Real Deals: Walmart pays $3.1M for Walton Boulevard acreage in Bentonville

A 4.6-acre land sale along Walton Boulevard in Bentonville tipped the scales at $3.1 million. The purchase price equals $15.47 per square foot.

Walmart Inc. bought the property at 1110 S.E. Walton Blvd. Jerry Lovell, trustee of the Lovell Revocable Trust, was the seller. City Title & Closing was the title agent.

The property includes multiple vacant structures but is mostly pastureland. This past October, city planners rezoned the property from agriculture to general commercial.

The deal doubles Walmart’s land holdings at the southeast corner of the Southeast J Street/Walton Boulevard intersection. The retailer demolished two empty buildings at an adjacent 4-acre site last summer. The buildings knocked down were Walmart’s former grocery pickup location at 3701 S.E. Dodson Road and a former bank branch at 1100 S.E. Walton Blvd.

Walmart opened the 15,129-square-foot grocery pickup concept store, the retailer’s first, in 2014. It closed in February 2023. The retailer paid $3.7 million for the 3,818-square-foot bank branch in 2015. Previous tenants were Parkway Bank and Chambers Bank. It’s been empty since December 2016.

A Walmart spokesman said there are no imminent plans to develop the site.

MEDICAL OFFICE
The city of Bentonville recently issued a building permit to CR Crawford Construction of Fayetteville valued at $3.45 million.

CR Crawford is using the permit to build a 14,301-square-foot medical office building at 3700 S.E. Dodson Road.

Dallas-based MedCore Partners is the project owner and developer. GI Alliance will be the tenant. The single-story building will have clinic space and an ambulatory surgery center that includes an operating room, three endoscopy rooms, pre-op and post-anesthesia care units and miscellaneous support spaces.

MedCore Partners, through its MCP Bentonville Investors LLC, paid $1.17 million for the 1.55-acre site in June 2023. Southern Pioneer Property & Casualty Insurance Co. was the seller. The purchase price equaled $17.40 per square foot.

The American National Bank of Texas is financing construction with a $4.69 million loan. Dallas-based Corgan is leading the building design.

CEI of Bentonville is the civil engineer, Meza Engineering Inc. of Addison, Texas, is the MEP engineer and Hart Gaugler of Dallas is the structural engineer.

NORTH WALTON SHOPPES
A 10,040-square-foot retail center in Bentonville changed hands recently for $2.31 million. The purchase price equals $230 per square foot.

BVI One LLC, managed by Hunter Banwarth, bought the North Walton Shoppes at 400 N. Walton Blvd. Gray Horse II LLC, an investment group managed by Steve Lane, was the seller.

First National Title in Bentonville was the title agent. Nate Koenigseder of RE/MAX Real Estate Results in Bentonville represented the buyer. Lane and Tom Rystrom of Colliers Arkansas in Rogers brokered the deal for the seller.

Tenants include Trailhead Taproom, OZ Suspension, Ford Dental Care and others.

Gray Horse paid The Calix Family Trust $1.35 million for the single-story building in February 2021. The property underwent minor exterior architectural renovations, led by Bentonville architect Dave Burris.

“Colliers recognized a great opportunity for our investors, and I’m proud of our entire team for seeing the vision and giving it life again through great property management, leasing and marketing,” Lane said. “Our team was involved from start to finish, and it’s a great story to tell our investors and clients.”

Colliers Arkansas will retain management and leasing of the property.

VALVOLINE LOCATION
A 1,720-square-foot empty retail building in Fayetteville sold recently for $1.31 million. The purchase price equals $761 per square foot.

Ozark Lubes Realty LLC, a Valvoline franchisee from Massachusetts, bought the 0.66-acre property at 2518 W. Martin Luther King Jr. Blvd. near the Interstate 49 intersection. Prospect Investments LLC, managed by Rahul Gilani, was the seller.

Cameron Clark with Bennett Commercial Real Estate in Rogers represented the buyer. Jason Keeling with Steve Fineberg and Associates Inc. of Bentonville represented the seller.

The new owner will raze the building and build a Valvoline Instant Oil Change service location.

Prospect Investments paid $840,000 for the building in June 2019. Vape & Glass Emporium was the most recent tenant.

DRAKE DEAL
A 2.72-acre commercial lot in Fayetteville near Interstate 49 sold recently for $1.2 million. The purchase price equals $10.13 per square foot.

DPN Properties LLC bought the property at 1475 Drake St. Cook Land Group LLC, managed by Sam Cook, was the seller.

Jenna Gill with CRD Real Estate and Development in Rogers was the listing agent. Waco Title Co. of Springdale was the title agent.

Cook Land Group paid $950,000 for the land in July 2021. Dennis Nelms was the seller.

HAAS HALL RELOCATION
Haas Hall Academy has signed a lease to relocate its Rogers campus to The Peaks office building at 2807 Ajax Ave.

The open-enrollment charter school signed a lease for 21,762 square feet to occupy the space formerly occupied by John Brown University and PB2 Architects.

Matt Mozzoni with Cushman & Wakefield/Sage Partners in Rogers and Clint Morris of Navigate Real Estate in Fayetteville represented Haas Hall in the transaction. JP Huntington and Butch Gurganus with Focus Commercial Real Estate in Bentonville represented the landlord. A limited liability company whose members include Chambers Bank chairman and CEO John Ed Chambers III and Gerald Johnston, a former Tyson Foods Inc. chief financial officer, owns the 43,524-square-foot Ajax Avenue building.

Haas Hall’s Rogers campus is at 121 W. Poplar St. The relocation will take place this summer.

“Matt and Clint, as well as our internal board, did a great job in finding, negotiating and executing the transaction on our behalf,” Haas Hall founder and superintendent Martin W. Schoppmeyer Jr. said. “We are excited to open our more accessible facility this summer.”

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.