Buyer pays $8.4M for mall in Rogers
An unnamed California-based investment group bought Frisco Station mall in Rogers for its asking price of just under $8.4 million.
Reggie Greer of RG Real Estate Services in Bentonville represented the buyer. RG Real Estate Services will manage the property for the new owner.
Greer said he plans to bring in national, name-brand retailers. He said there is demand for many different retail offerings, including clothing, groceries and sporting goods, in the area. Greer said his group plans to renovate the outside of the mall and make interior improvements.
"It's in a great location with great demographics," Greer said. "All it needs is a freshening up and some work."
The 243,933-square-foot mall is at 100 N. Dixieland Road and includes Hobby Lobby, Tuesday Morning, GNC, Planet Fitness and a UPS store. The mall offers short-term and long-term leases, and 83 percent of the mall is leased. Current leases will be honored by the new owner.
Sage Partners of Fayetteville, which represented the seller, and RG Real Estate Services reached a deal May 27. The property has been on the market since November 2015.
Dixie Mall 2003 LLC, based in Denver, previously owned the property before it was sold to Frisco Station LLC.
-- Stephanie Lamm
Nonprofit to create 'buy local' alliance
Local First Arkansas, a nonprofit organization aimed at creating and supporting an alliance of locally owned businesses, started up this week.
The organization said that through technology, marketing, educational programming and community events it will raise awareness about buying local, the news release said.
"Member organizations will benefit from 'buy local' and 'eat local' campaigns, which will focus on educating the public about the many great reasons to 'think local first' when making purchasing decisions," the news release said.
Local First Arkansas started up Wednesday. It will hold a board of directors meeting on June 15.
-- Jessica Seaman
State index's week closes with 0.80 dip
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 0.80 to 322.64 Friday.
For the week, nine stocks declined, eight advanced and one was unchanged.
Communication Sales & Leasing had the best week, finishing up 4.5 percent.
PAM Transportation fell 4.1 percent for the week.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 06/04/2016