Real Deals: Rogers group buys Pea Ridge storage facilities for $6.57 million

Adjacent storage facilities comprising 93,431 square feet of commercial space in Pea Ridge recently changed hands for a combined $6.57 million. The purchase price equals $70 per square foot.

Rogers Equity Group VII LLC, whose managers include Patrick Byrd and Carl Baumeister, purchased 574 Weston St., 518 Weston St., and 450 Weston St., all on 7.5 acres.

The sellers were Bryan Cannon Gibson and Cain & Cain Properties LLC, managed by Rick Cain, of Bryant. Gibson sold 518 Weston St. and 450 Weston St. (5.49 acres) for $5.22 million, while Cain & Cain sold 574 Weston St. (2.01 acres) for $1.35 million.

Fayetteville-based Signature Bank of Arkansas provided five-year loans worth a combined $4.3 million. City Title & Closing LLC of Fayetteville was the title agent.

In May 2022, Cain & Cain acquired 574 Weston St. for $1.55 million. In June 2017, Gibson purchased 518 Weston St. and 450 Weston St. for $3.6 million.

Springdale Storage
A Denver limited liability company is the new owner of an 80,972-square-foot storage facility in Springdale after an acquisition worth $4.69 million. The purchase price equals $57 per square foot.

VWI Springdale LLC, managed by VanWest Fund Manager LLC, purchased 3924 S. Old Missouri Road and 3956 S. Old Missouri Road, all on 4.22 acres. VanWest is managed by Wade Buxton, principal at Denver-based VanWest Partners. Buxton leads the company’s operations and acquisition strategy. Since he joined the firm in 2014, VanWest has completed over $375 million in acquisitions on behalf of investors, spanning more than 3 million square feet of self-storage space.

Northlake Storage LLC, managed by Bruce Clinton, was the seller. SMC VWP LLC of Denver provided a three-year loan of $4.35 million. In September 2017, Northlake acquired the property for $1.7 million.

Ford Springs Property
Three lots comprising 21.94 acres north of Interstate 49 and Bentonville sold recently for $3.25 million. The purchase price equals $148,131 per acre.

The Martin Family Revocable Living Trust, whose trustees include Bobby Martin and Marjorie Martin, purchased the property on West Ford Springs Road. The property comprises a 3,288-square-foot home and about 40,000 square feet of sheds, storage and other buildings.

The seller was The McDaniel Revocable Trust, whose trustee is Christa McDaniel. Waco Title Co. in Springdale was the title agent.

Eighth Street Land
A Fayetteville-based land management group recently purchased two lots comprising 11.35 acres of commercial property in Rogers for $3.1 million. The purchase price equals $273,127 per acre.

BH Land MGMT Group LLC, managed by John Benninghoff of Fayetteville, acquired 2535 S. Eighth St. and a similar-sized lot to the east along West Post Road.

The seller was Huntsville-based Easterling Wood Products Inc., whose president is Gary Easterling. The Bank of Fayetteville, a division of Stuttgart-based The Farmers & Merchants Bank, provided a one-year loan of $2.79 million. Realty Title & Closing Services LLC in Springdale was the title agent.

Harvest Purchase
Harvest Community Church Fayetteville, led by senior pastor Benjamin Wilson, recently acquired 12,690 square feet of church building space at 4107 N. Steele Boulevard for $3 million. The purchase price equals $231 per square foot.

The 1.72-acre property includes two buildings built in 2010.

The seller was Southern Sand LLC, led by Patrick Harris. Springfield, Mo.-based Foundation Capital Resources Inc. provided a 20-year loan of $2.24 million, and Southern Sand provided a seven-year loan of $600,000. Advantage Title & Escrow in Bentonville was the title agent.
In December 2015, Southern Sand acquired the property for $1.62 million.

Editor’s note: Information in this report was gathered with assistance from the office of Benton County Assessor Roderick Grieve.