Real Deals: Mills Farm land in Rogers sells for $4.49 million
by May 9, 2025 11:48 am 3,684 views
About 17 acres of pasture southwest of Interstate 49 and Pleasant Grove Road in Rogers recently changed hands after a transaction worth $4.49 million. The purchase price equals $265,000 per acre.
Hillcrest Holdings LLC, managed by Gary Nichols, bought 16.96 acres of the 140-acre pastureland site known as Mills Farm. Hillcrest Holdings bought 62 acres of Mills Farm for $12.18 million in November.
The sellers were Donald G. Mills, Joe S. Mills, Laura L. Mills, Douglas J. Mills, and Mike Mills, whose authorized agent is Rhonda Mills. Russellville-based First State Bank provided a five-year loan of $4.51 million. Allegiance Title in Fayetteville was the title agent.
Mills Farm was placed back on the market for $35 million in 2023. The listing agents are Nicholas Kern and Jason Moles, commercial agents for Weichert, Realtors-The Griffin Co. The buyer was represented by Ben Salmonsen, vice president and executive broker for Salmonsen Group Realtors of Keller Williams Market Pro Realty in Bentonville.
Property plans include apartments, hotels, restaurants, stores and other amenities comparable to those in the Pinnacle Hills area to the north.
In January, 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 Mills Farm. Schuber is co-founder of Joplin, Mo.-based homebuilder Schuber Mitchell Homes. Shared Services shares an address with Joplin-based residential developer Land Development Group.
The Mills family sold 48 acres there to the University of Arkansas for Medical Sciences for $8 million in 2021.
Springdale Apartments
A 54-unit apartment complex east of South Thompson Street (U.S. Highway 71B) in Springdale has a new owner after a recent transaction worth $4.4 million. The purchase price equals $81,481 per unit.
New York-based Vantage RE Holdings LLC, managed by Alexander Roth and Karina Sosa, bought Vantage Point Apartments at 502 Black Oak Ave.
The sellers were Tiel Tree LLC, led by Darren Printz, and First Story LLC, led by Jim Bryan. Printz is president of Texas-based Manta Oil & Gas Corp. Springdale-based Legacy National Bank provided a five-year loan of $4.25 million. Realty Title & Closing Services LLC in Springdale was the title agent.
Built in 1982, the two-story, 41,664-square-foot apartment complex is on 5 acres and comprises one- and two-bedroom units.
First Story acquired 25% interest in the property in separate transactions for a combined $750,000 in December 2016. Printz Ltd., led by Darren Printz, paid $1.5 million for the property in November 2013. Vantage Point Apartments was the seller.
Fayetteville Apartments
A 38-unit apartment complex on West Deane Street in Fayetteville recently sold for $3.8 million. The purchase price equals $100,000 per unit.
Bentonville-based Templeton Property Co., led by Casey Kleinhenz, bought Templeton Place Apartments at 1758 N. Templeton Place. Kleinhenz is executive director of Community Development NWA, a Bentonville-based developer, builder and manager of affordable housing.
The seller was Templeton Apartments LLC, managed by Kenneth N. Hall. City Title & Closing LLC in Fayetteville was the title agent.
Built in 2005, the two-story, 14,112-square-foot apartment complex is on 0.91 acres and comprises one-bedroom units. Templeton Apartments paid $2.3 million for the property in March 2024. The seller was Volunteer Holdings LLC.
Springdale Buildings
Nearly 34,000 square feet of commercial buildings on Arkansas Highway 264 in Springdale were recently acquired for $3.5 million. The purchase price equals $103 per square foot.
Huntsville-based Josh Thompson Properties LLC, managed by Josh Thompson, bought the Precision Service & Sales buildings at 650 Highway 264 West. Precision Service & Sales provides heavy-duty equipment rental and service. Thompson was president of Huntsville-based poultry carrier Lew Thompson & Son Trucking Inc.
Chattanooga, Tenn.-based logistics provider Covenant Logistics Group Inc. acquired Lew Thompson & Son Trucking for about $100 million in April 2023. The seller was Helps LLC, whose managing member is Roger Pringnitz.
The 9.93-acre property comprises multiple single-story buildings, including warehouses, offices and a service repair garage. Helps paid $1.27 million for the property in July 2006.
Editor’s note: Information in this report was gathered with assistance from the office of Benton County Assessor Roderick Grieve.