Bentonville-based retailer Walmart Inc. recently acquired almost 90 acres of pasture in Benton County through separate transactions for $15.5 million. The purchase price equals $173,903 per acre.
Walmart acquired 89.13 acres, including 50.43 acres at Old Wire Road (Arkansas Highway 265) and East Apple Blossom Avenue in north Springdale and 38.7 acres at at Herbaugh Road and Arkansas Highway 72. The Herbaugh Road property is bordered by properties in north Centerton and more than 25 miles from the Old Wire Road property.
The sellers were Vanzant Fruit Farms Inc., whose president is Stephen Vanzant, and Betty M. Rakes. Vanzant said he owned the Old Wire Road property “for years and years.” It’s about 3 miles from his farm on Arkansas Highway 264 that he continues to operate.
City Title & Closing LLC was the title agent. Walmart said it has no plans for the properties.
Rogers Land
More than 20 acres of commercial land east of Interstate 49 in Rogers changed hands after a recent transaction worth $6.15 million. The purchase price equals $304,908 per acre.
Echelon Pleasant Grove LLC, a Delaware-registered entity led by Eric Garrett, bought the 20.17-acre property southeast of South Pleasant Crossing Boulevard and South Dixieland Road. Garrett is founder and CEO of Greenwood, Ind.-based The Garrett Companies, whose affiliates comprise multifamily real estate development and construction companies. Since 1999, Garrett has developed more than 70 projects in 22 states, totaling over 20,000 apartment units.
The seller was PWX LLC, whose chief financial officer is Cameron Terrell. PWX is an affiliate of Whisinvest Realty of Little Rock. Jackson, Miss.-based Trustmark Bank provided a four-year construction loan of $40.29 million.
PWX purchased the property as part of a larger transaction for $8 million in March 2012. The seller was Second Step Asset Management Co.
Bentonville Commercial
A more than 40,000 square foot shopping center on Southwest 14th Street (Arkansas Highway 102) in Bentonville recently sold for $4.82 million. The purchase price equals $118 per square foot.
Osage Park Place AR LLC, managed by Curtis Jared, bought the 40,788-square-foot shopping center on 2.98 acres at 1400 and 1402 S.W. Susana St. Jared is president and CEO of Springfield, Mo.-based Jared Commercial & Management. The seller was Noroeste I LLC, managed by Thomas J. Rystrom.
Tupelo, Miss.-based Cadence Bank provided a 20-year loan of $2.89 million.
Built in 2006, the single-story shopping center comprises two 20,394-square-foot buildings. Noroeste bought the property for $3.9 million in July 2019. The seller was SRRE Investments LLC, led by Cash East and Jordan Jeter.
Springdale Commercial
A 14,508-square-foot commercial building on West Sunset Avenue (U.S. Highway 412) west of Interstate 49 in Springdale recently sold for $4.25 million. The purchase price equals $292 per square foot.
G3 Properties LLC, managed by Jason Garner, bought the building on 3.91 acres at 5950 W. Sunset Ave. Garner is president of Little Rock-based Antique Brick & Block, a regional distributor of brick, stone and hardscape products. The company also operates a concrete block and retaining wall plant.
The seller was FRHP 8 LLC, a Delaware-registered entity whose chief administrative and legal officer is Lindsey J. Christen. She’s in the same role for Lincolnshire, Ill.-based Camping World Holdings Inc. Forrest City-based Armor Bank provided a five-year loan of $3.61 million.
FRHP bought the property for $3.6 million in August 2023. The seller was Crain Investments L.P., managed by Larry Crain Jr., president and CEO of Sherwood-based Crain Automotive Holdings.
Editor’s note: Information in this report was gathered with assistance from the office of Benton County Assessor Roderick Grieve.