Real Deals: Bentonville pasture sells for $5.5 million

More than 36 acres of pasture in south Bentonville have a new owner after a recent transaction worth $5.5 million. The purchase price equals $151,975 per acre.

An affiliate of The Calara Group, a Fayetteville-based real estate development company, bought the 36.19-acre property, northwest of Arkansas Highway 112 and West Scoggins Road in Bentonville.

The seller was Cottages at Simpson Farms LLC, a Delaware-registered entity whose authorized signatory is Steven Strazzella.

Cottages at Simpson Farms bought the property in a larger transaction for $3.66 million in December 2023. The Simpson Family Revocable Trust, whose trustees include Jon Simpson, Steven Simpson, James Simpson and Pamela Mortensen, was the seller. Cottages at Simpson Farms retained about 12 acres of the 50-acre land acquisition in 2023.

Rogers Apartments
A 60-unit apartment complex adjacent to Walmart on West Walnut Street in Rogers recently sold for $4.7 million. The purchase price equals $78,441 per unit.

An affiliate of Brooklyn, N.Y.-based Read Property Group LLC, led by Robert Wolf, bought Meadows of Rogers on 8 acres at 2000 W. Savannah Drive.

The seller was an affiliate of Natural Capital, a Little Rock-based investment firm whose managing partner is Brad Henry.

In separate transactions, Read Property affiliates recently acquired apartment complexes comprising 274 units in Fayetteville, Springdale and Rogers for $17.82 million. The sellers were Natural Capital affiliates.

Built in 2012, Meadows of Rogers includes a clubhouse and single-story units with two bedrooms. The Natural Capital affiliate bought Meadows of Rogers for $5.82 million in June 2023. The seller was an affiliate of Mountain Home-based Leisure Homes Corp., led by Tom Embach.

Greenland Pasture
Nearly 80 acres of pasture and timber near Interstate 49 in Greenland recently changed hands for $4 million. The purchase price equals $50,530 per acre.

An affiliate of Lowell-based real estate developer ABZ Development LLC, whose authorized manager is Bryan Loyd, bought the 79.16-acre property at 675 W. Napier Drive, southeast of the Interstate 49 interchange with West Wilson Street.

The seller was Fayetteville-based Lickety Split Farms LLC, whose managing member is Robert Norman. Wichita, Kan.-based Intrust Bank N.A. provided a two-year loan of $14.51 million.

Another ABZ affiliate recently acquired 16.72 acres northeast of West Mount Comfort Road and North Rupple Road in Fayetteville for $5.25 million.

Fayetteville Walgreens
A 15,170-square-foot retail property on North College Avenue (U.S. Highway 71B) in Fayetteville recently sold for $3.6 million. The purchase price equals $237 per square foot.

An affiliate of Fayetteville-based TL Asset Management LLC, managed by T.J. Lefler, bought the Walgreens building on 2.15 acres at 300 E. Township St.

The seller was Rancho Palos Verdes, Calif.-based Ruggera Income Properties LLC, managed by Craig Young. Batesville-based The Citizens Bank provided a five-year loan of $3.21 million.

The single-story building was built in 2001. Ruggera paid $5.85 million for the property in August 2014. Dallas-based real estate investment firm Vintage Interests LP, led by managing partner Ernest O. Perry III, was the seller.

Bentonville Residential
A 20-lot residential property north of Southwest 14th Street (Arkansas Highway 102) in Bentonville recently sold for $3 million. The purchase price equals $150,000 per lot.

Arlington, Texas-based homebuilder D.R. Horton Inc. bought the residential lots in the third phase of the Will Moore addition in the 1000, 1100 and 1200 blocks of Southwest Journey Lane.

The seller was Bentonville-based SVM Willmoore LLC, whose managing director is Venkata Kudapa.

The lots range between 0.10 and 0.23 acres. The third phase of the Will Moore addition comprises 5.31 acres and 28 lots for single-family homes. SVM Willmoore bought the 5.31-acre property in May 2023 for $738,472. The seller was Bentonville-based Mud Puddle Investments LLC, whose member is Randy Roth.

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