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


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

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

First Security Bank financed the deal with a five-year loan worth $ 11.8 million.

Tom Allen and Marshall Saviers of 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 remain in the building until Olivet fully occupies it. Belto said the building will meet Olivet’s future expansion needs. In the meantime, the company will lease the building to other users. It has approximately 10,000 square feet of office space and 22 loading docks.

“Stribling Inc. will continue to operate our warehousing, co-packaging and e-commerce fulfillment operations at its current location, and looks forward to expanding our customer base with the growth of Northwest Arkansas.” Bill Stribling Jr. said in a statement.

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

NEIGHBORHOOD LAND
Land that was approved for a subdivision of over 300 lots in Bentonville recently changed hands for $ 3.32 million.

RLP Developments LLC of Bentonville, run by home builder Russ Plumley, has purchased 78.23 acres on Southwest Barron Road. The purchase is equivalent to 98 cents per square foot. NorRho LLC, run by Robert Norman and Duane Rhodes, was the seller.

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

MEDICAL OFFICE
A 9,269 square foot medical office building in Rogers has a new owner-user after a sale of $ 1.23 million. The purchase price is $ 132.70 per square foot.

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

Arvest Bank provided financing with a loan of $ 984,800 over five years. Tom Reed and Katie Hampton of Colliers Arkansas in Rogers represented the seller. Terri Lynne McNaughton and Don McNaughton of 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, a provider of outpatient pediatric therapy in Northwest Arkansas. The business will occupy the majority of the building and the rest will continue to be leased to Crystal Bell-Norton DDS PA, a family and cosmetic dentistry.

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

THE ORIGINAL RESIDENCE
A 5,331 square foot residence located in Phase IV of the Pinnacle secure neighborhood in Rogers 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 listing agent. Brandy Pool with Lindsey & Associates at Rogers represented the buyer.

The five-bedroom home was built in 2006 and appraised in 2020 for $ 922,250. Shockley purchased the house and the 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 purchased the lot from Tallchamps LLC in August 2005 for $ 120,000.

THE RESIDENCE OF THE CLEAR RUISSEAU
A 4,400 square foot residence in Phase II of the closed neighborhood of Clear Creek in Johnson has a new owner after a recent sale valued at $ 975,000. The purchase price is $ 221.59 per square foot.

Eli Glasser and Sara Burns bought the five-bedroom home 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 the buyer and seller.

Landmarc Custom Homes of Springdale built the house 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.

SALE OF SULFUR
A 158-acre residential property 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 of Bentonville were the vendors.

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

The recreational property features a custom three-bedroom (1,764 sq. Ft.) Log cabin overlooking a private spring-fed lake. For the past 15 years, previous owners have cut trails, planted trees and executed a wildlife management plan making the ranch a prime property for outdoor enthusiasts.

DOWNTOWN DIVING
A renovated 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, purchased the 528 square foot building at 115 NW Second St. The purchase price is $ 1,136 per square foot. Dalwarr LLC, headed by Rex Warr, was the seller.

Encore Bank to Rogers provided financing with a loan of $ 467,500 over five years.

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

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

Actual bid submissions: Submit advice on rental activity, construction, transactions or upcoming projects valued at $ 300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.


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