Real Deals: 61 acres in Mills Farm sell for more than $12 million
by February 27, 2025 9:52 am 823 views
More than 61 acres southwest of Pleasant Grove Road and Interstate 49 in Rogers recently changed hands for $12.22 million. The purchase price equals $198,977 per acre.
North Little Rock-based Heartland Mills Farm LLC, whose registered agent is Rogers attorney Jason N. Bramlett, and Shared Services LLC, organized by John Daman Schuber, bought 61.43 acres of the pastureland site known as Mills Farm. Schuber is co-founder of Joplin, Mo.-based homebuilder Schuber Mitchell Homes. Heartland Mills Farm has 89.74% interest, while Shared Services has 10.25% interest in the property. Shared Services shares an address with Joplin-based residential developer Land Development Group.
The sellers were Mike E. Mills, Donald G. Mills, Joe S. Mills and Douglas J. Mills. City Title & Closing LLC in Fayetteville was the title agent.
A 61.73-acre portion of Mills Farm sold in the fall. The 140-acre farm was placed back on the market for $35 million in 2023. It was previously listed about seven years ago. The listing agents were Nicholas Kern and Jason Moles, commercial agents for Weichert, Realtors-The Griffin Co.
Plans for the property included apartments, hotels, restaurants, stores and other amenities comparable to those in the Pinnacle Hills area to the north.
The Mills family sold 48 acres there to the University of Arkansas for Medical Sciences for $8 million in 2021.
Springdale Storage
A 132,863-square-foot storage facility northeast of Interstate 49 and Elm Springs Road in Springdale recently was acquired for $9.25 million. The purchase price equals $69 per square foot.
FreeUp Storage Springdale Elm Springs Road LLC, managed by Scott Lewis, bought 4206 Elm Springs Road. Lewis is co-founder and CEO of Golden, Colo.-based real estate development company Spartan Investment Group LLC. The seller was A.J. Properties #1 LLC, managed by Brian K. Johnson. Fayetteville-chartered Arvest Bank provided a five-year loan for $13.56 million.
The 9.21-acre property comprises multiple buildings with over 790 storage units and office space, built between 1996 and 1999.
Benton County Land
Over 222 acres of rural land south of Interstate 49 and east of Arkansas Highway 279 in Benton County sold recently for $7.89 million. The purchase price equals $35,452 per acre.
Harpua Holdings LLC, a Delaware limited liability company, purchased 222.72 acres in adjacent lots at Highway 279 and Galyean Stables Road. Coughlin Family LLC, managed by Cynthia H. Coughlin, was the seller.
The properties included a 1,128-square-foot, single-family home, multiple sheds and a barn. City Title & Closing LLC in Fayetteville was the title agent.
Rogers Hotel
The 130-room Candlewood Suites Rogers/Bentonville has a new owner after a sale worth $7.79 million. The purchase price equals $59,976 per room.
Yorba Linda, Calif.-based KBI Investments Inc., whose managing member is Bawa Capital LLC, purchased the hotel at 4601 W. Rozell St. in Rogers. Darshan Bawa is managing member of Bawa Capital. The seller was Bentonville CW Hospitality LLC, a Delaware limited liability company whose authorized signatory is Robert S. Cole. Salt Lake City-based Celtic Bank Corp. provided a five-year loan for $7.22 million.
Built in 2001, the 71,919-square-foot hotel comprises two four-story buildings on separate lots near the Scottsdale Center.
Bentonville CW Hospitality purchased the hotel for $8.17 million in October 2017. Candlepoint Rogers LLC was the seller.
Washington County Farm
An 80-acre broiler farm in western Washington County recently sold for $4.2 million. The purchase price equals $52,500 per acre.
Bethel Broiler Farm LLC, whose members include Ceu Lian and Ely Dim of Summers, purchased the farm on Old Wedington Road, south of Arkansas Highway 16. The sellers were Phong Quoc Phu and Minh Thu Nguyen.
Built in 2016, the farm comprises a 1,695-square-foot single-family home, six 33,000-square-foot poultry houses, and various smaller buildings and sheds.
Springdale-based Legacy National Bank provided a seven-year, $400,000 loan; a 12-year, $2.6 million loan; and a 15-year, $2.25 million loan. The U.S. Department of Agriculture Farm Service Agency provided a 20-year, $600,000 loan.
Editor’s note: Information in this report was gathered with assistance from the office of Benton County Assessor Roderick Grieve.