We’re all about commercial real estate news this week. Here’s more:
A commercial deal involving a significant piece of property in the Pinnacle Point area of Rogers ended in a $6.2 million transaction.
The 40,127-SF office building at 5506 Walsh Lane was sold to Walsh Investments LLC, which lists Matthew Dearnley as the registered agent. Dearnley is the CEO of the northwest Arkansas office of Little Rock-based commercial real estate company Flake & Kelly Commercial.
The seller?
Pinnacle Point Properties LLC, managed by Bill Schwyhart and Robert Thornton.
Chambers Bank of Danville financed the deal with a $5.29 million mortgage.
The single-story building, constructed in 2005, and 3.12-acre development appraised in 2011 for $5.49 million.
The building’s occupancy rate is about 77 percent. Some of the larger tenants include Windstream Communications, Merck & Co., JWT Action and Warner Home Video Sales.
Pinnacle Point Properties was the only one of eight Schwyhart/Thornton LLCs that was allowed to proceed through bankruptcy reorganization back in 2010. Class A commercial office properties in Pinnacle Point owned by their other companies were sold on the Benton County Courthouse steps to Hunt Ventures LLC in October 2010.
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