Real Deals: Glass Investments pays $6.7M for Walgreens in Rogers

by Paul Gatling ([email protected]) 2,899 views 

A 2.03-acre commercial development in Rogers sold recently for $6.7 million.

Glass Investments LLC, registered to Dayna Martz, bought the 14,729-square-foot building at 4206 W. New Hope Road. RBS Investments LLC, led by Bob Schilli, was the seller.

Waco Title Co. of Springdale was the title agent. California-based Deerfield Partners brokered the deal. Randy Crossno with Capstone Commercial Advisors in Rogers represented the buyer.

The building has a 5% cap rate. Walgreens is the tenant on a triple-net lease. The existing term expires in 2034. The single-story building was built in 2009.

The building last changed hands in November 2008 for $5.85 million.

Norrho LLC, led by Robert Norman and Duane Rhodes, recently picked up a one-year, $4.04 million funding agreement from Armstrong Bank in Springdale.

The funding backed the $1.3 million acquisition of 30.02 acres on Davidson Road in Siloam Springs. The purchase price equals 99 cents per square foot. Ardev LLC, whose members include Andrew Davis, Eric Greer, Gary Sams, Deigo Espinoza and Thomas Stover, was the seller.

Norrho plans to develop the property into a 100-lot residential subdivision.

New residential construction in Fayetteville sold recently for $2.68 million.

Sheltering Sky LLC, led by Lee and Pamela Jackson, bought the 6,810-square-foot, three-story building on North Gregg Avenue. Andy and April Davis were the sellers.

Waco Title Co. of Springdale was the title agent. Jason Keeling with Steve Fineberg & Associates of Bentonville represented the seller. Erika Rayburn with Keller Williams Market Pro Realty in Fayetteville represented the buyer.

The purchase price equals $394.27 per square foot. The building includes two three-bedroom townhome units each with 3,405 square feet.

Davis Development in Monticello was the general contractor.

A 5,359-square-foot residence on Beaver Lake in Benton County sold recently for $1.6 million. The purchase price equals $298.56 per square foot.

Gary and Pamela Huggins bought the four-bedroom home on South Lakeshore Drive. The Griggs Family Trust was the seller.

First State Bank of Russellville backed the deal with a 30-year, $600,000 loan. Waco Title Co. of Springdale was the title agent. Jordan Eddleman with Collier & Associates in Rogers represented the seller. Nick Emerson with Gibson Real Estate in Rogers represented the buyer.

Griggs paid $248,000 for the 0.58-acre property in 2010.

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.