Real Deals: Crossland begins Walmart project with $73 million permit

A commercial building permit valued at $73.05 million is being used to build the first building at the new Walmart Inc. corporate campus site in Bentonville.

Crossland Construction is the general contractor for the approximately 400,000-square-foot building at 2101 S.E. Eighth St. Miller Boskus Lack is the architect. Walmart will use the building for a layout center. It’s being constructed where a 665,000-square-foot Walmart warehouse, now razed, once stood.

The new layout center will replace Walmart’s existing layout center at 1102 S.E. Fifth St. That building will eventually be razed to make way for the construction of a new fitness center.

Over the next several years, Walmart will build a new corporate campus on approximately 350 acres. The site is to the east side of Southeast J Street, between Central Avenue (Highway 72) and 14th Street (Highway 102), with Eighth Street running through it.

Construction will be complex, due to the existing buildings that are included in the footprint of the future corporate campus. There are some Walmart-owned buildings that will be razed to make way for new construction. Most of them were once Walmart warehouses that have since been converted for a variety of uses (associate store, layout center, employment center, office space, etc.). There’s also a large amount of property used for trailer parking and truck maintenance.

STORAGE DEVELOPMENT
Seven building permits totaling $10.26 million are backing construction of a warehousing and storage development in Rogers.

The permits are being used at 174 W. Stave Mill Road. The project, called Storage World, will include seven buildings totaling 103,350 square feet across 7.14 acres. The site is southeast of the intersection of Highways 62 and 94.

Gurneet Josan is the developer. CEI Engineering of Bentonville is the engineer.

Josan, through his Sha Ent LLC, paid $400,000 for the land in January 2018.

BRIDGEWATER ESTATE
The Fayetteville estate of former University of Arkansas football coach Chad Morris sold recently for $3.79 million. The purchase price equals $279.52 per square foot.

BC and Beyond LLC bought the 3-acre estate on North Horse Meadow Drive. The property is east of Fayetteville off of North Gulley Road and Bridgewater Lane, in the upscale neighborhood Bridgewater Estates.

BC and Beyond is registered in Texas to Denton Seilhan. The LLC also paid $995,000 in May 2018 for a residence on Northwest Fourth Street near downtown Bentonville.

Jana-Wrenay Elkins with Lindsey & Associates in Fayetteville was the listing agent. Realty Title & Closing in Rogers was the title agency.

The residence is the largest in the 29-lot subdivision. It includes a seven-bedroom, 11,616-square-foot main residence and  a one-bedroom, 1,975-square-foot guest residence. The property includes bluestone patios, swimming pool, custom hot tub, gas fire pit, lighted sport court and infrared recessed heaters.

According to Washington County property records, Morris paid Stuart and Melanie Scott $3.8 million for the property in May 2018, five months after he was named head football coach at UA.

AGRACEL ACQUISITION
A two-building office park in Bentonville changed hands recently for $3.53 million.

Brunwick Development Group LLC, led by Alex Baumeister, bought the Agracel Professional Plaza at 3101 and 3103 S.W. I St. The 4-acre development includes two single-story buildings built in 2004. The largest includes 27,080 square feet. The other is 13,568 square feet. The purchase price equals $86.96 per square foot.

Illinois-based Agracel, an industrial development firm led by president R. Dean Bingham, was the seller. Butch Gurganus with Colliers International in Rogers represented the seller in the transaction. Patrick Byrd of Rogers represented the buyer.

The First National Bank of Fort Smith provided financing with a five-year loan of $2.9 million. City Title & Closing of Fayetteville was the title agent.

The buildings had a combined occupancy of 85% at the time of the sale. Some of the tenants that occupy the two buildings are: One Diversified, Haven Management, Federal Soft Systems, Shearer’s Food, Georgia-Pacific Corrugated, Plano Molding and Gemmy.

SHAVER STREET PROPERTY
A 71,400-square-foot industrial building in Springdale sold recently for $2.75 million. The purchase price equals $38.51 per square foot.

910 Shaver St. Springdale LLC, registered to Rogers attorney Sach Oliver, bought the office/warehouse building at the same address. Fadil Bayyari was the seller.

Today’s Bank provided financing with a 10-year loan of $2.28 million. Realty Title & Closing Services of Rogers was the title agent.

MWI Animal Health, an Idaho-based animal health products supplier for veterinarians, is the building tenant. Oliver said he expects that lease to continue.

‘PHAT’ PURCHASE
A 3,484-square-foot building near Bentonville’s downtown square changed hands recently for $1.15 million. The purchase price equals $330.08 per square foot.

CBTR Outdoors LLC, led by Chris Brosh and Tim Robinson, bought the building at 205 S. Main St. The McCoy Family Revocable Trust was the seller.

Financing was arranged by James Brookhart at Arvest Bank, through the U.S. Small Business Administration’s (SBA) 504 loan program.

Brosh and Robinson are co-owners of Bentonville-based retail business Phat Tire Bike Shop. They plan to use the building to support the business’ operations.

The Elkins Agency, a marketing and advertising company, was the building’s most recent tenant.

SOUTH FAYETTEVILLE LAND
A 10.23-acre land sale in south Fayetteville tipped the scales in an all-cash deal worth $900,000. The purchase price equals $2.02 per square foot.

Sanctuary at SoFay LLC, whose members include Andy Davis, Garrison Roddey and Eric Greer, bought the land on West 15th Street. First Western Bank was the seller.

The land, zoned RMF-24, will be developed in mixed-use and residential properties targeting medium infill development of neighborhood services and small to medium residential properties. The new owners are working with Mitch Weigel of Downtown Properties Real Estate Group Inc. in Fayetteville to establish qualified opportunity zone (QOZ) funds and development strategies that align with the city of Fayetteville’s 2040 plan.