An Oklahoma-based investor has paid $56.8 million to acquire the nine-story Bentonville Plaza office building and 16 additional acres, near the headquarters of Wal-Mart Stores.
Square Deal Capital Inc., founded in 2013 in Oklahoma City, purchased the multi-tenant building at 609 S.W. 8th St. and surrounding land in two separate deals, which both closed Thursday (Nov. 10), according to Benton County land records.
The 275,000-square-foot Bentonville Plaza (3.18 acres), the tallest building in Bentonville, and contiguous land totaling 7.51 acres sold for $54.8 million.
For $2 million, Square Deal bought an adjacent 8.68 acres to the south along U.S. Highway 71 Business, property that once included the George Nunnally Chevrolet auto dealership. The site is largely a crumbling parking lot and has been vacant for more than five years since Nunnally moved to a new Bentonville location on Moberly Lane in July 2011.
The seller in both deals was FBE Limited LLC of New York, a privately held real estate and capital management company. FBE Limited also owns Bentonville Commerce office park, an eight-building group of properties with 120,000 SF on 10.8 acres, just off South Walton Boulevard behind two strip mall centers, the Bentonville Post Office and Burger King.
Sage Partners, a commercial real estate management firm headquartered in Fayetteville, will continue to provide full-service management and brokerage services for Bentonville Plaza, which is about 98% occupied, according to Sage Senior Vice President Grady Mathews.
