Real Deals: Rogers warehouse finds buyer in $13.3M transaction

by Paul Gatling ([email protected]) 1,590 views 

The sale of a 19-acre industrial property in Rogers tipped the scales recently at $13.3 million.

Petra Enterprises LLC, managed by Courtney Little, bought the 160,798-square-foot building on 15.1 acres at 1201 N. Dixieland Road for $13 million. Wood Specialty Products Inc. was the seller. Petra paid Dogwood Development LLC $300,000 for an adjacent 3.9-acre lot.

Arvest Bank in North Little Rock provided financing with a five-year, $10.57 million loan. Waco Title Co. in Springdale was the title agent.

Matt Strom and Jordan Jeter with Kelley Commercial Partners in Springdale represented the seller. Kevin Kestner and Mac Tatman with Kelley Commercial Partners represented the buyer.

Approximately 44,000 square feet of the building is leased. The buyer plans to occupy 91,000 square feet. The remainder is available for lease.

Little is president and general counsel of Ace Glass, a residential and commercial glass firm headquartered in Little Rock. The company previously had an office in Lowell but sold the 16,800-square-foot building in February for $2.35 million.

PINNACLE OFFICE
Commercial development firm Colliers Arkansas in Rogers broke ground recently on a $13 million Class A office building in the city’s Pinnacle Hills area west of Interstate 49.

The Collection at Uptown is a three-story, 30,777-square-foot building at 3500 S. 55th St, west of the South Pinnacle Hills Parkway and Northgate Road intersection.

Nabholz in Rogers is the general contractor. SCM Architects in Little Rock designed the building. Simmons Bank of Pine Bluff is financing the construction.

Clothing retailer Walker Brothers and Colliers Arkansas will relocate their existing Rogers offices to the new building when it’s completed in early 2024. Walker Brothers will lease approximately 4,100 square feet on the first floor. Colliers Arkansas will occupy approximately 4,500 square feet on the second floor.

Colliers Arkansas will manage and lease the building. The company paid $1.21 million for the land (1.74 acres) in June 2022. The Plaza at Pinnacle Hills LLC, managed by real estate investor John Schmelzle of Rogers, was the seller.

BENTONVILLE ESTATE
A 47-acre, European-style estate home in Bentonville changed hands recently for $3.3 million.

Crowhow LLC, led by Jay Howard, bought the 15,039-square-foot gated residence on East McNelly Road. The purchase price equals $219 per square foot. Jeffrey and Jodi Bay were the sellers.

Generations Bank of Rogers financed the deal with an 18-month loan worth $3.63 million. City Title & Closing of Fayetteville was the title agent. Paul Esterer with Moses Tucker Partners in Bentonville was the listing agent.

Construction of the furnished home, led by developer Jim Brassart, was completed in 2008. The residence includes a 1,200-bottle wine cellar, 100-yard underground shooting range and safe room with a bank vault door.

The property also includes a 4,909-square-foot, six-stall horse barn and a 6,000-square-foot workshop.

Bay paid $2.5 million for the property in December 2020. Walker Colt LLC, whose members include John Schmelzle and George Westmoreland, was the seller.

Walker Colt paid Arvest Bank $1.5 million for the property in July 2011.

KARAS CLAIM
A 13,143-square-foot office building in Lowell changed hands recently for $2.2 million. The purchase price equals $167.38 per square foot.

Lowell Medical Center LLC, led by Rob Karas, bought the single-story building at 212 S. Lincoln St. G&C Family LLC, managed by Jason Bailey, was the seller.

Arvest Bank in Springdale backed the deal with a 20-year, $1.76 million loan. Realty Title & Closing in Springdale was the title agent. Tim Moldenhauer with The Moldenhauer Group of RE/MAX Associates in Fayetteville represented the buyer. Randy Crossno, the principal broker of Capstone Commercial Advisors in Rogers, was the listing agent.

Karas, principal owner of Karas Healthcare, will relocate the clinic’s existing Lowell location (114 Harrison Ave.) to occupy half of the Lincoln Street building. Friendship Community Care and Engaged Ministries Church also occupy space in the building.

WIENERSCHNITZEL LAND
A 1.3-acre commercial lot in Siloam Springs changed hands for $1.15 million. The purchase price equals $20.40 per square foot.

Land of Siloam Springs LLC, led by Brian Shinall of Amarillo, Texas, bought the land at the southeast corner of U.S. Highway 412 and South Carl Street. Cross Capital Ventures, a development holding company managed by Randy Crossno, was the seller.

City Title and Closing of Fayetteville was the title agent. Shinall and Crossno, principal broker of Capstone Commercial Advisors in Rogers, brokered the deal.

Shinall, a Springdale native, owns Shinall Group commercial real estate firm in Amarillo. He’s also the business manager of Tejas Dogs LLC, a Wienerschnitzel franchisee. Tejas Dogs has agreed to build 20 new restaurants for the California hot dog restaurant chain throughout Arkansas over the next 12 years.

Wienerschnitzel, the nation’s largest hot dog chain, was founded in 1961 and now has more than 330 franchise locations in 10 states.

FOX FIND
The city of Bentonville recently issued a commercial building permit to HTP Contractors of Fayetteville valued at $190,000.

HTP, led by Scott Hill, is using the permit for a 2,100-square-foot tenant infill project at 409 S.W. B St. BUF Studio in Bentonville and Starch Creative in Costa Mesa, Calif., designed the space.

California-based apparel company Fox Racing Inc. is the project developer and is leasing the space for its first Arkansas retail store. Bville A Street LLC, led by TJ Lefler, is the building owner.

Fox Racing has other retail stores in California (Edinburg, Gilroy, Irvine, Livermore, Oshkosh, Pala, and Temecula) and Las Vegas.

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.