928 W. Trimble Ave. in Berryville.
A 45,000-SF shopping center in Berryville sold for $1.87 million to an Oklahoma investor.
Raymond Merrill, through his Levi Storage Center LLC of Sallisaw, bought the property at 928 W. Trimble Ave. Merrill, who owns Merrill Bonding Co., has spent more than $10 million on northwest Arkansas properties in the past year.
The Berryville center is a former Walmart store that Wal-Mart Stores Inc. of Bentonville sold in conjunction with opening a Supercenter next door. The property was acquired by 112 Partners LLC, led by John Alford of Fort Smith, who converted the retail store into a multi-use center.
“It was one of those old-school, original Walmart stores,” said Philip Schmidt of Flake & Kelley Commercial Northwest.
Current tenants include Dollar Tree, Payless ShoeSource, AT&T and Cato. Schmidt represented both the seller and buyer, and he said Merrill plans to spruce up the place and keep it as an income source.
Flake & Kelley will also handle the property management of the center, Schmidt said.
“He bought it as an investment property,” Schmidt said. “He’s going to do some remodeling, but we’re going to keep it the way it is. It’s a good investment property. It’s a staple of a small town.”
The Berryville purchase is the fourth significant acquisition by Merrill. In 2015, he paid $4.5 million for the Mountain View Apartments, $3 million for the Candlelight Apartments and $1.9 million for the University Village Center.
Merrill sold an office building and adjacent lot in CMN Business Park for $1.3 million.
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