Condos Near Dickson Street Attract $2.7 Million Sale

Brian Reindl recently purchased 24 condos near Dickson Street in downtown Fayetteville’s The Lofts at the Metro District building for a combined $2.7 million.

Reindl, through his UA Properties LLC, bought the condos at 600 W. Meadow St. from ANB Ventures.

Ramsay Ball of Colliers International in Bentonville represented the seller. First Security Bank of Searcy provided the financing with a $2.7 million loan.

ANB filed a foreclosure suit against Metro District Partners, led by developers John Nock, Brandon Barber and Hank Broyles and the Bank of Fayetteville, in April 2009.

There are 30, two-bedroom condos in the building, ranging from roughly 1,200 SF to 1,500 SF, constructed in 2007.

Six are privately owned. The selling price of the least expensive was $217,000.

The 24 purchased by Reindl, bought at an average of $112,500 per unit, are currently being leased. Nine are on the first floor, eight on the second and seven on the third.

 

Hotel Sold

An 83-room hotel in Fayetteville has a new owner following a $1.4 million sale.

Nitesh Gandhi, president of Manav Investor of N.W. Arkansas Inc., paid for the Fayetteville Super 8 at 1075 S. Shiloh Drive.

The seller was Supertel LP of Virginia, formerly Humphrey Hospitality LP.

Gandhi received a commercial real estate mortgage from Liberty Bank of Arkansas. The terms were two years and $1.32 million.

The hotel, according to the most recent data, reported $550,000 in revenue in 2010.

The 1.44-acre development and building, constructed in 1993, appraised for $1.57 million in 2011.

 

Hunnicutt Breaks Ground

Hunnicutt Construction Co. in Fayetteville is using a $557,760 building permit to construct a new branch office for the Area Agency on Aging at 4332 N. Waterside Court in Fayetteville.

The 4,980-SF office building, to be complete in July, will house 10 to 12 staff members. It will replace the agency’s current office building, a 2,360-SF space, at 2325 Green Acres Road in Fayetteville. The new building will also have a conference room.

Area Agency on Aging Northwest Arkansas Inc. acquired the land from Zion Holdings LLC, led by Jeff Martin and Mike Phillips, in June 2011 for $185,000.

 

Estate Transaction

A bank-owned estate home in northwest Fayetteville has a new owner following a $580,000 transaction.

Daniel and Catherine Arnsperger bought the two-story home and six-acre lot on West Salem Road from Arvest Bank of Fayetteville.

The bank acquired the property from Dale and Darlene Schultz in June 2011.

United Bank of Springdale provided the financing with a one-year, $646,000 loan.

The five-bedroom home was built in 2005 and last appraised in 2010 for $531,100.

 

Temple Rising

Clinard Construction Co. in Bentonville is nearing completion of a 4,000-SF building to serve as a temple for the Hindu Association of Northwest Arkansas.

Clinard is using a $544,000 building permit to construct the brick and stucco temple at 2502 S.W. Regional Airport Blvd. in Bentonville.

The building, which will house worship services for the HANWA, is being constructed behind the group’s current worship center, a 2,378-SF, remodeled house built in 1990.

Northstar Engineering of Bentonville is the engineer on the project.

Dave Burris with Mangold Burris Architecture in Rogers is the architect.

Hindu Association of NWA Inc. owns the house and 3.67 acres, acquired in September 2009 for $250,000.

Pine Bluff-based Simmons First Bank is providing the financing for the project.

 

Stonehenge Sale

A 3,947-SF home in Phase III of the Stonehenge subdivision in west Bentonville drew a $500,000 sale.

Bernice Johnson bought the five-bedroom home in a cul-de-sac on Firestone Lane. James and Carolyn Callahan were the sellers.

First Security Bank of Searcy provided the financing with a $375,000 loan.

The home was built in 1999 and last appraised in 2011 for $451,800.

Callahan bought the two-story home and 0.95-acre lot in March 2001 from Timothy Winter for $560,000.

Winter bought the land in October 1998 from Arnold Lehman Builders Inc. for $65,000.

 

Pet Care Property

A Texas veterinarian is the new owner of a pet care facility in Rogers.

Jasen Trautwein, through his New Hope Vet Care Properties LLC, paid $650,000 for the New Hope Animal Hospital at 103 E. New Hope Road.

Trautwein is the owner of Austin Vet Care in Austin, Texas.

A&L Property Interests LLC, led by Ann Lambert and Lynn Life, was the seller.

The 1.13-acre development and 4,577-SF building, constructed in 1994, appraised for $650,650 in 2011.

Trautwein’s purchase was funded with a $520,000 loan from Live Oak Banking Co. in Wilmington, N.C.

Live Oak, according to its website, was founded in 2007 to provide business loans to small, independent businesspeople in niche industries.

 

Block Avenue Buy

Sam Mathias, through his Mathias Properties Inc., recently paid $425,000 for a 2,705-SF vacant office building in downtown Fayetteville.

Mathias paid Woodland Enterprises LLC, which lists Fayetteville attorney Rick Woods as registered agent, for the building at 115 N. Block Ave. Woods, Snively, Atwell Law Group was the building’s previous tenant.

Bank of Fayetteville provided the financing with a $355,000 loan.

The building came onto the market when the law firm merged with Shawn Daniels to form Daniels, Woods, Snively, Atwell Law Group at 129 W. Sunbridge Drive. in Fayetteville.

The Block Avenue property is a one-story building built in 1970. Woodland Enterprises acquired the building in 2002 for $263,000.

It appraised in 2010 for $312,700.

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.