Real Deals: Olivet International pays $14.75M for Stribling building in Rogers

A 274,312-square-foot industrial property in Rogers changed hands recently for $14.75 million.

California-based consumer products supplier Olivet International Inc., through its 1603 N. 35th Street LLC, bought the 23.3-acre warehouse/office property at the same address. It sits east of Interstate 49 near a Sam’s Club development. Magnolia Investments LLC, led by Bill Stribling Jr., was the seller.

First Security Bank financed the deal with a five-year loan worth $11.8 million.

Tom Allen and Marshall Saviers with Cushman & Wakefield/Sage Partners in Rogers represented the seller. Ed Belto with Newmark Moses Tucker Partners in Bentonville represented the buyer.

Saviers said Stribling Inc. will remain in the building until Olivet fully occupies. Belto said the building will meet Olivet’s future expansion needs. In the meantime, the company will lease the building to other users. It has about 10,000 square feet of office space and 22 loading docks.

“Stribling Inc. will continue operating our warehousing, co-pack and e-commerce fulfillment operations at its current location, and looks forward to expanding our client base with the growth of Northwest Arkansas,” Bill Stribling Jr. said in a statement.

California-based Olivet has a Bentonville office at 1000 S.E. Benton St. and a Springdale factory at 603 Monitor Road.

NEIGHBORHOOD LAND
Land that’s been approved for a 300+ lot subdivision in Bentonville changed hands recently for $3.32 million.

RLP Developments LLC of Bentonville, led by homebuilder Russ Plumley, bought 78.23 acres on Southwest Barron Road. The purchase equals 98 cents per square foot. NorRho LLC, led by Robert Norman and Duane Rhodes, was the seller.

Today’s Bank in Springdale provided financing with a one-year loan of $2.16 million. Aaron Hawes with Landmark Real Estate & Investment in Fayetteville brokered the deal.

MEDICAL OFFICE
A 9,269-square-foot medical office building in Rogers has a new owner-user after a $1.23 million sale. The purchase price equals $132.70 per square foot.

Children’s Therapy Services Inc., led by Kym Hannah, bought the building at 5501 W. Pinnacle Pointe Drive. JNTM Enterprises LLC, led by James Tinnin, was the seller.

Arvest Bank provided financing with a five-year loan of $984,800. Tom Reed and Katie Hampton of Colliers Arkansas in Rogers represented the seller. Terri Lynne McNaughton and Don McNaughton of McNaughton Real Estate in Fayetteville represented the buyer. City Title & Closing of Fayetteville was the title agent.

Hannah is co-founder and CEO of Children’s Therapy T.E.A.M., an out-patient pediatric therapy provider in Northwest Arkansas. The business will occupy a majority of the building and the remainder will continue to be leased to Crystal Bell-Norton DDS PA, a family and cosmetic dentistry.

“The building is in a prime location,” Hampton said. “With its proximity to residential neighborhoods, the property was convenient and attractive right off the bat to the new owner-user.”

PINNACLE RESIDENCE
A 5,331-square-foot residence in Phase IV of the gated Pinnacle neighborhood in Rogers sold recently for $1.03 million. The purchase price equals $194.52 per square foot.

Adam and Meredith Blank bought the West Nottingham Lane residence from Douglas and Ashley Shockley.

Ohio-based Sirva Mortgage backed the deal with a 30-year, $829,600 loan. Waco Title Co. of Springdale was the title agent. Kyle Atkins with Arkansas Real Estate Group in Fayetteville was the listing agent. Brandy Pool with Lindsey & Associates in Rogers represented the buyer.

The five-bedroom home was built in 2006 and appraised in 2020 for $922,250. Shockley bought the home and 0.50-acre lot in September 2012 from Robert and Carolyn Evans for $650,000. Evans bought the home from Five Star Development Corp. in August 2007 for $842,000. Five Star bought the lot from Tallchamps LLC in August 2005 for $120,000.

CLEAR CREEK ABODE
A 4,400-square-foot residence in Phase II of the gated Clear Creek neighborhood in Johnson has a new owner after a recent sale worth $975,000. The purchase price equals $221.59 per square foot.

Eli Glasser and Sara Burns bought the five-bedroom home on Clear Creek Boulevard from Steven Vold.

Danville-based Chambers Bank backed the deal with a 30-year, $828,750 loan. City Title & Closing of Fayetteville was the title agent. Mary Bassett with Bassett Mix & Associates of Fayetteville represented the buyer and seller.

Landmarc Custom Homes of Springdale built the home in 2011. Doug and Jennifer Keller paid $571,000 for the residence in December 2011. Vold paid Keller $823,000 for the home in June 2017.

SULPHUR SALE
A 158-acre residential property in western Benton County changed hands recently for $897,081.

Jeremy and Michelle Thompson of Fayetteville bought the property on Bird Mountain Road in Sulphur Springs. Charles and Brenda Rateliff of Bentonville were the sellers.

First National Title Co. of Bentonville was the title agent. Matt Rateliff with United Country Real Estate-Rateliff Lifestyle Properties in Bentonville was the listing agent. Austin Bivens with eXp Realty NWA in Bentonville was the buyer’s agent.

The recreational property includes a three-bedroom custom log cabin (1,764 square feet) overlooking a private, spring-fed lake. Over the past 15 years, the previous owners cut trails, planted trees and executed a wildlife management plan making the ranch a premier property for outdoor enthusiasts.

DOWNTOWN DIVE
A remodeled 0.07-acre commercial project in downtown Bentonville changed hands recently for $600,000.

Corner Square LLC, whose members include Asa Hutchinson III, Scott Tucker and Kurt Blackaby, bought the 528-square-foot building at 115 N.W. Second St. The purchase price equals $1,136 per square foot. Dalwarr LLC, led by Rex Warr, was the seller.

Encore Bank in Rogers provided financing with a five-year, $467,500 loan.

Bentonville Dive, a casual dive bar with an outdoor patio opened in February this year and owned by Kyle Reidy, will remain the building tenant.

Dalwarr paid the Pruitt Family Trust $375,000 for the property, formerly Corner Barber & Styling, in December 2019.

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.