A highly visible commercial real estate asset in Bentonville has changed hands for the second time this year.
Quiet investors in northeast Arkansas, primarily in the agriculture industry, paid $ 4.3 million for a 20,000 square foot building at 706 S. Walton Blvd. The building is across from Walmart’s corporate headquarters and close to the city’s 8th Street Gateway Park project.
Jonesboro’s developer, Haag Brown Commercial Real Estate, was the building’s previous owner. Haag Brown bought the 2.8-acre property from Memphis, Tennessee-based First Horizon Corp. for $ 3 million in June and announced a redevelopment plan for the entire building.
Company director Joshua Brown said the new owners were like real estate partners. They bought the building to fulfill a foreign exchange tax requirement. He said the company took advantage of $ 1 million on the sale after spending $ 300,000 on the property before making a deal with the new owner.
“Nothing will change regarding the [building] redevelopment, âsaid Brown. âWe will lead the redevelopment, rental and management of the building. “
First Horizon is the parent company of First Horizon Bank / IberiaBank, which operates a full-service banking center in the approximately 7,000 square foot building. The remaining 13,000 square feet are available for lease.
IberiaBank purchased the building in December 2017 for $ 1.25 million.
Haag Brown has led numerous business developments in Northwest Arkansas over the past decade. Brown said the company is looking for additional acquisition targets in the region.
“We are developing a field in front of the new [multispecialty clinic] in Springdale, but we are also looking for another property to buy in Northwest Arkansas, âhe said. âEveryone in the country is trying to do the same. “