Real Deals: Commerce Construction building Sterling Bank location in Bentonville

The city of Bentonville recently issued a building permit to Commerce Construction of Springdale valued at $3.91 million.

Commerce is using the permit to build a 15,000-square-foot building at 1001 S. Walton Blvd. Other project partners are Emma Lambeth Designs (interior design services), Crafton Tull (civil engineering services) and Case Engineering Inc. (structural engineering services).

Missouri-based Sterling Bank, a $1.37 billion asset lender based in Poplar Bluff, is the developer and tenant. The company opened similar branches in Fayetteville in 2022 and in Rogers earlier this year.

The bank paid $1.55 million for the 1.7-acre lot ($20.93 per square foot) earlier this year. Redbud Holdings LLC was the seller.

The three-story building 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 the redevelopment, which now includes an 11,000-square-foot retail strip center anchored by Starbucks and Wisconsin-based Culver’s. Arkansas-based Splash Car Wash is under construction.

SPRINGDALE SALE
A 17,528-square-foot commercial building in Springdale changed hands recently for $1.65 million. The purchase price equals $94.13 per square foot.

The Springdale School District bought the building at 104 S. Thompson St. Barbre Group Investments LLC, managed by Helen Stephens, was the seller.

Paul Esterer and Zack Kifer with Moses Tucker Partners in Bentonville brokered the deal. Realty Title & Closing Services was the title agent.

Locke Supply Co. will remain the building tenant through a lease agreement. The 1.93-acre site is near Springdale High School. The district will use the property for expansion, but there are no imminent plans.

LOWELL LAND
A 6.5-acre commercial land sale west of Interstate 49 in Lowell registered $1.64 million. The purchase price equals $5.81 per square foot.

Greenway Center LLC, led by Cameron Magee, bought the property on North Goad Springs Road, north of Harps Food Stores. Harps was the seller.

Searcy-based First Security Bank backed the deal with a 19-month loan worth $1.39 million. City Title & Closing of Fayetteville was the title agent. Zack Kifer with Moses Tucker Partners in Bentonville represented the buyer. Matt Imhoff with Cushman & Wakefield/Sage Partners in Rogers represented the seller.

Magee is the founder and owner of event production company avad3. The company, through Magee Enterprises of NWA LLC, maintains Lowell headquarters in a 10,100-square-foot building at 212 Presidential Ave.

Magee said he plans to build a larger headquarters on the North Goad Springs Road property.

DOWNTOWN FAYETTEVILLE
A downtown Fayetteville commercial building is now tenant-owned following a $1.05 million sale.

Wood Stone Ventures LLC, registered to Clayton Suttle, bought the 4,044-square-foot Fayetteville Mill District building at 557 S. School Ave. The purchase price equals $259.64 per square foot. The Mill District LLC, led by Thomas Bourdeaux III, was the seller.

The Bank of Fayetteville, a division of Farmers & Merchants Bank, backed the deal with a five-year loan worth $892,500. City Title & Closing of Fayetteville was the title agent.

Wood Stone Pizza is the building tenant. Suttle co-owns the business with Jerrmy Gawthrop.

Real Deals submissions: Submit tips about Northwest Arkansas 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.