Glass Buys Brownstone

Gary Brandon Enterprises Inc. sold 150 acres of what had been part of the Brownstone Development to Glass Investments LLC for $5.7 million in September.

Glass Investments appears to be owned by David Glass, chairman of the executive committee of Wal-Mart Stores Inc. and owner of the Kansas City Royals baseball team. (David Glass and Glass Investments each sold 186,003 shares of Wal-Mart stock on March 30, bringing in $11 million each or $22 million total, according to SEC records.)

Ted Viala of Shearin Hathaway & Associates in Bentonville brokered the Brownstone deal. Brandon originally bought the 150 acres from Steven Butcher of Brownstone Development LLC on March 18 for about $3.7 million.

The entire 224-acre tract was listed for $9 million in February. The site formerly known as Brownstone includes about 200 undeveloped acres and the 24-acre, 25-lot Straube Business Park.

The mixed-use development, originally a 3 million-SF futuristic design on Arkansas Highway 12, was expected to cost $450 million to build and have a $1.5 billion economic impact on the area.

Perry Butcher of Perry Butcher & Associates in Rogers championed Brownstone before suffering a stroke last year that put the development on hold. Steven Butcher is his son.