Real Deals: Mathis Brothers plans 500,000-SF furniture hub in Rogers

A national home furniture retailer closed a sizable land purchase recently east of Interstate 49 in Rogers for $9.5 million.

Mathis Brothers Furniture of Oklahoma paid $4.09 per square foot for three parcels totaling 53.3 acres in the Pleasant Crossing development along Dixieland Road. Whisinvest Realty was the seller.

Mathis Brothers spokesman Kerry Tramel said the company will develop the property to include 250,000 square feet of retail space and 250,000 square feet of warehouse space. He valued the project at approximately $50 million and said it would create 300 jobs.

“We are planning on bringing the best furniture shopping experience in Arkansas to that location,” he said.

Tramel said the site would house multiple Mathis Brothers retail concepts. He said the project is scheduled to be completed by the first quarter of 2024.

“Any day a new project and new jobs are announced is a good day for Rogers, Lowell and Northwest Arkansas,” said Steve Cox, senior vice president of economic development for the Rogers-Lowell Area Chamber of Commerce. “We are very excited to see this project come to life and in a part of town that is rapidly growing, and now residents of our region will have more shopping options to fit their needs.”

Tramel said the general contractor and design firm working on the project are Northwest Arkansas firms but did not reveal their names.

METROPARK MOVE
A vacant 41,000-square-foot office building in Rogers’ MetroPark development west of Interstate 49 sold recently for $6.13 million. The purchase price equals $149.51 per square foot.

A tenancy in common investment (TIC) between TKH Exchange Holdings LLC and Lee and Lee Investments LLC bought the single-story building at 1001 S. 52nd St. Sachs Metro South LLC, managed by Michael Sachs, was the seller.

Marshall Saviers and Matt Imhoff with Cushman & Wakefield/Sage Partners in Rogers represented the seller. City Title & Closing was the title agent. BancorpSouth Bank in Rogers provided financing.

The 3.5-acre development was built in 2008. It last changed hands in November 2013 for $5.6 million. It appraised for $6.62 million in 2021.

APARTMENT ACQUISITION
A 52-unit multifamily asset in Springdale changed hands recently for $3.5 million. The purchase price equals $67,307 per unit.

Willard Stiles bought the 4.45-acre Moore Apartments development at 400 N. Campbell Drive. Corey Runnells, through his Moore Community LLC, was the seller.

Generations Bank of Rogers backed the deal with a five-year, $3.53 million loan. City Title & Closing of Fayetteville was the title agent. Zack Kifer (seller’s agent) and Josh Singleterry (buyer’s agent) with Moses Tucker Partners in Bentonville brokered the deal.

The complex is fully leased. Moore Community paid $2.5 million for the property in February 2019. Down Home Rental Properties LLC, led by Rob Kimbel, was the seller.

GRAY HORSE GRAB
A vacant 7,089-square-foot commercial building in Bentonville sold recently for $1.5 million. The purchase price equals $211.59 per square foot.

Gray Horse II LLC, managed by Tom Rystrom, bought the single-story building at 310 N. Walton Blvd. D.C. Goff Revocable Trust, managed by Dewitt C. Goff, was the seller.

Grand Savings Bank in Bentonville financed the deal with an 18-month loan worth $1.27 million. Rystrom and Steve Lane with Colliers Arkansas in Rogers represented the buyer. Jenelle McMann of Keller Williams Market Pro Realty of Fayetteville represented the seller.

The new owners are in discussions with several tenants to lease the property. Colliers Arkansas will lease and manage the building and plans to modernize the exterior.

Goff paid $1.10 million for the 0.69-acre property in January 2021. Meltopia LLC, registered to Ross Melton, was the seller. Meltopia paid $883,000 for the property in November 2018.

The building was built in 2006.

BYPASS BUY
Rural acreage with Bella Vista Bypass frontage in northern Benton County changed hands recently for $990,000.

CrossMar Industrial VI LLC bought 24.77 acres at 16027 Rocky Dell Hollow Road in Gravette, west of the interstate. The purchase price equals $0.92 per square foot. Orval and Keri Ward were the sellers.

City Title & Closing was the title agent. Mockingbird Real Estate Group represented the seller. Tim Graham II with Third Street Realty Services in Springdale represented the buyer.

PATRIOT PROPERTY
A 1.29-acre commercial lot in Fort Smith’s Patriot Square development changed hands recently for $750,000. The purchase price equals $13.35 per square foot.

Enid, Okla.-based convenience store operator Jiffy Trip bought the land on South Zero Street. Patriot Square LLC, registered to Benny Westphal, was the seller.

Jim Nunnelee with Nunnelee & Wright Commercial Properties brokered the deal.

LEASE ACTIVITY
One Diversified, a national audiovisual company based in New Jersey, recently signed a lease for 50,000 square feet at 315 S. Lincoln St. in Lowell.

Rogers Warehouse Development LLC, managed by Crossland Holding Co., is the building owner.

Butch Gurganus with Focus Commercial Real Estate in Bentonville represented the tenant. David Erstine with CBRE in Fayetteville represented the owner.

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.