Real Deals: I-49 commercial building in Springdale sells for $9 million

A 30,339-square-foot commercial building along Interstate 49 in Springdale has a new owner after a sale worth $9 million. The purchase price equals $296 per square foot.

Two Rivers South LLC, led by Joel Whicker, acquired the building at 2710 S. 48th St. Whicker is principal of North Little Rock-based brokerage Alluvial Land Co. Los Angeles-based commercial real estate firm NAS Investment Solutions, led by Karen Kennedy, was the seller.

Matt Imhoff and Matt Mozzoni, both of Cushman & Wakefield/Sage Partners in Rogers, brokered the deal. They represented the buyer in the transaction. Relyance Bank in White Hall provided a five-year mortgage.

The property opened in 2015 as the domestic headquarters for global third-party logistics services provider BNSF Logistics. It’s a subsidiary of Burlington Northern Santa Fe LLC, a Berkshire Hathaway company. The building is 100% leased to BNSF Logistics.

In January 2019, NAS Investment Solutions acquired the property on 4.69 acres for $8.17 million. The seller was Cushman & Wakefield/Sage Partners. Sage Partners, through its 48th St. Office LLC, paid $919,333 for the land in late 2014.

Barrington Buy
A 69,700-square-foot commercial building along Interstate 49 in Rogers recently changed hands for $7 million. The purchase price equals $100 per square foot. Fort Smith-based Meadow Lake Apartments LLC, managed by Scott Senyard, acquired Barrington Centre II at 903 N. 47th St.

The seller was Barrington Rock Creek Limited Partnership of Rogers. M. Kent Burger, president of Rogers-based Cooper Realty Investments Inc., is manager of Cooper Barrington II LLC, general partner of Barrington Rock Creek. Cooper Realty Investments is a subsidiary of Cooper Communities Inc. of Rogers.

Matt Imhoff and Matt Mozzoni, both of Cushman & Wakefield/Sage Partners in Rogers, brokered the deal. They represented the buyer and will continue to lease the building. Currently, 242 to 14,317 square feet remain available. Pine Bluff-based Simmons Bank provided a one-year loan of $4.2 million. City Title & Closing LLC was the title agent.

Built in 2003, the four-story property is on 3.41 acres near the Sam’s Club Home Office and the new Walmart Home Office. Amenities include a 24-hour fitness center with showers and a common area with lounge seating.

In August 2007, Barrington Rock Creek acquired the property from Cooper Realty Investments for $9.6 million. In August 2001, Cooper Realty Investments paid $697,000 for the property. The seller was Barrington Rock Creek.

Hughmount Purchase
Arlington, Texas-based homebuilder D.R. Horton Inc. has acquired 41 lots in the Hughmount North addition in Fayetteville for $4.92 million. The purchase price equals $120,000 per lot.
The seller was A & J Real Estate Holdings LLC, led by Justin Salter.

Hughmount North comprises 15.24 acres north of Bittersweet and Grey Squirrel drives.
In June 2022, A & J Real Estate Holdings acquired the property for $699,000. The seller was Riggins Commercial Construction.

Pinnacle Property
A 23,612-square-foot commercial building in the Pinnacle Hills area of Rogers recently sold for $4.87 million. The purchase price equals $206 per square foot.

2530 Pinnacle Hills LLC, led by Matt Sitton, bought Pinnacle Pointe Plaza on 1.9 acres at 2530 Pinnacle Hills Parkway. Sitton is the founder of Rogers-based commercial real estate company Sitton Group. The seller was Howse Retail LLC, managed by James Howard Jr.

Legacy National Bank of Springdale provided a two-year loan of $3.96 million. City Title & Closing LLC was the title agent.

In November 2022, Howse Retail paid $3.4 million for the property. The seller was North Pinnacle Properties LLC.

Castlewood Claim
Fayetteville homebuilder Rausch Coleman Homes recently bought 47 lots in the Castlewood addition in Benton County for $3.07 million. The purchase price equals $65,500 per lot.

The seller was NorRho LLC, whose members include Robert Norman and Lawrence Rhodes.
Castlewood comprises 30.02 acres north of Siloam Springs, south of Davidson Road and west of Country Club Drive. Liberty Title & Escrow of Arkansas was the title agent.

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