Real Deals: Healthcare developer buys Rogers land for $6.1 million

Commercial land in Rogers on Promenade Boulevard east of Interstate 49 sold recently for $6.1 million.

Prime Medical Investment NWA LLC, an affiliate of Texas-based developer Prime Healthcare Properties, bought 9.3 acres near the Oak Street intersection. The purchase price equals $15.07 per square foot.

Margaret Molleston of Texas, through her EF Capital AR LLC, was the seller.

Philip Schmidt with Kelley Commercial Partners in Springdale represented the buyer. City Title & Closing in Fayetteville was the title agent.

The owner plans to develop the site to include a speculative medical office and wellness building.

NEW DAWN DEAL
New Dawn Rising II, led by Max and Dawn Bachman, recently secured a $3.7 million funding agreement from Fayetteville-chartered Arvest Bank.

The money is backing the construction of a 7,300-square-foot commercial building at 3707 W. Southern Hills Blvd. in Rogers.

The building will house a K9 Resort Luxury Pet Hotel franchise.

C.R. Crawford Construction of Fayetteville is the general contractor.

New Dawn bought the 1.27-acre lot from Cooper Communities Inc. in March 2022 for $450,000 ($8.13 per square foot).

ROGERS SELF-STORAGE
A 230-unit self-storage facility in Rogers changed hands recently for $3 million.

MyStorage North Rogers LLC, led by Bruce and Susanne Clinton (Earls Family Trust) and Robert and Mary Schmitt (Schmitt Family Revocable Living Trust), bought the 5.12-acre property at 1250 Commons Drive. Family Storage LLC, whose members include Lance and Kathryn Shaffer, was the seller.

Stone Bank in Little Rock backed the deal with a 28-year loan worth $5.64 million. Pulaski County Title was the title agent. Matt Imhoff with Cushman & Wakefield/Sage Partners in Rogers represented the buyer. Hugh Jordan with Bailey & Co. Real Estate-The Jordan Branch in Fayetteville represented the seller.

The property was built in 2021. It includes six single-story buildings and a combined 32,000 square feet. The property operates as a MyStorage.com location, a self-storage chain founded in 2017 with several Arkansas locations.

CENTERTON NEIGHBORHOOD
The city of Centerton recently issued six single-family building permits to MSJ Homes of Bentonville valued at a combined $2.61 million.

MSJ, led by Mike Jensen, is using the permits to build the first homes in a new neighborhood at 12910 Bush Road called Silver Leaf Estates.

Skylight Homes of Bentonville, led by Bapuji Vakkalagadda, is the property owner and developer. The company paid $1.42 million for the land (53 acres) in August 2019 and June 2020. The Hutcheson Living Trust (40 acres; $1.2 million) and Jacob and Christina Geurin (13 acres; $220,000) were the sellers. Fayetteville-based Signature Bank of Arkansas financed the land purchase. Halff Associates in Bentonville was the siteplan engineer.

The neighborhood will include two phases with a combined 202 lots. Home sizes will range from 2,200 to 3,300 square feet with a list price of approximately $215 per square foot.

Neighborhood amenities include community walking trails, children’s play area, clubhouse with exercise room and common areas, swimming pool and pet wash stations.

Ben Salmonsen with Salmonsen Group Realtors of Keller Williams Market Pro Realty in Bentonville is the neighborhood listing agent.

EASY ACQUISITION
A 3.1-acre industrial property in Rogers changed hands recently for $2.04 million.

J Allen Investments LLC, led by Jon Allen, bought the 20,767-square-foot office/warehouse property at 1510 Easy St. The purchase price equals $98.23 per square foot. Triple S LLC, whose members include Steven Shanks and Benton Smith, was the seller.

Simmons Bank in Lincoln backed the deal with a $1.97 million loan. Palmer Hays with Bennett Commercial Real Estate in Rogers represented the seller. Lee Ward with Realty Concepts Inc. represented the buyer.

The single-story building was built in 2000, and last changed hands in 2006 for $900,000.

Birdeye Printing was the previous owner/tenant but is downsizing to a new location.

NEW WAVE BUILDING
A 6,274-square-foot office building in Springdale changed hands recently for $1.37 million. The purchase price equals $218.36 per square foot.

New Wave Ventures LLC, managed by Heath Stanley, bought the single-story building at 4403 S. Thompson St. Springdale Business Center LLC, managed by Stephen C. Parker Jr., was the seller.

The Citizens Bank in Fayetteville backed the deal with a five-year loan worth $13 million. Waco Title Co. was the title agent. David Erstine and Hunter Groce with CBRE in Fayetteville were the listing agents.

Stanley and his wife Hannah Stanley own New Wave Wealth Advisors in Springdale. They plan to relocate to the new building in June from 4700 S. Thompson St. New Wave will occupy approximately 2,400 square feet. Goddard Design Group, led by Chris Goddard, occupies the remaining space.

The Stanleys started the company four years ago. The firm now has five advisers (the Stanleys, Tomek Siwiec, Jackie Rogers and Kelly Penn) and also leases office space in the Ledger office building in downtown Bentonville.

SONIC SITE?
A 3.81-acre land sale in Rogers closed recently for $520,000. The purchase price equals $3.13 per square foot.

Esch Inc., led by Pete Esch of Rogers, bought the land on Haxton Road west of the West Pleasant Grove Road/Arkansas Highway 112 intersection. The site is near the Scissortail neighborhood. Jon Simpson was the seller.

Allegiance Title Co. of Fayetteville was the title agent. Dan Smith with Colliers Arkansas in Rogers brokered the deal.

Esch is a Sonic Drive-In franchisee. He is the founder of Esch Group, which owns approximately 70 Sonic locations in eight states. Esch became a Sonic franchisee in 1970 when he bought a Sonic restaurant in Nevada, Mo.

The company did not respond to requests for comment about development plans.

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.