Springdale Hotel Changes Ownership for $1.86 Million
by February 20, 2012 9:20 am 270 views
A 60-room hotel in Springdale is under new ownership following a $1.86 million transaction.
Swetal I. Patel, managing member off SAI Leela LLC, bought the Super 8 Motel at 4540 W. Sunset Drive.
Night-Rest Inc., led by Tom Bhakta and Narenda Krushiker, was the seller. The deal was funded with a $1.39 million mortgage from Centennial Bank of Conway.
The 1.86-acre development appraised in 2011 for $1.8 million.The hotel reported revenue of $540,000 in 2010.
Duplex Developments
Chris and Kerri Elder, through their Elder Construction Co. of Springdale, recently bought five building permits valued at a combined $1.35 million to build duplexes in Bentonville.
The duplexes will be built on Southwest Broadstone Avenue in the Stonegate Subdivision on Arkansas Highway 102 and Tater Black Memorial Road.
Each unit will be about 1,350-SF and have three bedrooms, two bathrooms and double garages. The units will rent between $725 and $750 per month. The duplexes will be all-brick and have privacy fences.
Physicians Purchase
A trio of surgeons paid $1 million for a vacant building near Joyce Boulevard in Fayetteville.
Scott Bolding, Steve Skoch and Aneet Sharma, through their MSC Investments LLC, bought the 18,753-SF building on 1.59 acres at 3880 N. Front St., formerly a Colony Shop retail outlet.
Bolding, Skoch and Sharma practice at the Oral and Facial Surgery Center in Springdale. Bolding and Skoch are co-owners.
Colony Development Co. LLC, which lists Joseph W. Dugan as managing member, was the seller.
First State Bank in Russellville funded the deal.
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.