Haag Brown Commercial Real Estate & Development of Jonesboro, through affiliate Haag-Brown Encore Holdings LLC, has purchased for $3 million the First Horizon Bank building at 706 S. Walton Blvd. in Bentonville.
The bank was the seller, and the deal closed on June 2.
The 20,000-SF office complex is on 3 acres at Eighth Street and Walton Boulevard, with retail giant Walmart Inc.’s headquarters to the east, Walmart Store No. 100 to the north, and the nearly 100-acre 8th Street Gateway Park coming soon to the west.
Walmart Inc. donated 75 acres of greenspace for the park in December 2019; the other 23 acres was donated previously by the Walton family.
Haag Brown said it plans to redevelop the office complex to fit the needs of First Horizon Bank, which will anchor 7,000 SF of renovated space. The remaining SF will be available for lease in the coming months.
“We are thankful for the opportunity to invest in one of the hottest markets in the country,” Joshua Brown, a principal broker of Haag Brown, said in a news release. “As developers, we are drawn to retail locations, and the location of this real estate is irreplaceable.”
“We are always looking to acquire great real estate in which we believe we can add value,” said Greg Haag, a principal broker of Haag Brown. “This is one of those rare opportunities where you get to start a project with a high quality partner, such as First Horizon Bank. We are especially excited about this first project with them and the transformation of this iconic location.”
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