Real Deals: Olivet International strikes again with $7.5M Fayetteville purchase

by Paul Gatling ([email protected]) 2,540 views 

A 42-acre manufacturing/industrial complex in south Fayetteville has a new owner after a recent $7.56 million sale.

California-based Olivet International bought the 722,000-square-foot complex at 1901 E. Borick Drive. Michigan-based Superior Industries International, the most recent tenant, was the seller.

Searcy-based First Security Bank backed the deal with a five-year loan of $6.6 million. Damon Wright and Jackson Mendenhall with Nunnelee & Wright Commercial Properties in Fort Smith represented the seller. Ed Belto with Newmark Moses Tucker Partners in Bentonville represented the buyer.

The Borick property consists of four connected buildings that Superior used for both manufacturing and warehousing. It includes about 19,600 square feet of office space.

Olivet, a Walmart supplier in more than a dozen categories, has a supplier office at 1000 S.E. Benton St. in Bentonville and a manufacturing facility at 603 Monitor Road in Springdale for its subsidiary, Ecotech Consumer Products.

In June, Olivet completed a $14.75 million deal to buy a 23.3-acre industrial property at 1603 N. 35th St. in Rogers from logistics and supply chain company Stribling Inc. Olivet will continue leasing the property’s 274,312-square-foot building to Stribling.

Superior Industries is decommissioning the Borick property, and Olivet has a renovation planned. Olivet CEO Terry Muldoon said the two Northwest Arkansas acquisitions would meet the company’s future expansion needs in the region.

AGRACEL ACQUISITION
A two-building office park in Bentonville changed hands recently for $4.95 million.

Mars Loop LLC, a Delaware-registered entity, bought the Agracel Professional Plaza at 3101 and 3103 S.W. I St. The 4-acre development includes two single-story buildings built in 2004. The largest includes 27,080 square feet. The other is 13,568 square feet. The purchase price equals $121.77 per square foot.

Brunwick Development Group LLC, led by Alex Baumeister, was the seller.

City Title & Closing of Fayetteville was the title agent. Butch Gurganus with Focus Commercial Real Estate in Bentonville represented the seller. Primary tenants include One Diversified, Shearer’s Foods, Gemmy Industries and Plano Synergy.

Brunwick paid $3.53 million ($86.96 per square foot) for the 4-acre property in December 2019. Illinois-based Agracel, an industrial development firm led by president R. Dean Bingham, was the seller.

PINNACLE HEIGHTS PROPERTY
A 1.29-acre commercial lot in Rogers’ mixed-use Pinnacle Heights development sold recently for $2.75 million. The purchase price equals $48.94 per square foot.

JH Land Holdings LLC, managed by Hunt Ventures chairwoman and developer Johnelle Hunt, bought the lot on South Pinnacle Hills Parkway from Mountaintop Variable LLC, managed by Brandon Huffman.

City Title & Closing of Fayetteville was the title agent.

Mountaintop Variable paid $2 million for the land ($35.59 per square foot) in September 2020. Pinnacle Corner LLC, also managed by Hunt, was the seller.

Mountaintop Variable, which included Little Rock firms Huffman & Co., a general contractor and developer, and Makan Hospitality Management, planned to develop the lot into the upscale hotel brand Tapestry Collection by Hilton.

Tom Allen, president of real estate development firm Cushman & Wakefield/Sage Partners in Rogers, said Huffman has pivoted to a separate development on the west side of the Pinnacle Heights neighborhood along Champions Drive — Brownstones at Pinnacle. It will feature 28 residential units for purchase, each with a unique style and high-end finishes. The homes will measure between 2,300 and 3,000 square feet, with a two-car garage and three bedrooms. Buf Studio of Rogers is working on the designs.

Huffman paid $1.8 million for the land (1.05 acres) in June through his Brownstones at Pinnacle Heights LLC. The purchase price equals $39.35 per square foot. Pinnacle Corner LLC was the seller. First National Bank of Paragould backed the deal with a two-year, $14 million loan.

Sage Partners is the property management and leasing division of Hunt Ventures, which is developing the 15-acre Pinnacle Heights neighborhood in a joint venture with Urban5 Partners of Oklahoma. Allen said Sage Partners is negotiating with prospective buyers to build a hotel on the South Pinnacle Hills Parkway land.

HILLTOP HOME
A 16.8-acre custom residence east of Rogers sold recently for $902,000.

Mark and Stephanie Zembal bought the 4,038-square-foot residence on East Hilltop Drive from Frederick and Tracy Dufault. The purchase price equals $223 per square foot.

Arvest Bank backed the deal with a 30-year loan worth $542,000. Waco Title Co. of Springdale was the title agent. The Limbird Team with Limbird Real Estate Group of Rogers represented the seller. Jason Smith with Smith & Associates Real Estate Services in Fayetteville represented the buyer.

Dufault paid the Hines Family Trust $635,000 for the property in November 2017. The home was built in 1993, and the property includes an in-ground swimming pool.

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.