Sale of The Glen at Polo Park Registers $17 Million

An apartment community in west Bentonville with 356 units tipped the scales at $17 million.

According to a special warranty deed, Glen Acquisitions LLC of North Kansas City, Mo., purchased The Glen at Polo Park Apartments at 6601 S.W. Mallet Road. The seller was REO Holdings III.

The deal is backed by a five-year mortgage of $14.4 million from Metropolitan National Bank of Little Rock.

John Bemrose is the manager of REO Holdings. Chad Sneed signed the mortgage on behalf of Glen Acquisitions. Sneed is a title manager at Maxus Properties Inc. in North Kansas City, the community’s new property manager.

The 18.5-acre property is just west of the Benton County Fairgrounds on Vaughn Road near highways 12 and 279.

 

Complex Financing

The owner of a 196-unit apartment complex in Fayetteville picked up a $5 million mortgage.

PHD Investments LLC of Portland, Ore., led by Robert Dant, got the 10-year loan from Grandbridge Real Estate Capital LLC of Charlotte, N.C.

Dant acquired the North Creekside Apartments in May from RMD Properties LLC.

 

RNR Loans

A pair of commercial buildings in Washington and Benton counties helped secure two funding agreements totaling a combined $2.8 million.

RNR Investments LLC, led by members Donald Barker II, James Harrison and Geron Vail, obtained the two loans – each valued at $1.4 million with a maturity date of May 2016 – from First Commercial Bank of Jonesboro.

The limited liability company purchased the 3,839-SF building that now houses Alpha Graphics at 2870 N. College Ave. in Fayetteville in December 2006 for $475,000. The sellers were Robert and Patricia Null.

RNR purchased the 3,966-SF building that now houses RNR Custom Wheels at 817 W. Walnut St. in Rogers in August 2007 for $445,000. The seller was the Tucker Revocable Trust.

 

Medical Mortgage

A pair of medical office buildings in Springdale helped secure two mortgages totaling $4.2 million.

Amerimedical LLC of Russellville, led by members John T. Hampton and James P. Knight, received the two loans- each valued at $2.1 million – from First National Bank of Fort Smith.

The first property is an 8,474-SF building at 3875 W. Sunset Ave., which houses Northwest Family Care-Westside. It last appraised in 2010 for $899,600.

The second property is a 3,223-SF building at 2060 Orchard St. that houses Northwest Family Care-Eastside. It last appraised in 2010 for $482,800.

 

Lakefront Abode

A 3,843-SF home in the gated Gram B Point subdivision in Lowell has a new owner after a $1.4 million transaction.

William Pickard bought the Beaver Lake home on Gram B Circle from Roy and Carol Stanley.

The deal is backed by a 15-year mortgage of $1.1 million from U.S. Bank NA.

The home was built in 2006 on 1.06 acres. Amenities include a theatre room and five-slip private dock.

 

Panda Property

The owners of a new Chinese restaurant under construction in Bentonville paid $950,000 for the property.

CFT Development LLC of California, which is building a Panda Express at 319 S. Walton Blvd., paid Doo Wop LLC for the 1.66-acre parcel. Robert Lewis is the managing member of Doo Wop, which paid $700,000 for the property in 2002 and developed Happy Bays Carwash.

 

Valley View Home

A 5,322-SF home in Phase V of the Shadow Valley subdivision in southwest Rogers changed hands in an $850,000 transaction.

Walter and Melanie Gallagher bought the 0.61-acre property on Valley View Road from the Dobbs Family Trust, led by Johnnie Dobbs. The deal is backed by a $552,500 mortgage from Bank of the Ozarks of Little Rock.

Dobbs acquired the lot in June 2004 from the C.R. Reaves Family Limited Partnership, led by Shadow Valley developer Charles Reaves.

The two-story home built in 2005 overlooks the fourth hole at Shadow Valley CC.

 

Cold Warehouse Sale

A 5,600-SF warehouse in Lowell is under new ownership after a sale worth $700,000.

Parcs LLC, which lists Jason Wales as the registered agent, bought the building at 705 S. Lincoln St.

Deel-Burton LLC, which lists Tom Stiff as the registered agent, was the seller. Deel-Burton bought the property in June 2002 for $1.46 million.

The building, whose current tenant is Performance Food Group, is on 9.94 acres and includes 3,440 SF of warehouse space (cold storage) and 2,160 SF of office space.

Bill McClard with Lindsey & Associates brokered the sale.

 

Preston Trail Property

A five-bedroom, two-story home in the Preston Trail Estates subdivision of Bentonville has a new owner after a $585,000 transaction.

Jim Cameron purchased the 5,584-SF home from Jerry and Diana Moore.

The deal is funded by a $417,000 mortgage from Arvest Bank of Fayetteville.

The 3.99-acre parcel last appraised in 2010 for $598,150.

 

Ross Rolling In Liberty Bell

Devon Ross, through his Signature Builders LLC, recently bought three building permits with a combined value of $525,789.

The permits are for the construction of single-family homes at 6201, 6202 and 6203 Sage Drive in the Liberty Bell Estates South subdivision just off South Wallis Road in southwest Rogers.

Heather Campbell and Marcus Necessary with Weichert Realtors – The Griffin Co. are the listing agents for the homes.

 

Mathias Buys FSB Property

Sam Mathias, through his Mathias Shopping Centers Inc., purchased an 8,000-SF commercial building at 180 Industrial Drive in Tontitown.

Mathias paid First State Bank of NWA $335,000. The bank foreclosed on the property in February.

The building, known as Haley Rae Inc./Gymnastics, last appraised in 2010 for $539,050 and was constructed in 2003.  w

Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.