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Bentonville Developer Gets His Land at Hall Crossing (NWA Real Deals)

3 min read

It took Jason Pullman more than a year and some setbacks, but he finally got his lot.

Pullman, through his Refined Retail LLC, paid slightly more than $1.2 million for a 1.9-acre lot in front of the Walmart Supercenter at Hall Crossing on Elm Springs Road in Springdale. Bear State Bank of Rogers assisted the purchase — and presumably the construction that will soon start — with a loan of $2.65 million.

Pullman, a Bentonville developer, had a tentative agreement a year ago to buy a bigger lot on which he planned a 16,000-SF development, but Walmart objected to the size of the project and scuttled it.

“We’re pretty happy about it,” Pullman said. “It’s an area that is growing, and it’s a new area in Springdale that has a chance to be nice.”

The Arkansas Baptist Foundation sold the land after it was donated to the nonprofit organization by the Hall family, which developed the 70.2-acre site originally. Pullman’s lot is next to an Arvest Bank branch.

Pullman said he plans to build a total of 11,000 SF on the lot, which will consist of an 8,000-SF retail center and 3,000-SF standalone building that will likely be used as a restaurant. Pullman said he already has a number of interested tenants looking to secure a place, which he said he will lease for approximately $25 per SF.

“We’re moving forward as fast as we can,” Pullman said. “We have pretty good interest. It’s a puzzle I’m trying to put together.”

Pullman said Wal-Mart restricts what can go in front of its store, but none of the restrictions is really punitive because they are mostly for tenants that Pullman doesn’t think would be good tenants for the location anyway: bowling alleys, automotive stores or discount retailers and the like. Pullman said he plans to break ground in about two months, as soon as he gets clearance from the city of Springdale.

CEI Engineering is going to do the prep work. Pullman said he is taking bids for the contractor and architect.

The final design and construction will be determined by the number of tenants and the type of business they bring. If the 3,000-SF site is used by a restaurant with a prototype design, Pullman said the construction will be with that in mind.

“We are trying to be selective,” Pullman said.

Arsagas Buy Property

The co-founders of Arsaga’s, a Fayetteville coffee bar, recently bought a property on South School Avenue.

Cary and Cynthia Arsaga paid $315,000 for a 0.15-acre property at 2002 S. School Ave. A 3,582-SF building occupies the property.

Arsaga’s has five locations in Fayetteville, including spots in Washington Regional Medical Center, the University of Arkansas law library and the Fayetteville public library.

The Arsagas bought the property from Pot Holdings LLC of Fayetteville, which is led by Kelley Wilks. The Bank of Fayetteville assisted the purchase with a loan of $267,500.

Collier Scoops Up Properties

Mel Collier has spent $1 million for two properties on North College Avenue in Fayetteville.

Collier, who owns Collier Drug, paid $550,000 for a 1.09-acre site with a 12,160-SF building at 1766 N. College Ave. The seller was Binswanger Enterprises LLC of Memphis, which operates an auto-glass repair company called Binswanger Glass.

Collier paid $375,000 for a site that is less than 1 acre and on which sits the 10,932-SF University Auto & Tire building. Collier bought the property from Donald and Lola Dingledine, the owners of University Auto & Tire, and agreed to pay the couple the principal amount of $361,257.80 in 103 monthly installments of $4,320.74.

Business Owner Buys Building

Stanley Andrews, through his Andrews Family Holding Co., bought the EI Consultants building and surrounding lots on Highway 62 near Farmington.

Andrews paid $1.02 million for a total of 2.743 acres and a 16,848-SF building. Andrews runs EI Consultants, which was started by David Renfroe in 1984.

Renfroe was the seller through Renfroe Engineering Inc. First Security Bank of Fayetteville assisted the purchase with a loan of $800,000.

EI Consultants specializes in forensic investigations of car accidents.

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