Bentonville developer Blue Crane ventures into Bella Vista with $33.9M acquisition that includes Sugar Creek Center
by March 8, 2024 12:45 pm 35,210 views
Blue Crane, the Bentonville developer, has completed a real estate acquisition for approximately 54 acres in Bella Vista in three separate deals totaling $33.9 million, laying the groundwork for future developments.
The property acquired lies east of U.S. Highway 71 Business and includes the 9.5-acre, 48,000-square-foot Sugar Creek Shopping Center. It’s a multi-tenant shopping center anchored by a grocery store, Allen’s Food Market.
The remaining land is north and east of the shopping center.
In the bulk of the transaction, Blue Crane paid $31.9 million in two deals to developer Cooper Communities Inc. of Rogers, which began developing Bella Vista as a retirement community in the 1960s. In the third transaction, Blue Crane acquired a gas station at 2811 Bella Vista Way from WillPett Investments LLC for $2 million.
According to Benton County property records, the transactions closed in late January.
Blue Crane is the real estate acquisition and development arm of Runway Group, a diversified holding company based in Bentonville and led by Steuart Walton and his younger brother, Tom Walton. They are the grandsons of Walmart founder Sam Walton and the sons of Arvest Bank Group Inc. chairman and CEO Jim Walton.
A Blue Crane spokesman confirmed the Bella Vista deals to the Northwest Arkansas Business Journal but said no imminent development plans exist. The company offered the following statement attributed to Tom Walton.
“Growing up here, Bella Vista was my backyard. We loved exploring all the nooks and crannies of this special place. As the region becomes a premier destination for cycling, golf and outdoor recreation, we want to preserve Bella Vista’s tradition of connecting people to nature through our investments locally.”
Blue Crane’s interest in outdoor recreation and commercial development is no secret, and the company sees an opportunity for more of both in Bella Vista. Examining past Blue Crane developments in Bentonville may offer an idea about the type of potential projects in Bella Vista.
Blue Crane’s diversified work includes hospitality, mixed-use, retail and residential projects. Some notable projects include 8th Street Market, Skylight Cinema, Crystal Flats, Climb Bentonville, The Record and Blake St. House.
“I feel very positive about Blue Crane’s interest in real estate in Bella Vista,” Mayor John Flynn said. “I believe that they will be an effective partner and a good corporate citizen, and I am pleased that they see potential in Bella Vista. Blue Crane is a group that believes in working with communities and is sincere about environmentally responsible development.”
Blue Crane is also working to develop a 160-acre cycling-focused outdoor recreation facility in Bentonville. The land is north of Interstate 49, west of Slaughter Pen Road and south of Ford Springs Road.
A Blue Crane spokesman told the Northwest Arkansas Business Journal that one of the company’s top considerations is to open additional business opportunities in Bella Vista. To underscore that point and allay any possible concerns, the spokesman said Blue Crane had already extended Allen’s lease in the Sugar Creek Center.
“We look forward to partnering with the city and the POA [Bella Vista Property Owners Association] and working alongside everyone who makes Bella Vista a vibrant place to live and play,” Blue Crane vice president Farris DeBoard said.