Culver’s closes $1.22M deal for Bentonville land on Walton Boulevard

A Wisconsin-based chain that specializes in frozen custard and butter burgers is one step closer to a second location in Arkansas.

Culver’s, which opened on West New Hope Road in Rogers this summer, recently completed a land purchase for a commercial lot in Bentonville.

According to property records, Stephen Herbst, a Culver’s franchisee, paid $1.22 million for a 1.7-acre lot ($16.47 per square foot) at 1003 S. Walton Blvd. The lot is part of a $9 million commercial redevelopment of an 8.68-acre blighted parking lot that was formerly home to George Nunnally Chevrolet. Commercial real estate and development firm Colliers Arkansas is leading that redevelopment project called Redbud Place.

Redbud Holdings LLC, a limited liability company comprised of several entities, including Colliers investors and members, paid $3.4 million for the property in October 2020.

Alan Cole, a principal with Colliers’ Rogers office, brokered the Culver’s land sale.

“This transaction was years in the making and will be the perfect site for Culver’s,” Cole said. “Bentonville continues to grow and demand new and fresh retail businesses.”

Wells Fargo Bank is financing the Bentonville construction with a $3.9 million loan.

Redbud Place has five buildable commercial lots, four of which have been sold. Colliers is developing one lot to include an 11,000-square-foot retail strip center anchored by Starbucks. That building is under construction.

Missouri-based Sterling Bank and Arkansas-based Splash Car Wash also own lots in Redbud Place.