News in brief

LR group pays $6M for parcel in Rogers

A group of Little Rock investors spent nearly $6 million on a 27-acre parcel in Rogers with plans to create a mixed-use commercial development.

Alex Blass of Sage Partners is the lead developer. Blass and Little Rock-based VCC Construction plan to develop the acreage into an "urban mixed-use space," a blend of commercial, entertainment and residential real estate, a Tuesday news release said.

The land is on South Pinnacle Hills Parkway just south of the Country Club Plaza and a Walmart Neighborhood Market.

Sage Partners merged in 2016 with Hunt Ventures led by philanthropist Johnelle Hunt. Her firm developed the Pinnacle Hills Promenade, among other real estate projects in the area.

The grantor, Bill Adams, signed the deed totaling $5,882,590 on July 27, according to the Benton County assessor's office. Grantees include Pinnacle Village Holdings (60.77 percent), Capital Properties (33.71 percent) and Burlingame Investments Limited Partnership (5.52 percent).

Sage Partners (Pinnacle Village Holdings) will manage the commercial properties in the project, the release said. The project team plans to "begin site work and design immediately."

-- Nathan Owens

$2.5M warehouse to be Frito-Lay hub

A $2.5 million warehouse going up on a 5-acre tract in the Port of Little Rock industrial park will be a new distribution center for Frito-Lay snacks.

Dkota Investments of Dallas, which counts the PepsiCo subsidiary among its clients, acquired the vacant land from the city earlier this year for $138,567, according to Pulaski County assessor's online records. Last week, Dkota obtained a building permit to build the new warehouse, offices and garage worth $2,556,570 on the property at 6000 Sloane Drive.

Dkota specializes in "build-to-suit" warehouses for corporate clients.

Bryan Day, executive director of the Port Authority of Little Rock, confirmed that Frito-Lay would be the tenant for the warehouse.

Frito-Lay has a facility at 4 Production Drive near Baseline and Chicot roads.

-- Noel Oman

Arkansas Index up, ends day at $448.58

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, climbed 2.96 to 448.58 Tuesday.

"The S&P 500 closed Tuesday's session near a record high as shares of Amazon, Alphabet and Microsoft rallied on top of a strong, growing U.S. economy," said Chris Harkins, managing director with Raymond James & Associates in Little Rock.

Total volume for the index was 14.9 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 08/08/2018

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