Bentonville office park changes hands for $14.05M
A group led by Orion Capital Partners of Little Rock recently closed a $14.05 million deal to buy a large office complex in Bentonville.
Limited liability companies headed by Rogers businessmen Patrick Byrd and Alex Baumeister sold the property known as Bentonville Commerce at 1700-1716 Commerce Drive. The sale included eight office buildings totaling 124,000 square feet, which equals $113.30 per square foot. The 10.8-acre property is off South Walton Boulevard behind two strip mall centers, the Bentonville Post Office and Burger King.
Bentonville-based Focus Commercial Real Estate closed the transaction on Dec. 8 and represented the seller. Johnny Galloway with Cushman & Wakefield/Sage Partners in Rogers represented Orion Capital. The firm is also the office park’s new property manager.
City Title & Closing of Fayetteville was the title company and closing agent.
“The success of this investment is based upon the excellent leasing and property management work of Oksana DeMaris and Lindy Janes,” Focus Commercial Real Estate President Butch Gurganus said.
Gurganus noted that the property increased from 64% occupancy to 84% occupancy since it last changed hands. Byrd and Baumeister, through their 3B Storage LLC and Rogers Equity Group LLC, paid $11 million for the office complex ($91.67 per square foot) two years ago. Bentonville Commerce LLC, owned by FBE Limited LLC of New York, was the seller. FBE paid U.S. Bank N.A. $4 million for the development in June 2012.