Local Investors Building Shopping Center in Rogers

By the end of September, Rogers will have another 43,000 SF of retail space with as many as 25 new businesses.

Work began on The Kingston Center II in March. The $2.2 million project is being built on five acres at the intersection of Walnut and 45th streets by P.O.W. Inc. of Rogers, a partnership of Gregory Peck, Richard Werts and Ronald O’Dell. Werts also is working as general contractor on the project.

About one-third of the center is leased already, says O’Dell who also is an agent with Harris McHaney Shearin Realtors in Rogers. Tenants who have either signed leases or intend to sign leases include G & L Window Co., Le’s Oriental Products and Video, Wallpaper Plus, Alexandria’s Accents and a bookstore.

Wallpaper Plus and Alexandria’s Accents plan to occupy three adjoining spaces in the center and provide a complete line of upscale furnishings, antiques and interior decorating items, O’Dell says.

One acre at the front of the center will be sold, O’Dell says. The owners have been negotiating with several major restaurant chains that are interested in the land, he says.

A group of local investors have leased 5,000 SF in the center and plan to open a national chain restaurant. However, the investors haven’t secured the franchise rights to the restaurant, yet.

“This is one of the best and fastest growing locations in Northwest Arkansas,” O’Dell says. “The traffic count is very heavy.”

A recent survey of property values along the U.S. Highway 71 bypass by the Northwest Arkansas Business Journal showed the intersection to be the third-most valuable along the highway and the most valuable in Benton County. The combined value of commercial property within one-half mile of the intersection is about $33.9 million.

Construction has been heavy along the intersection. Two hotels, including a 155-room Hampton Inn that is directly across Walnut Street from the shopping center, are under construction in the area.

The center is surrounded by commercial development. The Times Square and Scottsdale commercial centers are within a block. The 75-acre Scottsdale Center contains about 80 percent retail and restaurants and 20 percent office space.

The company bought the land March 11 for $800,000 from Centerview LLC. Ramsay Ball is managing member of the LLC. Construction of the shopping center is expected to cost about $1.4 million.

The buildings will be composed of metal, stucco and brick with an interior ceiling height of 12 feet. The design allows for about 200 parking spaces with extra space behind the building for employees of the businesses.

One large sign will be built along Walnut Street with space for each business to include smaller signs, O’Dell says.

The partners own a similar development in Bentonville also named The Kingston Center. The project contains 28,000 SF and was finished last year. All but 2,000 SF of the development is leased, says Werts.

Unlike the second Kingston Center, the original center is mostly office space, Werts says. Many of the tenants are companies that want to keep an office near Wal-Mart Stores Inc. of Bentonville, he says.