Real Deals: Walmart sells part of former home office for $19.9 million

A single-story, 77,795-square-foot office building of the former Walmart Home Office in Bentonville recently changed hands for $19.92 million. The purchase price equals $256 per square foot.

ABN Holdings LLC, owned by Steuart Walton and his brother Tom Walton, bought the building on 3.12 acres at 608 S.W. Eighth St. An adjacent three-story, 161,340-square-foot office building on 4.67 acres at 508 S.W. Eighth St. was also transferred to ABN Holdings on the same day. Runway Group, a diversified holding company based in Bentonville and led by the Walton brothers, recently said it would tear down buildings and begin site work for a mixed-use development at the two addresses.

The Walton family plans to establish a university at the former home office site, along with the mixed-use development. Steuart Walton and his brother Tom Walton are the grandsons of Walmart founders Helen and Sam Walton and the sons of Jim Walton, chairman of Arvest Bank Group.

Walmart was the seller of the Eighth Street properties. Waco Title Co. was the title agent.

In April 2022, Walmart disclosed it would sell the former home office site to ABN Holdings for $60 million. The nearly 65-acre site had grown since established by Sam Walton in the early 1970s.

Washington County Estate
A 13,400-square-foot, single-family home east of Fayetteville has a new owner after a recent transaction worth $5.4 million. The purchase price equals $403 per square foot.

Matthew and Lorenza Dunnigan of Miami bought the home on 5.01 acres on East Bridgewater Lane in the upscale Bridgewater Estates neighborhood. The sellers were Stuart and Melaine Scott. The buyers were represented by Kristen Boozman with Portfolio Sotheby’s International Realty in Rogers. The sellers were represented by Jana-Wrenay Elkins with Gabel Realty in Fayetteville. City Title & Closing LLC was the title agent.

The five-bedroom, six-bathroom home was built in 2020, has an attached six-car garage and heated pool. The Scotts paid $340,000 for the land in May 2018. The seller was Clinton Bennett.

Airport Land
Nearly 100 acres of pasture and timberland near the Northwest Arkansas National Airport (XNA) in Benton County recently sold for $4.59 million. The purchase price equals $46,100 per acre.

XNA bought the 99.65-acre property at 1899 Norris Road, northeast of the terminal. The airport has been working to acquire property to its east for a planned runway.

The sellers were Carolyn Grimsley and M & P Venture LLC, whose authorized agent is Paul Mahan of Bentonville. City Title & Closing LLC was the title agent.

Pea Ridge Property
More than 68 acres of pasture and timberland along Lee Town Road in Pea Ridge recently sold for $4.56 million. The purchase price equals $67,000 per acre.

Watts, Okla.-based Garman Real Estate LLC, whose member is Rodney Garman, bought 68.08 acres at 12690 Shrader Road. The sellers were Jerry and LaDonna Beaver.

Pine Bluff-based Simmons Bank provided a one-year loan of $3.33 million. Allegiance Title Co. was the title agent.

Fayetteville Retail
Nearly 24,000 square feet in retail space in south Fayetteville recently sold for $3.5 million. The purchase price equals $146 per square foot.

A limited liability company managed by Cameron Clark, founder of Fayetteville-based CJC Development, bought the 23,958-square-foot property, including a former shopping center and Dollar General, on 2.1 acres at 1107 S. School Ave. Leslie Berman of Encino, Calif., was the seller.

Pine Bluff-based Simmons Bank provided a five-year loan of $6.14 million. City Title & Closing LLC was the title agent.

Clark is working with Lefler Capital and Burke Larkin to redevelop the property into South School Strip, offering a mix of retail and restaurant spaces. Designers are Matt Poe and Shane Maloney of Fayetteville-based Stoke Architecture. Anchor tenant Fossil Cove Brewing Co. plans to open a 4,500-square-foot store there this fall. Hat Rack Real Estate in Fayetteville is handling leasing.

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