Real Deals: $3.64M land sale signals Pleasant Crossing apartments in Rogers

A 14.03-acre land sale in Rogers’ Pleasant Crossing area east of Interstate 49 sold recently for $3.64 million. The purchase price equals $5.96 per square foot.

Little Rock developer John Rees, principal of Rees Commercial, bought the commercial lot at the intersection of South Dixieland Road and South Pleasant Crossing Boulevard. PWX LLC, an affiliate of Little Rock firm Whisinvest Realty, was the seller.

Cadence Bank in Little Rock backed the deal with a one-year loan worth $1.45 million. Daniel Smith with Colliers Arkansas represented the buyer. Burke Larkin with Whisinvest Realty represented the seller.

Rees plans to build a multifamily project on the property. The site is near several national retailers, including Walmart, Ashley Furniture and Ross Dress for Less. It was split from the original listing of 29.58 acres.

“Low vacancy rates in the Pleasant Grove submarket prove that demand for multifamily units remains high in the area,” Smith said. “Exploding growth in this corridor, along with daily population gains in Northwest Arkansas in general, make this a great location for a first-class, mid-rise apartment community development.”

COLLEGE CLAIM
A 9,101-square-foot building in Fayetteville changed hands recently for $2.1 million. The purchase price equals $230.74 per square foot.

GX 16 Fayetteville College LLC, managed by commercial real estate developer Curtis R. Green Jr., bought the vacant building at 3448 N. College. Thevenot-Welborn Properties, led by Peter Thevenot, was the seller.

Red River Employees Federal Credit Union of Texarkana, Texas, backed the deal with a 15-year construction loan worth $5.97 million. City Title & Closing was the title agent. Michael Wilson with Keller Williams Market Pro Realty of Fayetteville was the listing agent.

Thevenot-Welborn paid $182,000 for the land (1.4 acres) in 1984 and the single-story building was built in 1985. Louisiana-based technical school Blue Cliff College was the most recent tenant.

Temporary signs at the site indicate the property will be developed to include a Glide Xpress car wash.

BENTONVILLE ESTATE
A 16.8-acre estate home near Coler Mountain Bike Preserve in Bentonville is off the market following a $1.79 million sale.

Michael and Cynthia Figer bought the 4,298-square-foot residence on Punkin Hollow Road. The purchase price equals $418 per square foot. Chad and Taylor Yoes were the sellers.

Lenders Title Co. in Bentonville was the title agent. Jan Holland with Coldwell Banker Harris McHaney and Faucette in Bentonville was the listing agent. Steven Tucker with Berkshire Hathaway Homeservices Solutions represented the buyer.

The four-bedroom home was built in 1999. Yoes paid $1.06 million for the property in December 2019. David and Kathy Norman were the sellers.

PREMIER PROPERTY
A 2,746-square-foot residence in downtown Bentonville has a new owner after a sale worth $1.45 million. The purchase price equals $528.04 per square foot.

Premier Investments LLC, managed by David Slone, bought the three-bedroom home on Northwest B Street. Stephan and Catherine Roche were the sellers.

City Title & Closing was the title agent.

The two-story residence was built in 2016. Roche paid $725,000 for the 0.17-acre property in March 2018. Brian Baker and Jason Forst were the sellers.

Baker and Forst paid Lamplighter Restorations LLC $607,000 for the property in January 2017.

DOWNTOWN LOT
A 0.34-acre residential lot east of the square in downtown Bentonville sold recently for $765,160. The purchase price equals $51.66 per square foot.

NWA Holdings LLC, a Walton affiliate, bought the land at 609 N.E. Second St. Erin Kyle was the seller.

Jan Holland with Coldwell Banker Harris McHaney and Faucette in Bentonville brokered the deal.

BEAVER LAKE ABODE
A 2,728-square-foot residence on Beaver Lake east of Rogers sold recently for $1.1 million. The purchase price equals $403.22 per square foot.

Erin Kyle bought the three-bedroom residence on Ravenshoe Road. Josh and Shannon MacNeel were the sellers. Arvest Bank backed the deal with a 30-year loan worth $350,000. City Title & Closing was the title agent. Jan Holland with Coldwell Banker Harris McHaney and Faucette in Bentonville represented the buyer. Dee Rodes with Portfolio Sotheby’s International Realty in Rogers represented the seller.

The 1.16-acre development was built in 2008. MacNeel paid $90,000 for the land in March 2007. Marc and Brenda Riney were the sellers.

Riney paid $75,000 for the lot in March 2004. Will and Libby Green were the sellers.

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.