Real Deals: Olivet International pays $ 14.75 million for the Stribling building in Rogers

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A 274,312 square foot industrial property in Rogers recently changed hands for $ 14.75 million.

California-based consumer goods supplier Olivet International Inc. bought the 23.3-acre warehouse / office property at the same address through its 1603 N. 35th Street LLC. It’s east of Interstate 49 near a Sam’s Club development. The seller was Magnolia Investments LLC, headed by Bill Stribling Jr ..

First Security Bank funded the deal with a five-year loan of $ 11.8 million.

Tom Allen and Marshall Saviers with Cushman & Wakefield / Sage Partners in Rogers represented the seller. Ed Belto with Newmark Moses Tucker Partners in Bentonville represented the buyer.

Saviers said Stribling Inc. will stay in the building until Olivet is fully occupied. Belto said the building will meet Olivet’s future expansion needs. In the meantime, the company is renting the building to other users. It has around 10,000 square meters of office space and 22 loading bays.

“Stribling Inc. will continue our warehouse, co-pack and e-commerce fulfillment activities in its current location and looks forward to expanding our customer base as Northwest Arkansas grows,” said Bill Stribling Jr. in one Explanation.

California-based Olivet has an office in Bentonville at 1000 SE Benton St. and a factory in Springdale at 603 Monitor Road.

NEIGHBORHOOD
Land approved for subdivision of over 300 parcels in Bentonville recently changed hands for $ 3.32 million.

Bentonville-based RLP Developments LLC, run by home builder Russ Plumley, bought 78.23 acres on Southwest Barron Road. The purchase is equivalent to 98 cents per square meter. The seller was NorRho LLC, managed by Robert Norman and Duane Rhodes.

Today’s Springdale bank provided the financing with a one-year loan of $ 2.16 million. Aaron Hawes of Landmark Real Estate & Investment in Fayetteville brokered the deal.

DOCTOR’S OFFICE
A 9,269 square meter medical office building in Rogers has a new owner and user after a $ 1.23 million sale. The purchase price is $ 132.70 per square meter.

Children’s Therapy Services Inc., headed by Kym Hannah, purchased the building at 5501 W. Pinnacle Pointe Drive. The seller was JNTM Enterprises LLC, headed by James Tinnin.

Arvest Bank provided the financing with a five-year loan of $ 984,800. Tom Reed and Katie Hampton of Colliers Arkansas in Rogers represented the seller. Terri Lynne McNaughton and Don McNaughton from McNaughton Real Estate in Fayetteville represented the buyer. City Title & Closing of Fayetteville was the title agent.

Hannah is the co-founder and CEO of Children’s Therapy TEAM, an outpatient child therapy provider in northwest Arkansas. The company will occupy much of the building and the remainder will continue to be rented to Crystal Bell-Norton DDS PA, a family and cosmetic dentist.

“The building is in a prime location,” said Hampton. “With its proximity to residential areas, the property was immediately cheap and attractive for the new owner-user.”

PINNACLE RESIDENCE
A 5,331-square-foot residence in Phase IV of the gated Pinnacle neighborhood in Rogers was recently sold for $ 1.03 million. The purchase price is $ 194.52 per square foot.

Adam and Meredith Blank bought the West Nottingham Lane residence from Douglas and Ashley Shockley.

Ohio-based Sirva Mortgage backed the deal with a 30-year loan of $ 829,600. Waco Title Co. of Springdale was the title agent. Kyle Atkins of the Arkansas Real Estate Group in Fayetteville was the broker. Brandy Pool with Lindsey & Associates in Rogers represented the buyer.

The five-bedroom home was built in 2006 and valued at $ 922,250 in 2020. Shockley bought the home and 0.50 acre lot in September 2012 from Robert and Carolyn Evans for $ 650,000. Evans bought the house from Five Star Development Corp. in August 2007. for $ 842,000. Five Star bought the property from Tallchamps LLC in August 2005 for $ 120,000.

CLEAR CREEK APARTMENT
A 4,400-square-foot (4,400-square-foot) residence in Phase II of the fenced-off Clear Creek neighborhood in Johnson is now owner after a recent sale for $ 975,000. The purchase price is $ 221.59 per square meter.

Eli Glasser and Sara Burns bought the five bedroom house on Clear Creek Boulevard from Steven Vold.

Danville-based Chambers Bank backed the deal with a 30-year loan of $ 828,750. City Title & Closing of Fayetteville was the title agent. Mary Bassett with Bassett Mix & Associates of Fayetteville represented buyers and sellers.

Landmarc Custom Homes of Springdale built the home in 2011. Doug and Jennifer Keller paid $ 571,000 for the residence in December 2011. Vold paid Keller $ 823,000 for the house in June 2017.

SULFUR SALE
A 158 acre residential lot in western Benton County recently changed hands for $ 897,081.

Jeremy and Michelle Thompson of Fayetteville bought the property on Bird Mountain Road in Sulfur Springs. Charles and Brenda Rateliff from Bentonville were the sellers.

First National Title Co. of Bentonville was the title agent. Matt Rateliff of United Country Real Estate-Rateliff Lifestyle Properties in Bentonville was the agent. Austin Bivens of eXp Realty NWA in Bentonville was the buyer’s agent.

The recreational lot includes a bespoke three bedroom (1,764 square feet) log cabin overlooking a private, spring-fed lake. For the past 15 years, previous owners have cut paths, planted trees, and implemented a wildlife management plan, making the ranch a premier property for the outdoor enthusiast.

DOWNTOWN DIVE
A converted 0.07 acre commercial project in downtown Bentonville recently changed hands for $ 600,000.

Corner Square LLC, whose members include Asa Hutchinson III, Scott Tucker, and Kurt Blackaby, bought the 528 square foot building on 115 NW Second St. for $ 1,136 per square foot. The seller was Dalwarr LLC, managed by Rex Warr.

Encore Bank of Rogers provided the financing with a five-year loan of $ 467,500.

Bentonville Dive, a casual dive bar with an outdoor deck that opened this February and owned by Kyle Reidy, will remain the tenant of the building.

Dalwarr paid the Pruitt Family Trust $ 375,000 for the property, formerly Corner Barber & Styling, in December 2019.

Real Deals Submissions: Send tips about leasing, 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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