A newly formed real estate investment group paid more than $32 million for the Village on the Creeks commercial center in Rogers.
OZRE Capital — the initials stand for Ozark Real Estate and Equity — is a partnership of Steve Brooks, Conner Eldridge, Tom Gordon and Greg Smart.
Brooks and Eldridge are partners of Eldridge Brooks Law Firm in Rogers, and Eldridge is a former U.S. attorney for the Western District and former U.S. Senate candidate. Gordon and Smart are co-founders of the Slim Chickens restaurant chain.
The Village is a 40-acre development just off Interstate 49 that is home to numerous commercial, business and retail tenants. The seller was CapRocq Core Real Estate Fund II, which was co-founded by Franklin McLarty and Kevin Huchingson.
Dewitt Smith is a partner in CapRocq, and he is the leader of Devereux Management, which has been the property manager of the Village for the past decade. The new owners will continue to use Devereux to manage the property.
Encore Bank in Little Rock assisted the purchase with a loan of slightly more than $24 million.
“We are thrilled to have completed the sizeable acquisition of a centerpiece of the northwest Arkansas commercial landscape,” the OZRE partners said in a news release. “Village on the Creeks is a unique property that proudly serves numerous businesses, is in an important and visible location in Northwest Arkansas, and, we believe, will be a good investment for years to come. We see this purchase as the first of many commitments and investments OZRE and our partners will make in northwest Arkansas real estate, commercial projects, and other ventures.”