BSR Trust acquires Fayetteville complex
Little Rock-based BSR Trust LLC has purchased an apartment complex in Fayetteville, the company's first acquisition in Northwest Arkansas.
BSR Trust has completed its acquisition of the Mountain Ranch Apartments located west of Interstate 49, the company said Tuesday. The complex has 360 units in a mix of one-, two- and three-bedroom configurations, according to a release. The terms of the deal were not disclosed.
"BSR has focused our acquisition growth outside the state of Arkansas in recent years," Daniel Oberste, BSR's chief investment officer, said in a statement. "However, the economic growth story of Northwest Arkansas is impossible to ignore."
BSR Trust owns and operates 10 multifamily properties in Arkansas, and it has operations in Texas, Oklahoma, Louisiana and Mississippi. With the addition of Mountain Ranch, BSR Trust owns and runs 46 properties with about 9,200 units.
-- John Magsam
Grain-storage site in Marked Tree sold
Poinsett Rice and Grain Inc. has purchased the grain warehouse held by Ritter Agribusiness in Marked Tree, officials with both companies said Tuesday.
Ritter last fall announced its plans to close its warehouses in Marked Tree and Otwell this spring, putting 26 people out of jobs. The employees at the Marked Tree facility transferred to Poinsett Rice and Grain when the sale closed Friday. The facility holds 4 million bushels of grain.
Founded in 1988 and based in Waldenburg, Poinsett Rice and Grain now owns and operates six storage facilities, a river port and a mill for brown rice. The company's vice president, Ryan Carwell, said the Marked Tree facility "gives our customers another marketing option" for their rice, soybeans, corn and wheat. "It's a win-win situation for all involved," Carwell said in a joint statement with Ritter.
-- Stephen Steed
Most stocks retreat as index loses 2.70
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 2.70 to 348.65 Tuesday.
All but two stocks lost ground.
Windstream fell 7.1 percent on more than double its average volume.
ArcBest dropped 2.9 percent in light trading.
America's Car-Mart rose 1.1 percent in heavy trading.
Total volume for the index was 21.6 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 03/08/2017