Liquor Stores May Fill Vacancies

Motorists pass along West Walnut Street on Friday in Rogers past a sign promoting property for sale near the intersection with South 28th Street in Rogers. In November, Benton County voters approved retail alcohol sales in the county.

Motorists pass along West Walnut Street on Friday in Rogers past a sign promoting property for sale near the intersection with South 28th Street in Rogers. In November, Benton County voters approved retail alcohol sales in the county.

Saturday, January 5, 2013

— A sign at the intersection of Walnut and 28th streets spotlights changes coming to Benton County’s commercial landscape.

Stuck amongst the weeds in a 10-acre plot a sign plainly states “Ideal Site for Liquor Store.”

“The seller called me the day after the vote and said we needed to put that sign up,” said Maurice Way of Weichert Realtors, The Griffin Company.

County voters approved liquor sales during the Nov. 6 general election.

Grocery and convenience stores have been applying for permits since shortly after the election, and the state’s Alcoholic Beverage Control Division could approve the first permits Jan. 16.

The state can issue an unlimited number of beer and wine permits.

Liquor store permits are on a different schedule and are harder to come by. The state will allow 55 liquor stores in Benton County based on population, said Rick Chrisman, director of education for the Alcoholic Beverage Control Division.

The state allows one liquor store per 4,000 people based on census data. Benton County’s estimated population was 227,500 in 2011, according the U.S. Census Bureau.

The bureau isn’t accepting applications yet, but Chrisman said they have sent out more than 200 forms.

The application process will begin in the next couple months and will remain open for two more months. All eligible applicants will be entered into a lottery pick selection process.

Alan Cole, a leasing agent with Colliers International, said he’s seen quite a bit of interest in sites for potential liquor stores.

“We’ve even received a couple of offers,” he said. The offers are contingent on approval from the alcohol licensing board.

Cole declined to go into details of any potential deals, but said activity is strongest in Rogers, Bentonville and Siloam Springs.

Potential liquor store owners are also making sure property is properly zoned to allow alcohol sales.

Benton County cities are in the process of establishing guidelines for alcohol sales. The state’s only location requirement for package stores is they can’t be within 1,000 feet of a school or church.

Cole said some of the best potential sites are commercial buildings with drive-through windows and ample parking. Corner lots are also good locations, he said.

Tom Reed, a partner with Streetsmart Data Services, said there’s ample space available for sale and lease.

The largest amount of Benton County commercial space, 1.75 million square feet, is Class A. These buildings are in prime locations and are newer. Vacancy rates are 6.5 percent, or about 113,750 square feet.

Reed said most liquor stores fall into Class B properties, which tend to be a bit older and not quite as good locations. There are 1.13 million square feet in the county with a vacancy rate of just more than 18.5 percent, or 209,050 square feet.

Strip centers are also good liquor store locations, Reed said. There is just more than 1.58 million square feet with about 17.5 percent, or 276,725 square feet, available.

Reed doesn’t anticipate liquor stores to have a huge impact on vacancy rates.

“It will create additional demand for space. Any increase in demand helps,” he said.