A Texas investment management group has made another large purchase of commercial land in Rogers.
EF Capital AR LLC of The Woodlands, Texas, paid $6.7 million for some 40 acres just east of Interstate 49 in a deal that closed June 21. EF Capital bought the land from Pine Bluff’s Simmons Bank, which inherited the land when it bought the assets of Metropolitan National Bank of Little Rock.
Philip Schmidt of Flake & Kelley Commercial, who represented EF Capital, declined to name for whom EF Capital bought the property, but Whispers has determined it is Margaret Molleston, a University of Arkansas Law School graduate who is the executive vice president of GeoSouthern Energy Corp. of The Woodlands.
In March 2015, EF Capital bought about 85 acres for Molleston from Oliver Haynes LLC, led by Bob and Cynthia Oliver, for $8.3 million.
That land, divided into two tracts, is adjacent to the new purchase. One tract is just north of the Home Depot on South 46th Street, and the other is just east on Promenade Boulevard.
The 40 acres just purchased are between Walnut Street and New Hope Road. Schmidt said EF Capital paid cash for the property — as was done a year earlier — but has no immediate development plans.
“It’s a long-term hold,” Schmidt said. “We’ve seen a lot of appreciation in the area because we’re running out of dirt. When you are able to pay in cash and hold it, it’s a genius plan.”