Real Deals: Nelms, Fayetteville auto dealer, buys I-49 land in Rogers

by Paul Gatling ([email protected]) 2,239 views 

A 13.2-acre site along northbound Interstate 49 in Rogers sold recently for $4.9 million.

Nelms LLP, led by Don Nelms, bought the land from Spark Rose Investments LLC, led by JT Rose. The purchase price equals $8.52 per square foot.

Waco Title Co. was the title agent. Pat Morrison (seller) and Chuck Dicus (buyer) with Devereux Real Estate Investments of Rogers brokered the deal.

The land is situated east of the 6.07-acre construction site of Everett Volkswagen of Rogers on West Poplar Street just south of Outback Steakhouse. Arkansas-based auto retailer Everett Auto Group is the developer.

In Northwest Arkansas, Nelms has owned and operated automobile dealerships for nearly 50 years. The Nelms family owns Adventure Subaru in Fayetteville.

Despite the proximity to the Everett development, Nelms said he has no imminent development plans in Rogers.

“It’s a good place to put something and we realize that,” Nelms said. “We’re in the automobile business, and there may be an opportunity for something, there down the road. If there is, we don’t know what it is yet.”

EVANS INVESTMENT
A 2.5-acre commercial property in Bentonville changed hands recently for $2.5 million.

Evans Investment Group LLC, registered in Delaware, bought the property at 804 S.W. Regional Airport Blvd. The location is the northeast corner of Southeast Regional Airport Boulevard and Southwest I Street. Cornerstone Baptist Church was the seller.

City Title & Closing of Fayetteville was the title agent. Palmer Hays with Bennett Commercial Real Estate in Rogers represented the seller. Paul Esterer with Moses Tucker Partners in Bentonville represented the buyer.

The property includes an approximately 15,000-square-foot building.

BURCKART BUY 
Two lots totaling 6.7 acres north of Walton Boulevard tipped the scales recently at $1.55 million. The purchase price equals $5.31 per square foot.

Burckart Construction of Bentonville, led by Bill Burckart, bought the undeveloped land on Medlin Lane, north of Avid Hotel. NWA Real Estate & Investments LLC, led by Thomas W. Roy III, was the seller.

The First National Bank of Fort Smith backed the deal with a one-year loan worth $1.24 million. First National Title Co. of Bentonville was the title agent. Bill McClard with Lindsey & Associates in Rogers was the listing agent. Tara Limbird with Limbird Real Estate Group in Rogers represented the buyer.

Burckart plans to develop the land to include 120 condominium units that will be for sale. The development will include studio units and one-, two- and three-bedroom floor plans.

The project name and pricing have not been finalized. Limbird said unit sizes would start at 550 square feet for a studio and 780 square feet for a one-bedroom.

XNA ACQUISITION
An 83-acre land sale adjacent to Northwest Arkansas National Airport (XNA) in Highfill closed recently for $1.4 million. The purchase price equals $0.39 per square foot.

XNA officials bought the land on Northeast Pianalto Road from Diana Cobb and Wilma Chandler, trustees of the Betty L. McVay Trust.

City Title & Closing of Fayetteville was the title agent. John Mayer with Better Homes & Gardens Real Estate Journey in Bentonville represented the buyer. Drake Breshears with eXp Realty in Rogers represented the seller.

VERSAILLES RESIDENCE 
A 1.82-acre residence in Centerton’s Versailles neighborhood sold recently for $1.37 million.

Dennis and Amelia Schmidt bought the 6,175-square-foot residence on Fontaine Court from Devin and Kelly McSpadden. The purchase price equals $223.31 per square foot.

The First National Bank of Fort Smith backed the deal with a 30-year, $965,300 loan. Waco Title Co. was the title agent. Rachelle Harris with Keller Williams Market Pro Realty in Bentonville was the selling agent. Brenda Lee with Prime Real Estate & Development in Fayetteville represented the buyer.

The five-bedroom home was built in 2018. McSpadden paid $83,000 for the lot in March 2016.

HALCONES HOLDINGS
A vacant commercial building in Johnson sold recently for $1.12 million.

Halcones LLC, managed by Tom Rystrom, bought the 9,500-square-foot warehouse/office building at 2219 Hawks Landing. Oklahoma-based medical equipment provider Action Seating & Mobility (ASM), through its ASM NWA LLC, was the seller. The purchase price equals $120.96 per square foot.

Stone Bank in Little Rock backed the deal with a 26-year, $1.23 million loan. Allegiance Title Co. in Fayetteville was the title agent. Jenna Gill with Collier & Associates in Bentonville was the listing agent.

Rystrom and Steve Lane with commercial real estate firm Colliers Arkansas in Rogers represented the buyer’s side in the transaction. Colliers has signed a lease agreement for Steele Athletics LLC to occupy the building.

EASY LAND
A 6.67-acre commercial land sale in Rogers registered $825,000. The purchase price equals $2.84 per square foot.

Easy Street QOZB, managed by Haitham Alley, bought the land at 1315 N. 13th St. Rogers 13th Street Properties LLC, led by Dan Smith, was the seller.

Little Rock-based Encore Bank provided financing. City Title & Closing of Fayetteville was the title agent. Smith and Isaac Smith, both of Colliers Arkansas, brokered the deal.

The land carries an industrial zoning and is in a Certified Opportunity Zone. VCC Construction of Little Rock is planning to build a flex building on the site with an estimated completion date of early 2023. Colliers Arkansas will manage the property. The building size will be between 40,000 and 50,000 square feet.

“Based on the current market demands for industrial space and the property’s prime location, Colliers recognized an opportunity for eligible buyers to purchase and develop a flex building,” Isaac Smith said. “Northwest Arkansas — like much of the rest of Arkansas — is in need of additional industrial flex space to keep up with the growing demand for this type of commercial space in our state.”

LEASE ACTIVITY
Van Buren-based Arkansas Poly and Printing (APP), a custom flexible packaging company, recently signed a lease for 1,531 square feet of office space on the second floor of the 12,264-square-foot Bordino’s building at 310 W. Dickson St. in downtown Fayetteville.

Sarah Sparks Diebold and Trent Goins bought APP from the Gosey family in February 2021. Diebold said the Fayetteville office is necessary due to significant growth. Initially, the space will house sales and customer experience jobs.

Palmer Hays with Bennett Commercial Real Estate in Rogers represented APP in the lease transaction. According to property records, the two-story building has multiple owners including Mark Blackwood, Neal Pendergraft and Bordino’s Building LLC.

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.