, sharing how attractive Bentonville is to visit, live and work.”

For additional perspective consider this: Arend bought the building in December 2010 for $830,000 ($182.33 per square foot). That’s a 231% appreciation during the past decade.