Garden Park Trades Hands (Real Deals)

by Talk Business & Politics ([email protected]) 148 views 

Steve Mansfield and three unnamed investors, through their GP Holdings LLC entity of Fayetteville, recently paid Steve and Rexanne Mansfield, through their Garden Park Apartments Inc. entity of Fayetteville, $8 million for an existing apartment complex in Fayetteville.
The Mansfields were recently divorced and originally purchased the property in 2002 for $5.6 million.
Heritage Land Title of Arkansas in Fayetteville closed the sale.
Metropolitan National Bank in Fayetteville is financing the purchase.
Garden Park Apartments, formerly College Park Apartments, is located at 1225 Mt. Comfort Road.
It includes 156 units that are leased at more than 90 percent capacity, Steve Mansfield said.
There’s about 10 acres of land and eight buildings that are about 50,000-SF each in the complex. In addition, the property includes a 7,200-SF tennis court and a 1,440-SF pool.
Steve Mansfield said he plans to do extensive renovations in the form of new appliances, granite counter tops and ceramic tiled floors to bring the property that was built in 1988 up to standards.
Steve Mansfield is the owner of Mansfield Enterprises in Fayetteville.

South 40 Partners Drive Dealership
Bill Schywhart and Robert Thornton, though their South 40 Partners LLC entity of Rogers, recently paid Ball Properties LLC $2.55 million for an existing car dealership and surrounding property in Rogers.
The property, located in the 2300 and 2400 block of S. 8th Street, is home to Fletcher Chrysler Dodge. Schywhart said the South 40 Partners already own most of the land south of what will be Price Street and plan to “spruce up” that end of town.
The dealership will remain as before, but Schywhart said there is vacant land fronting Arkansas Highway 71 Business that could be developed with a fast-food restaurant, convenience store or other types of projects that would improve the neighborhood.
The purchase includes multiple buildings and parcels.
According to public records, about 11 acres were included in the deal. More than 37,000 SF of combined buildings are on the property, including a 10,091-SF service garage, a 7,800-SF garage and a 5,280-SF showroom.
Some of the buildings are vacant and may be demolished to make way for future development.
Schywhart and Thornton are both members of The Pinnacle Group of Rogers, but this deal is not tied to that company.

BCFA Completes Fairground Buy
The Benton County Fair Association, operating through its BCFA Inc. entity of Bentonville, recently paid North Arkansas Wholesale Co. of Little Rock $2.26 million for land near Vaughn.
The purchase was for about 59 acres of property that will be the new home to the Benton County Fair, which is on schedule to run from Sept. 11-15 at the new location at the intersection of Arkansas highways 12 and 279.
The new fairgrounds will include a 24,000-SF exhibit hall, a 10,000-SF auditorium and a 49,000-SF arena and 45,000-SF show barn. Plans also call for about 8 acres of space reserved for a “midway.”
The purchase was part of a land exchange with Wal-Mart Stores Inc. after the Bentonville retailer purchased the old fairgrounds on 8th Street in 2004.
Listed members of North Arkansas Wholesale are Eric S. Zorn, Claire Babineaux-Fontenot, Jeffery J. Gearhart, Joseph J. Fitzsimmons, David L. Buffington, Steve Whaley and Charles M. Holley.

Dwelling Place Switches Spots
The Dwelling Place Inc. recently paid the Life Covenant Church $900,000 for an existing structure in Fayetteville.
Waco Title Co. of Springdale closed the sale.
Financing is being provided by Arvest Bank-Springdale.
The purchase was for the Life Covenant Church located at 1855 N. Porter Road. It has 3.71 acres of land and a 10,000-SF facility, including a 6,000-SF main facility and a 4,000-SF children’s building.
Marcus Carruthers is the pastor for Dwelling Place and said the non-denominational church’s mission is to make a difference “locally and globally in the lives of people for Christ.”
The new facility has a capacity of about 400 people and Carruthers said the church averages between 175 to 215 people on Sundays.
The church’s former facility on Joyce Boulevard had a capacity of about 115 people.
Carruthers said the church already is holding services in the new facility after spending about $50,000 on remodeling, such as painting, structural improvements and updating the children’s building.

Cheevers Take Elkins Property
Joyce and Dwight Stacy Cheevers of Fayetteville recently paid Mike G. Price $900,000 for rural property in Elkins.
The property is located at 11129 S. Whitehouse Road.
It includes 39.75 acres that the Cheevers plan to use as farmland.

Pinnacle Couple Purchase Lot 666
A new home in the Pinnacle Golf & Country Club subdivision in Rogers recently changed hands after an $889,000 transaction.
The home sits on lot 666 in Phase IV of the Pinnacle subdivision, located at 15 Oxford Drive.
Robert A. and Nancy M. Rosales purchased the home that sits on 0.51 acres from Mark Melton Construction Inc. of Bentonville, the builder of the home.

Fugitt Buys Apartments
William Kim Fugitt of Fayetteville, trustee of the William Kim Fugitt Trust, recently paid Dewitt Clinton Goff, trustee of the Goff Revocable Trust, $675,000 for an existing apartment complex in Springdale.
Cobblestone Apartments, located at 3208 Elm Springs Road, is a 16-unit complex in four 3,420-SF buildings. Each unit is about 800 SF and rents for $435 per month. Fugitt said the property is 100 percent leased.
Fugitt, a well-respected architect who works with Lindsey & Associates Inc. in Fayetteville, plans to spend between $15,000 to $20,000 on upgrades such as replacing the duct work, cleaning up and painting.
The apartments are about 30 years old and have been owned by Goff since 1985.

Rolf Gains Another Back Yard Burgers
A restaurant in Fayetteville recently traded hands as part of a two-store acquisition.
The family team of Don, Mike and Kevin Rolf, through their Rolf Enterprises LLC of Ozark, Mo. entity, recently paid Lion’s Mane Ltd. of Fayetteville $600,000 for the Fayetteville restaurant.
Back Yard Burgers, located at 2036 N. College Ave., was involved in the acquisition that also included a Back Yard Burgers restaurant in Springfield, Mo.
It includes a 2,158-SF building that was built in 1995.
The Rolfs plan to spend about $110,000 on exterior renovations that will be done by Venture Construction of Bartlett, Tenn.
Rolf now owns or leases eight separate Back Yard Burgers locations, including six in Missouri and two in Arkansas. The Missouri locations are in Springfield (two) and one each in Nixa, Joplin, Branson and Ozark.
The group also leases the Back Yard Burgers in Rogers.
Members of Lion’s Mane listed are Katie Davis and Susan McCollegan.
According to the company’s Web site, there are 182 Back Yard locations in 20 states.
The company was founded in Cleveland, Miss.

112 Partners Clear Space
John D. Alford, Scott W. Stokenbury, Charles G. Palmer Intervivos Trust and R. Charlie Roberts Revocable Trust, through their 112 Partners LLC entity of Fort Smith, recently paid William L. and Betty J. Brockunier $500,000 for property in Tontitown.
The 0.51-acre property, located on Arkansas Highway 412 West, was formerly home to B&B Mini Storage. Two buildings totaling 6,160-SF that were constructed in 1988 have been demolished since the purchase.
Alford said the group is planning to develop the land, but the details are not definite.
Alford also leads Palmco Properties, which is developing the Stone Meadows subdivision in Bentonville.

Stills Take Strip Center
Jennifer and Murphy Still Jr. of Springdale recently paid Buildings Inc. of Springdale $446,000 for an existing commercial building in Springdale.
Realty Title of Fayetteville closed the sale.
Legacy National Bank of Springdale financed the purchase.
The property located at 181 S. 40th Street is a strip center that includes three tenants.
It’s known as the 40th Street Discount Market, according to public records. The tenants are an auto body supplier, a restaurant management group and a church.
Murphy Still said there are no plans to make any changes to the property and the couple bought it only for investment purposes.
Ken Bailey is the president of Buildings Inc., which closed for business earlier this year due to his retirement.