Real business: Pleasant Crossing mall in Rogers makes $7.5 million sale

A 20,908 square foot mall just off Interstate 49 in Rogers has a new owner after a recent $7.5 million sale. The purchase price is $358.71 per square foot.

A limited liability company run by Ray Osment of Jonesboro purchased the Pleasant Crossing Shoppes at 2600 W. Pleasant Crossing Drive. Limited liability companies managed by Isaac Smith, Mark Bentley, Kevin Huchington and Donald Coulter III sold the property.

Simmons Bank in Jonesboro backed the deal with a 10-year loan worth $5.68 million. City Title & Closing of Fayetteville was the title agent.

Philip Schmidt and Jordan Jeter of Kelley Commercial Partners in Springdale represented the buyer. Alan Cole of Colliers Arkansas in Rogers represented the seller.

The multi-tenant building is fully let. Tenants include Moe’s Southwest Grill, Mattress Firm, Eyemart Express, Aloft Nail & Spa, and Supercuts.

The 3.98 acre development is six years old.

FIND A FOUNTAIN
A 28,832 square foot office building in Bentonville recently sold for $4.85 million. The purchase price is $168.21 per square foot.

Fountain of Beauty LLC, managed by Marsha Martin, purchased the two-story building located at 802 SE Plaza Ave. in the Fountain Plaza development. Dynamic Development Inc., led by Todd Fleeman, was the seller.

City Title & Closing of Fayetteville was the title agent. David Erstine with CBRE in Fayetteville was the listing agent.

On-Shelf Marketing leases approximately 25% of the building, which was built in 2005. The remainder is vacant.

Martin is the founder and CEO of Onyx Brands, a cosmetics manufacturer and marketer based in central Arkansas.

PRACTICAL COMPLAINT
A single-tenant commercial property in Springdale recently changed hands for $4.35 million.

Sunset & Go LLC, a Colorado-based investor, purchased the 4,968 square foot building at 2351 W. Sunset Ave. The purchase price is equal to $875.60 per square foot Hurd Real Estate, an Iowa-based real estate investment and development company, was the seller.

First Security Bank of Searcy backed the deal with a $3 million loan. Zach Wright of Blue West Capital in Colorado brokered the deal for both parties.

Convenience store operator Kum & Go is the tenant under a long-term triple net lease. There is no landlord liability and fixed rents increase every five years.

Hurd paid $3.91 million for the 1.26 acre property in January 2021.

CITY CENTER OFFER
The sale of a multi-tenant commercial building in downtown Rogers tipped the balance at $2.39 million.

Sawbuck LLC, managed by Karisa Sprague of Rogers, purchased the 12,560 square foot building at 210-216 S. First St. The purchase price works out to $190.68 per square foot. CCV Rogers DT Holdings LLC, managed by Randy Crossno, was the seller.

Arvest Bank to Rogers backed the deal with a five-year, $2.03 million loan.

City Title & Closing of Fayetteville was the title agent. Capstone Commercial Advisors at Rogers was the seller’s agent. Fred Johnson with Lindsey & Associates represented the buyer.

The two-story building is 100% leased by several tenants, including David James Salon, Alexander Baking Co., Threads 3 Fourteen, Jack T. Carter Co. and Capstone Commercial Advisors.

SPRINGDALE LAND
A land sale in Springdale tipped the scales at $1.15 million.

Fishing Bridge Investments LLC, managed by Greg Brown, has purchased 20 acres at the northwest corner of Butterfield Coach Road and Don Tyson Parkway. Thomas R. Cantrell was the seller.

An 18-month loan of $862,500 arranged by Will Gladden with Signature Bank of Arkansas in Fayetteville backed the deal. City Title & Closing of Fayetteville was the title agent. Chad and Bonnie Beebe with Weichert, Realtors-The Griffin Co. in Springdale brokered the deal.

The property includes a 1,915 square foot residence and other structures. Brown said negotiations are ongoing and he will announce development plans for the property at a later date.

Real Bid Submissions: Submit advice on rental business, construction, transactions, or upcoming projects worth $300,000 or more to Paul Gatling at [email protected]. Please write “Real Deals” in the subject line.

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