Walton-founded company acquires 54 acres of real estate in Bella Vista

BELLA VISTA — A company founded by Walmart heirs Steuart and Tom Walton has acquired around 54 acres of property in Bella Vista valued at $33.9 million through three separate deals, according to JT Geren, director of strategic communications at Runway Group.

The property acquired by Blue Crane LLC includes the 9.5-acre Sugar Creek Shopping Center, a 48,000-squarefoot multi-tenant building that is home to Allen’s Food Market. The remaining land is north and east of the shopping center.

Blue Crane is part of Runway Group, a holding company for businesses such as Thaden Field, Pedal Solar and Ropeswing. Runway Group and Blue Crane were founded by the two Walton brothers, who are grandsons of the late Walmart founder Sam Walton.

Geren confirmed Blue Crane paid two transactions totaling $31.9 million to Cooper Communities Inc. and $2 million to WillPett Investments LLC, as first reported by Talk Business & Politics. The $2 million sale includes a gas station at 2811 Bella Vista Way, but most of the land is undeveloped.

“As a company focused on outdoor recreation and commercial development, we see a great opportunity to invest in Bella Vista,” Blue Crane Vice President Farris Deboard said in a statement. “While we haven’t finalized plans yet, we look forward to engaging with the community to create more opportunities for business to thrive, people to connect with nature, and to complement all the outdoor amenities.”

While no specific plans have been shared, Blue Crane’s previous investments include outdoor, hospitality and retail spaces in Bentonville including 8th Street Market, Ledger and Skylight Cinema.

“I feel very positive about Blue Crane’s interest in real estate in Bella Vista,” said Bella Vista Mayor John Flynn. “I believe that they will be an effective partner and a good corporate citizen, and I am pleased that they see potential in Bella Vista. Blue Crane is a group that believes in working with communities, and they are sincere about environmentally responsible development.”