Real Deals: Runway Group adds to holdings near Bentonville airport

A 38,500-square-foot office building near the southern border of the Bentonville Municipal Airport changed hands recently for $7.65 million. The purchase price equals $198.70 per square foot.

Mars Loop LLC, a Delaware-registered entity led by Brenda Anderson, bought the building at 3317 S.W. I St., south of the airport runway. WDCO Midtown LLC, managed by Matt Benjamin was the seller. Cognizant Technology Solutions will continue to lease the single-story building.

City Title & Closing was the title agent.

Anderson is the chief strategy officer of Bentonville holding company Runway Group, a business team led by Steuart Walton and his younger brother, Tom Walton.

WDCO paid $4.5 million for the 5.9-acre property in November 2017. CEI Engineering Associates Inc. of Bentonville was the seller.

Mars Loop has other real estate holdings in the area. In July 2021, the LLC bought the Agracel Professional Plaza at 3101 and 3103 S.W. I St. for $4.95 million. 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.

CRAIN CLAIM
A 14-acre commercial land sale in Fort Smith registered $3 million. The purchase price equals $4.92 per square foot.

Crain Investments LP, led by Larry Crain, bought the lot in the River Valley Auto Park development along Interstate 540. FLC&W LLC, led by Bennie Westphal, was the seller.

Jim Nunnelee with Nunnelee & Wright Commercial Properties in Fort Smith represented both sides of the transaction.

ROGERS OFFICE
A 14,068-square-foot office building in Rogers has a new owner after a sale worth $1.94 million. The purchase price equals $137.90 per square foot.

815 W Kenosha LLC, managed by Damon Bedell, bought the two-story building at 5509 W. Walsh Lane. Pinnacle Country Partners LLC, led by Johnelle Hunt, was the seller.

Prosperity Bank in Tulsa backed the deal with a 16-year loan worth $2.15 million. TitleTech of Arkansas (formerly PCI Advance Title) in Rogers was the title agent.

The Class B office building was built in 2006 and sits on 2.2 acres. It has multiple tenants.

FORMER CHURCH
A 15.7-acre property in Van Buren sold recently for $1.85 million.

Jaley Properties LLC, managed by Margaret and Roger Decker, bought the property at 5530 Alma Highway. Liberty Fellowship Church was the seller.

Kelci Fulmer with Jim White Realty in Alma was the listing agent. Waco Title Co. of Springdale was the property agent.

Liberty Fellowship relocated to Fort Smith earlier this year. The Alma property includes two large structures. The main building is approximately 18,000 square feet and was built in 1984. It includes several offices, meeting rooms, a commercial-style kitchen, restrooms and large auxiliary gym with a stage. The second building was built in 2016. It is approximately 14,000 square feet and was previously used as a worship hall.

FAYETTEVILLE OFFICE
A Fayetteville office building with multiple tenants changed hands recently for $1.75 million.

Best Westside Properties LLC of California, managed by Keith Abouaf, bought the 8,600-square-foot building at 2558 E. Mission Blvd. The purchase price equals $203.48 per square foot. Mission Plaza LLC, managed by Stuart Collier and Clay Moreton, was the seller.

The Bank of Fayetteville, a division of The Farmers and Merchants Bank, backed the deal with a seven-year, $525,000 loan. Allegiance Title Co. in Fayetteville was the title agent. Sara Posey with Collier & Associates in Fayetteville was the listing agent.

The two-story building was built in 2017 and is 100% occupied with a 7% cap rate and six tenants. Mission Plaza paid $82,000 for the land (0.54 acres) in 2016.

GRAVETTE LAND
A land sale totaling 51.45 acres in Benton County closed recently for $1.3 million. The purchase price equals 58 cents per square foot.

Gravette School District bought the land at the southeast corner of Arkansas Highway 72/Stagecoach Road intersection. Seventy Two West LLC, led by Christine Horwart, Thomas Smith and Damon Wright, was the seller.

Damon Wright with Nunnelee and Wright Commercial Properties in Fort Smith was the seller’s agent. TitleTech of Arkansas LLC in Bentonville was the title agent.

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.