Paradigm Development Steps to Bat for City of Johnson (Real Deals)

Paradigm Development Enterprises Inc. has been given the go-ahead and a $2.6 million boost from the city of Johnson for a new 25-acre mixed-used Tax Increment Financing district located on west Joyce Boulevard.

The Johnson City Council approved the TIF district on January 14 and allocated $2.6 million in increased property taxes for the project.

The development, aptly named The Steps at Joyce because of the steps that will be required to navigate the property’s elevation changes, will be made-up of luxury homes, condos and apartment units, upscale dining and commercial and office units.

Tracy Hoskins, president of Paradigm Development, said Paradigm has designed The Steps to be a lifestyle community with steps, fountains and landscaping.

The commercial and residential units will be built in phases and will be regulated by the market and demand.

The utility and infrastructure work is expected to cost about $5 million. Upon completion, Hoskins said the development could encompass 500,000-SF of commercial/office space and 700 residential units and be valued at more than $100 million

The area will be pedestrian-friendly and will have an upscale, urban feel.

Because the development has areas of high elevation, Hoskins said buildings will be built so residents and guests can have an open view of Fayetteville.

The first phase of the project will be finishing the platting of the development and running utilities to the site.

Landquest Lets Beau Chene Go

On December 21 Landquest Holdings LLC closed on the sale of its Beau Chene Office Building located 2700 SE S St. in Bentonville’s industrial park to Infinity Office Properties, operating as Infinity S. Street LLC, for $4.65 million.

Infinity S. Street LLC is a partnership of local and national investors.

The group is controlled and operated by Office Properties, which operates as a wholly owned subsidiary of Infinity Capital Management, a New York City -based investment company.

Landquest Holdings LLC is registered to Bart Bauer and Guy Rizzo.

The 40,500-SF office building, which was constructed in 2006, is currently undergoing a top-to-bottom capital improvement project, which includes a lobby redesign, mechanical and security upgrades and construction of a monument sign on 28th Street.

Once the renovations are complete the building will be re-opened as the Skyline Professional Center and will offer, full-service, Class-A office space.

Infinity received a $6.2 million loan to finance the transaction from Liberty Bank of Arkansas on December 21.

Colliers Dickson Flake Partners Inc. of Bentonville brokered the sale.

O’Charley’s Hands Over Fayetteville Restaurant

O’Charley’s Inc. sold its Fayetteville restaurant on Shiloh Drive in the CMN Business Park to John Bliss for $1.5 million.

After renovations and some updates, Bliss reopened the restaurant in January as Meaux Dad’s, which specializes in Louisiana Cajun cuisine.

The 6,500-SF restaurant seats 270 patrons and includes a bar area.

Bliss is the owner of the restaurant. Steve Farmer is the restaurant’s house general manager and Steve Zangori is the head-chef and general manager for the kitchen.

Bliss signed a $1.2 million real estate mortgage with BankcorpSouth Bank on December 21 to finance the purchase.

Sage Partners brokered the deal.

Bayyari Bags New Building

Fadil Bayyari, through his Bayyari LLC, purchased the Springdale building that houses My Furniture My Way, for $1.04 million from Kerri Elder of C & K Properties LLC on December 31.

My Furniture My Way features old world furniture, custom upholstery, accessories and reasonably priced luxury furniture.

The purchased included the 8,540-SF showroom and 3,640-SF warehouse, both located at 1404 Chester Ave. in south Springdale.

The transaction affected only the ownership of the building. No changes were made to the business.

Koenigseder, Moznabi Swap Homes for Fuel

James and Diane Koenigseder, through the James A. Koenigseder Revocable Trust, swapped properties with Hamid Moznabi, registered agent of Best Property Management LLC.

The Koenigseders paid Moznabi $975,000 for three multi-family properties in Springdale’s Garden Center Place Addition. The apartment complex is located on Azalea Circle, south of west Shady Grove Road.

The buildings, located at 1602, 1604 and 1607 Azalea Circle, were built in 1985 and are each two stories. There four units in each building.

In exchange Moznabi purchased the Phillips 66 gas station and convenience store located at 1106 S. Walton in Bentonville from the Koenigseders for $975,000.

The gas station has 10 fuel pumps and the 2,936-SF mini-mart operates under the name Cassidy’s Break Time.

The station was built in 1996 and has an ATM and drive-thru car wash.

Church Adds Property For Additional Service

First Christian Church Disciples of Christ in Bentonville purchased 7.32 acres on Arkansas Highway 112 in Cave Springs for $595,000 on December 14.

A 7,000-SF metal building is located on the property.

The building, which was originally used as a horse barn, was half finished out at the time of the purchase. The church is in the process of finishing the other half and turning it into a worship center for their contemporary worship service, WaterWay.

The Cave Springs location will serve as a satellite location for the Bentonville church.

WaterWay has a weekly congregation of about 70 people.