Beau Terre Bought
by October 13, 2014 12:00 am 103 views
A California investor has staked a big claim in Benton County.
Sabal Financial Group LP, a Los Angeles-area lender and distressed asset investor, has added some 35 buildings and 370,000 SF of upscale office space to its portfolio with a $21.75 million purchase of the Beau Terre Office Park in Bentonville, east of the intersection of Interstate 49 and Arkansas Highway 72.
The seller of the 79-acre office park was 1003 Beau Terre Drive Holdings LLC, a third-party asset manager in Maryland that acquired the development in October 2011 via commissioner’s deed.
Sabal Financial declined to comment on its purchase, but we hear the deal was part of a multi-asset acquisition across multiple markets.
Beau Terre was developed and opened in October 1994 by former Wal-Mart Stores Inc. executive Colon Washburn and his wife, Dana Washburn.
They later sold it in June 2004 for $56.2 million to Behringer Harvard Funds of Dallas.
Colliers International in Bentonville is the property manager.