Texas Investor Buys 38 Acres on South Promenade Boulevard

A Texas investor has made another discerning real estate play on an undeveloped thoroughfare in Rogers.

Alternative asset manager EF Capital Management recently closed on the purchase of 38.13 acres on South Promenade Boulevard for $6.64 million, a purchase price of $4 per SF.

The land was assembled in two separate deals — 27.49 acres in The Farms addition and 10.64 acres in the Walnut Creek addition.

Clinton Bennett, a broker with CBRE Northwest Arkansas in Fayetteville, had been marketing the land for the seller, Pine Bluff-based Simmons Bank, the successor of the property by its acquisition of Metropolitan National Bank in November 2013.

Philip Schmidt with Flake & Kelley Commercial in Springdale represented the buyer.

In March 2015, EF Capital completed an $8.3 million deal to purchase a 44.9-acre tract directly north of the Home Depot along Interstate 49, and an adjoining 39-acre tract to the east across South Promenade Boulevard that’s part of The Farms.

All of those deals, according to a Whispers source, were executed for Arkansas native Margaret Molleston, vice president of Texas-based GeoSouthern Energy Corp., one of the largest private producers of oil and gas in the U.S., according to Forbes magazine.