Mawby, Eisma Shell Out for Metro West on Walton
by January 21, 2013 12:00 am 72 views
Benton County businessmen Matt Mawby and Dean Eisma have invested in a bank-owned strip center on Walton Boulevard in Bentonville.
The two men paid $1.7 million for the building that houses Sears at 2910 S. Walton Blvd., across the street from Metro Market shopping center. The transaction was made in the name of Metro West LLC.
Jeff Kemp and Eric Boen with Commercial Realty LLC represented the seller.
Mawby — who also owns the Metro Market development under the name Marishamatt Properties LLC — is president of Professional Business Systems Inc. of Bentonville. Eisma is a Rogers real estate developer.
Besides Sears, which occupied 21,888 SF, the building’s other tenant is Hapa’s Hawaiian Grill, owned by Paul Seto, Jason Seto, and Benjamin Zachary. Mawby said Sears will vacate the 26,328-SF building by Feb. 1, and Hawaiian Grill is doubling in size to 3,000 SF.
Two new tenants have been secured for the building, built in 2004, to be called Metro West.
Bentonville-based Rapid Prototypes, a packaging specialties company owned by Kyle Jack, is leaving its current headquarters on Southeast 28th Street and moving to Metro West as the primary tenant, taking about 14,000 SF, Mawby said.
PBS, Mawby’s company, will move from the Metro Market development across the street and occupy about 8,000 SF.
“We’ve got about 5,600 [SF] where we are now, and an 8,000 [SF] warehouse in Rogers that we will vacate,” Mawby said. “It’s going to be 10 times more convenient for me.”
Mawby said the space was leased at $13 to $14 per SF.
The deal was backed with a five-year, $1.67 million mortgage held by Bank of the Ozarks of Little Rock.
Summit Bank of Arkadelphia, the owner of the property since April, was the seller.
B&B Construction Management LLC of Rogers, owned by Steve Bolejack, is leading the finish-out effort, and Mawby hopes all new tenants are in the building by May 1.