Scoop: Walmart heirs paid nearly $15.5M in Bella Vista deal
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A company owned by Steuart and Tom Walton paid Cooper Communities $15.49 million for 1,941 acres in north Bella Vista, according to land records. A Walton spokesperson confirmed the purchase.
Why it matters: Speculation about how the large block of undeveloped land near the Missouri border will be used is a hot topic in Northwest Arkansas.
- "At this time, we have no official plans for development to share as we are currently conducting an infrastructure study in the area," the spokesperson said in an email.
- "We hope to share more once that study is completed in early 2025."
Yes, but: The company has said it expects to focus on outdoor recreation, hospitality and retail investments.
The big picture: The brothers in May announced they bought 2,700 acres of undeveloped land throughout the town and Benton County. That includes 15 parcels that make up the 1,941 acres in the map above, bought by West BV LLC.
- This followed a March deal for 54 acres of Bella Vista land for $34 million that included Sugar Creek Shopping Center.
- The transactions were made by separate limited liability companies but ultimately roll up to Blue Crane Construction, the development arm of the brothers' Runway Group.
Walton Enterprises, which represents the larger family's investments, owns more than 62 acres adjacent to and near Dartmoor Road in south-central Bella Vista. The land, purchased in 2019 and 2020 for about $1 million, includes the historic Wonderland Cave.
Context: The land in north Bella Vista sold for an average of nearly $8,000 per acre.
- That's probably a reasonable market price, given that much of the land lacks infrastructure for housing, said Larry Horton, broker for Bentonville Real Estate.
- Ready-to-develop land is going for $60,000 or more per acre, he said.
The bottom line: Blue Crane hosted a community meet and greet with Runway Group CEO Tom Walton soon after the announcement in May.
- Updates to plans will be communicated through a dedicated page on Blue Crane's website, the spokesperson said.
Editor's note: This story has been corrected to say that a Walton spokesperson confirmed the purchase (not the price).