Demand, OREO Sales Power Commercial Market Gains in Rogers

by George Waldon  on Monday, Oct. 7, 2013 12:00 am  

The company is working on two developments in Rogers among its Benton County holdings. One is a small office project on 10 acres at the southwest corner of Champions Drive and Northgate Road, just west of Hunt Ventures’ Pinnacle Hills development. The plan is to sell property to owner-occupants.

“Miss Hunt is tough to compete against, but there’s still a demand for small office lots,” Kincaid said.

The second project Whisenhunt Investments has in motion is 20,000 SF of retail space near the Pleasant Grove exit on I-540. The site is in front of the Wal-Mart Supercenter at the Pleasant Crossing development.

“We’re close to getting about 75 percent preleased,” Kincaid said. “We’re shopping pricing packages with contractors.”

Both the retail and office sectors in the Benton County market are seeing positive trends.

“Everything is getting pretty tight, especially considering where we were a few years ago,” said Jordon Ligon, regional director of Xceligent Inc. of Independence, Mo., which tracks commercial real estate data.

The average occupancy rate of Class A office space in the Benton County market is about 86 percent. Xceligent tracks about 2.3 million SF of top-tier office space in the county.

On the Benton County retail scene, the overall occupancy rate is about 93.3 percent. Xceligent keeps tabs on nearly 6.5 million SF of space in this sector.

Even as the market improves, it will be years before all the improved but vacant commercial land in the Rogers area is developed.

“It’s going to take awhile to absorb,” Kincaid said. “We just have to stay the course.”

Arvest OREO Total Drops From $91.6 Million Peak

Arvest Bank, the largest lender in the Benton County market, continues to work through its portfolio of real estate recovered through foreclosure.

 

 

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