Real Deals: $25.3M permit backs Walmart campus hotel construction

Walmart Inc. recently paid the city of Bentonville for a commercial building permit valued at $25.3 million.

The permit is backing construction of a 153-room hotel at the northeast corner of Southeast Eighth and J streets. The five-story, 90,000-square-foot building is part of the retailer’s new corporate campus construction project that covers approximately 350 acres.

BOKA Powell, a Texas-based design firm, is the architect of record. The design architect is 5G Studio Collaborative, and the interior designer is Ink + Oro, both of Dallas. Shawmut Design and Construction, a national firm based in Massachusetts, is the general contractor.

Plans for the new hotel include 6,000 square feet of meeting and event space on the first floor and a rooftop lounge with indoor and outdoor seating.

Walmart will own the hotel and has signed a franchise agreement with Marriott International to operate the property as AC Hotel by Marriott. It’s expected to open in 2024.

REDBUD PROPERTY
A 2.06-acre commercial lot in Bentonville sold recently for $1.69 million. The purchase price equals $18.87 per square foot.

Randall Hinton Development of California bought the property on South Walton Boulevard. Alan Cole with Colliers Arkansas in Rogers represented the seller. Pine Bluff-based Simmons Bank backed the deal with a one-year, $1 million loan. Waco Title Co. of Springdale was the title agent.

The lot is part of a $9 million commercial redevelopment of an 8.68-acre blighted parking lot that was formerly home to George Nunnally Chevrolet. Commercial real estate and development firm Colliers Arkansas is leading that redevelopment project called Redbud Place.

Redbud Holdings LLC, a limited liability company comprised of several entities, including Colliers investors and members, paid $3.4 million for the property in October 2020.

Redbud Place has five buildable commercial lots, and they are all sold. Colliers is developing one lot to include an 11,000-square-foot retail strip center anchored by Starbucks. Missouri-based Sterling Bank, Arkansas-based Splash Car Wash and Wisconsin-based Culver’s also own lots in Redbud Place.

SCHLOTZSKY’S SALE
A Fort Smith investor paid $1.3 million for a 2,933-square-foot restaurant in Springdale. The purchase price equals $443.23 per square foot.

Vasiliki Investments LLC, led by Effie Drosopoulos, bought the single-story building at 1919 W. Sunset Ave. NWAA LLC, led by Bret Elliott, was the seller.

Danville-based Chambers Bank backed the deal with a $650,000 loan.  Waco Title Co. of Springdale was the title agent.

Sandwich shop Schlotzsky’s is the tenant on an absolute triple-net lease.

FIDDLESTICKS FIND
A 5,830-square-foot residence inside the gated Pinnacle Country Club neighborhood sold recently for $1.23 million. The purchase price equals $211 per square foot.

Charles O’Carroll bought the five-bedroom residence on South Fiddlesticks Trail from Matthew and Helene Carter.

Wells Fargo Bank N.A. of Iowa backed the deal with a 30-year, $706,201 loan. Waco Title Co. of Springdale was the title agent. Meza Harris with Lindsey & Associates in Rogers represented the seller. Tina Hodne with Coldwell Banker Harris McHaney & Faucette in Fayetteville represented the buyer.

Carter paid $625,000 for the 0.6-acre residence in October 2008. Lehman Construction was the seller.

WALNUT INVESTMENT
A vacant 13,760-square-foot commercial building in Rogers sold recently for $975,000. The purchase price equals $70.85 per square foot.

Walnut Rogers LLC, managed by Jordan Jeter, bought the single-story building at 3724 W. Walnut St. Raymond Whitmire was the seller.

Fayetteville-chartered Arvest Bank backed the deal with a five-year loan worth $828,750. City Title & Closing of Fayetteville was the title agent.

Jeter is a partner with commercial real estate firm Kelley Commercial Partners in Springdale. He said he plans to market the building for lease to a flex office/warehouse user. A furniture retailer was the building’s most recent tenant.

‘PUMP’ PROPERTY
A commercial property in downtown Rogers changed hands recently for $469,000.

Pisias Properties LLC, led by Nicholas Martin, bought the 0.32-acre development at 623 W. Walnut St. Jammer Dorm LLC, led by Ashley Keesling, was the seller.

Simmons Bank backed the deal with a $375,200 loan. Hunter Prowell with Lindsey & Associates in Rogers brokered the deal.

The purchase price includes the building (1,176 square feet) and real estate only. It currently operates as City Pump, a food truck court and pub. Martin, the managing partner and CEO of Global Dental Technologies Inc. of Bentonville, also bought the business for an undisclosed amount and plans to keep it going.

Real Deals submissions: Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.