Kansas City Group Grabs Lowell Medical Building
by May 23, 2016 12:00 am 254 views
Ownership of a 17,585-SF medical clinic in Lowell has changed hands in a $3.3 million deal.
BUR AR LLC (45.48 percent), Guaranty Development Group LLC (38.75 percent) and Oasis OG LLC (15.76 percent) purchased the Lowell Medical Center building at 325 S. Sixth Place, just off Interstate 49.
The buyers are all affiliates of Block Real Estate Services LLC in Kansas City, Missouri.
CapRocq Core Real Estate Fund LP of Little Rock was the seller. Dewitt Smith, Kevin Huchingson, Franklin McLarty and Ted Dickey are the co-founders of the fund.
Arvest Bank of Fayetteville backed the deal.
Mercy Health Systems of Northwest Arkansas is the building tenant.
Commercial Site
A 13.8-acre commercial site with Interstate 49 frontage in Springdale has a new owner after a $1.5 million sale.
Long-Lykins LLC, led by Rick Long and John Lykins, acquired the three parcels from Donna Baker. The property is south of a Walmart Neighborhood Market, situated between northbound I-49 and South 48th Street.
The deal is financed with an 18-month loan of $1.36 million from Armstrong Bank in Springdale.
The land was deeded to Baker in 1999 for $0.
Dickson Deal
A Dickson Street restaurant space in downtown Fayetteville is getting a new tenant after a recent property sale worth $1.3 million.
Monroe Dickson LLC bought the 3,310-SF building at 412 W. Dickson St.
CG Ventures LLC, led by Kari Larson and Julie Sill was the seller.
City Title & Closing LLC of Fayetteville was the title agent.
The property was listed and sold by Jeff Pederson with Lindsey & Associates of Fayetteville.
Common Grounds, a locally owned coffee shop, was the previous tenant until closing in February.
The new owners plan to open a Taco Bell Cantina in the renovated space.
Larson and Sill bought the property in July 2004 for $1.2 million. Pearson Family Trust, led by C.T. Pearson Jr., was the seller.
Student Housing
A student-housing development near the University of Arkansas campus in Fayetteville is in the works after two recent land sales worth a combined $1.15 million.
Georgia-based Haven Campus Communities purchased 6.79 acres near the northwest corner of Garland Avenue and Wedington Drive, behind Harps Foods Store location. The purchase price equals $3.88 per SF.
Nall Properties of NWA LLC, led by Marty Nall, sold one parcel totaling 0.66 acres for $285,000. The site includes a 2,262-SF building known as The Edge.
CAP REO 1 LLC, led by John Schmelzle, sold four parcels totaling 6.13 acres for $866,000.
Clinton Bennett with CBRE Northwest Arkansas in Fayetteville represented both sellers.
City Title & Closing LLC of Fayetteville was the title agent.
Haven has developments in Texas, Mississippi and Georgia.
Brian Miller, the company’s executive vice president, said the Fayetteville project is still in the design phase.
Pinnacle Abode
New construction of a 4,187-SF home in the Champions Golf & Country Club addition at Pinnacle Country Club in Rogers drew a $900,000 sale.
Patrick and Courtney McAllister bought the house on South Fiddlesticks Trail from Ericson LLC, led by E.J. and Paige Johnson.
The purchase price equals $214.95 per SF.
The deal is funded with a 30-year loan of $630,000 from Wells Fargo Bank N.A. of Sioux Falls, South Dakota.
Lance Johnson Building Co. of Springdale was the builder.
Waco Title Co. of Springdale was the title agent.
E.J. Johnson with Keller Williams Market Pro Realty in Bentonville was the listing agent.
Nicky Dou, also with Keller Williams, represented the buyer.
The 0.32-acre site was acquired in January 2015 for $155,000. George and Sharon Abide were the sellers.
Central Residence
A 1,860-SF home on Central Avenue just west of the downtown square in Bentonville has a new owner after a sale worth $670,103, a purchase price of $360.27 per SF.
Cottage Home XNA LLC, owned by members of the Scott family, bought the residence from Jerry and Mary Hunt. The transaction involves two parcels totaling 0.43 acres.
City Title & Closing LLC of Fayetteville was the title agent.
The home was built in 1940. It was previously tied to a July 2011 mortgage of $64,650 held by Arvest Bank of Fayetteville.
Hunt bought the home from Charles and Rochelle Smith in May 1997 for $75,000.