Real Deals: Commercial acreage of Mills Farm in Rogers sells for $12 million
About 62 acres of commercial land southwest of Pleasant Grove Road and Interstate 49 in Rogers recently changed hands after a transaction worth $12.18 million. The purchase price equals $197,375 per acre.
Hillcrest Holdings LLC, managed by Gary Nichols, bought 61.73 acres of the 140-acre pastureland site known as Mills Farm. The sellers were Donald G. Mills, Joe S. Mills, Douglas J. Mills, Michael E. Mills, and two trusts, of which Douglas J. Mills is the trustee.
The purchased property comprised three lots with a 1,330-square-foot single-family home, barn and sheds. TitleTech of Arkansas LLC in Rogers was the title agent.
Mills Farm was placed back on the market for $35 million last year. It was previously listed about six years ago. The listing agents are Nicholas Kern and Jason Moles, commercial agents for Weichert, Realtors-The Griffin Co.
Other portions of Mills Farm are expected to be sold in the coming months. Plans include apartments, hotels, restaurants, stores and other amenities comparable to those in the Pinnacle Hills area to the north.
In 2021, the Mills family sold 48 acres south of the recently acquired site to the University of Arkansas for Medical Sciences for $8 million.
Bentonville Properties
More than 2 acres of residential land in downtown Bentonville recently sold in separate transactions for a combined $5.14 million. The purchase price equals $2.1 million per acre.
Cindy Springs LLC, an affiliate of Walton Enterprises in Bentonville, purchased 2.44 acres east of the Benton County Administration Building. The acquired property comprises six adjacent lots, with Northeast Second Street bordering the property to the north and East Central Avenue to the south.
Northeast Second LLC and 410 NE 2nd St LLC, whose general counsel is Madeline Taylor, were the sellers. Taylor is vice president of company operations for Bentonville-based Blue Crane, the real estate acquisition and development arm of Bentonville holding company Runway Group. Steuart Walton and Tom Walton, CEO of Runway Group, lead Blue Crane. Waco Title Co. in Springdale was the title agent.
In separate deals from 2013 to 2019, the sellers acquired the property for a combined $2.52 million.
Foxfire Apartments
An 82-unit apartment complex in Springdale was recently acquired for $5 million. The purchase price equals $60,975 per unit.
Springdale-based Pleasant Place LLC, managed by Ronald Davidson II and Kenneth Hall, purchased Foxfire Apartments on 4 acres at 1701 S. West End St. Built in 1980, the 60,112-square-foot apartment complex includes eight two-story buildings, comprising one- and two-bedroom apartments and two-bedroom townhomes.
The seller was Bella Vista-based Noth LLC, whose sole member is Nancy Cullins. Legacy National Bank of Springdale provided a five-year $4.65 million loan. Henley LLC, a Missouri company with a Springdale address, offered a $1 million loan.
Realty Title & Closing Services LLC in Springdale was the title agent. In October 2021, Noth purchased the property for $4.5 million.
Centerton Storage
A 66,750-square-foot storage facility has a new owner after a purchase worth $4.27 million. The purchase price equals $63 per square foot.
Rogers Equity Group II LLC, led by Patrick Byrd and Carl Baumeister, bought the MyStorage.com storage facility on 6 acres at 2069 W. Centerton Boulevard. Built in 2024, the facility includes eight single-story buildings ranging in size from 6,800 to 10,790 square feet.
Little Rock-based Coffman Storage Group LLC, managed by Marshall Coffman, was the seller. Coffman is president of Coffman Investment Co., which shares the seller’s address. Fayetteville-based Signature Bank of Arkansas provided a five-year loan for $4.1 million. City Title & Closing LLC in Fayetteville was the title agent.
In November 2021, Coffman Storage Group purchased the property for $655,000.
Editor’s note: Information in this report was gathered with assistance from the office of Benton County Assessor Roderick Grieve.