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Pleasant Crossing

wannab0133

By wannab0133
in Northwest Arkansas

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zman9810 Burg

zman9810

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Looks like the developers who own Pleasant Crossing are selling the development to focus on other future developments.

http://www.arkansasbusiness.com/article.as...45.54928.126490

This isn't exactly a vote of confidence in the area's future. I would think that unless a developer were in danger of losing the property anyway they would hang on to it until the economy recovers. This is a prime piece of land for the future being right along I540 with access being improved and a central location in NWA.

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Mith242 Gigalopolis

Mith242

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This isn't exactly a vote of confidence in the area's future. I would think that unless a developer were in danger of losing the property anyway they would hang on to it until the economy recovers. This is a prime piece of land for the future being right along I540 with access being improved and a central location in NWA.

I should mention the whole piece of property isn't for sale, just the undeveloped part. We mainly hear about the housing glut in the area but this is an example of being an abundance of office space in the area as well. Could be a good find for some developer. But I imagine they'll have to be willing to wait around for the economy to improve and for the abundance of office space, housing and such to dwindle down as well.

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bubba72704 Whistle-Stop

bubba72704

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arkansas business just ran a story that Wisenhunt group from Little Rock just purchased 375 acres of land (various parcels) around I-540 and Pleasant Grove Rd. for $19 Million. This is the first major speculative land buy I've heard of in years. Apparently an all cash transaction. Should be interesting what the future holds for that area.

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Mith242 Gigalopolis

Mith242

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arkansas business just ran a story that Wisenhunt group from Little Rock just purchased 375 acres of land (various parcels) around I-540 and Pleasant Grove Rd. for $19 Million. This is the first major speculative land buy I've heard of in years. Apparently an all cash transaction. Should be interesting what the future holds for that area.

Interesting. I'm curious to see if they have specific plans for it or just doing it because it's a good investment and sell it off at some future time.

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bubba72704 Whistle-Stop

bubba72704

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From the way the article reads it sounds like this is an investment holding and that they will sell off pieces over time. I found it interesting that the partners in the group were quoted as saying they believe that Benton county real estate is "poised for a rebound". I guess we'll see.

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zman9810 Burg

zman9810

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It would be absolutely fascinating to find out what that land was valued at in 2006, consider what it was bought for now and follow what it will sell for in the next 5-15 years. I would think it would make a case study for the effects of boom and bust economics.

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comreguy Hamlet

comreguy

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It would be absolutely fascinating to find out what that land was valued at in 2006, consider what it was bought for now and follow what it will sell for in the next 5-15 years. I would think it would make a case study for the effects of boom and bust economics.

The value that Whisenhunt received by purchasing all three large Bank of America owned tracts was outstanding. Purchased $70-$80 Million worth of land at the imajor development ready intersections in Rogers for $19 Million. I would bet after development over the next 15-20 years, they realize $190-200 Million.

Very bold for an individual to invest $19 Million in CASH into real estate. That's the best part. 375 acres of distressed property pulled off the market.

There is absolutely zero debt. A game changer...

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Mith242 Gigalopolis

Mith242

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Really? I don't think so. If the market meets it's standards, they'll locate here. They compete with WalMart everywhere.

I'm not sure what the thinking is with some companies.  You'd think our metro is big enough for a number of companies to move in.  Yet many seem rather hesitant.  And I don't mean the highly desirable businesses that tend to locate in larger metros.  I've always thought it's rather odd no grocery chain has really tried moving into the area.  Maybe Harp's has something to do with that too.  But while a number of companies have to deal with Walmart in other parts of the country.  It just seems that many seem rather hesitant to move right into Walmart's backyard.  I don't think the size of the metro or level of disposable income has anything to do with some of these companies avoiding our metro either.

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TRB Hamlet

TRB

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The grocery angle isn't just here. Memphis suffers from this as well. Anything outside of Supercenters (Target and Walmart) is mainly Kroger since they bought out Schnucks which had bought out Albertsons which had bought out Memphis based Sessells. The fall of the distributor Fleming which bought out Malone and Hyde which owned rights to Piggy Wiggly, Big Star and some others hurt as well. There's a few small chains that still operate in that market but it's not many. Interestingly, Dillions is a arm of Krogers and they pulled out of here with the last store in Prairie Grove sold to Harps.

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