$3.4 Million Land Deal Sets Student Housing Plan in Motion

Construction of a student housing development in downtown Fayetteville is in motion following two separate land transactions totaling $3.4 million.

U Ark Land Venture LP, an affiliate of Texas-based real estate and development company The Dinerstein Companies, paid the University Baptist Church $2.85 million for 2.48 acres just south of Lafayette Street between the Legacy Building and UBC. The site is where the church’s old student activity center sits.

Dinerstein also paid $550,000 for an adjoining piece of land measuring 0.37 acres owned by two entities — WLH LLC, led by Robert A. Lewis, and 322 Watson LLC, led by Pat Hargis.

Dinerstein will be the general contractor for the project, and is a co-developer — through its Sterling University Housing subsidiary — with Springdale-based Specialized Real Estate Group, led by Seth Mims and Jeremy Hudson.

The Eco Modern development is scheduled for completion by fall 2014.

Sweet Sales

Two McAlister’s Deli restaurants have a new franchisee after separate transactions totaling $2.21 million.

Sweet Tea LLLP, led by Brian “Hootie” Moore of Fayetteville, bought the Fayetteville location at 4055 N. Steele Blvd. for $1.03 million. Sweet Tea also bought the Bentonville location at 900 S.E. Walton Blvd. for $1.18 million.

By All Means LLC, led by Mike and Barbara Means, was the seller in both transactions.

Arvest Bank of Fayetteville financed both deals.

The Fayetteville location, a 4,000-SF building that opened in 2002, brought in $1.26 million in sales during fiscal 2011 (Dec. 2010-Nov. 2011), according to city tax records.

The Bentonville location, a 3,820-SF building that opened in 2005, generated $1.21 million in 2011 sales.

The two developments last appraised for a combined $2.23 million in 2011.

 

Walgreens Under Construction

HBD Construction Inc. of St. Louis recently purchased a building permit valued at $1.4 million to construct a 13,200-SF Walgreens store at 3251 W. Sunset Ave. in Springdale.

Sansone Group, also based in St. Louis, is the developer of the store at the southwest corner of West Sunset Avenue and Carley Road.

Keith Austin Construction Co. in Springdale is handling the site work.

Archimages Inc. is the architect. Conrad and Associates is the mechanical engineer and Grimes Consulting Inc. is the civil engineer. All are based in St. Louis.

Other subs working on the project include Multi-Craft Contractors Inc. in Springdale, Russellville Steel Co., Wil-Shar Steel Erectors in Rogers, Richland Commercial Masonry Inc. in Bentonville, Town and Country Plumbing Inc. in Rogers and Unlimited Electric in Fayetteville.

Sansone Group, through its Sansone Sunset Avenue LLC, paid $1 million for the property, about 1.25 acres. The seller was Byung Woo Chun.

A vacant, 2,130-SF building that housed Chances Arcade previously sat on the property.

The construction is scheduled for a late summer/early fall completion.

Duplex Deal

A duplex development in Pea Ridge containing nine units sold recently for $1.16 million.

Bright and Theresa Newhouse bought the properties on Weston Loop from Texas-based Frontier Capital Group Ltd.

FCG funded the deal with a five-year loan of $1.1 million.

Each unit is single-story, sits on a quarter of an acre and is about 2,900 SF. They were built in 2006.

The units appraised in 2011 for a combined $1.22 million.

PCI Advance Title LLC in Rogers was the closing agent.

 

ADR Activity

Jeff Roth, through his ADR Homes by Roth of Bentonville, recently purchased four building permits valued at a combined $1.07 million.

The permits are being used to build single-family homes in Phase IV of the Eden’s Brooke subdivision in Bentonville.

Eden’s Brooke is near the intersection of Arkansas highways 12 and 112.

The homes are being  built at 4103, 4105, 4201 and 4203 S.W. Hollowbrook St.

JRJC II LLC, led by Chambers Bancshares Inc. Chairman John Ed Chambers III of Danville and his nephew, John Russell Meeks, owns the four lots, each measuring 0.32 acres.

JRJC acquired the lots from Bella Terra LLC, led by Kenneth Mourton, earlier this year for a combined $180,000.

The lots appraised at $27,000 each in 2011.

The four-bedroom, three-car garage homes list between approximately $102 and $105 per SF and range in size from 2,527-SF to 2,560-SF.

The subdivision includes a swimming pool and playground area.

Industrial Sale

A 108,242-SF industrial property in south Fayetteville has a new owner after a $1 million sale.

According to a Limited Warranty Deed, Hogeye Manufacturing Co. LLC in Prairie Grove, led by president Charles Farrell, purchased the 2900 S. Lake City Drive real estate from Easco Hand Tools Inc.

The deal was funded by a $1 million mortgage from Legacy National Bank in Springdale.

The 28.06-acre development includes 12,242 SF of office space and 96,000 SF of manufacturing/warehouse space.

Easco acquired the property in July 1991 for $1.9 million.

The property appraised in 2011 for $1.86 million.

Clear Creek Transaction

A 4,600-SF home in Phase II of the Clear Creek subdivision in Johnson tipped the scales at $850,000.

Devin and Sheila Cole bought the Jean Lane property from William and Lisa Klusmeier.

The two-story, five-bedroom home was built in 2009 and appraised in 2010 for $663,650. Klusmeier bought the lot in May 2007 from the Drummonds Family Limited Partnership for $165,000.

Drummonds bought the lot in September 2003 from Clear Creek Residential LLC for $113,000.

David Mix with Bassett Mix and Associates Inc. in Fayetteville was the listing agent.

Waco Title Co. in Springdale was the closing agent.

Restaurant Sale

A 7,202-SF vacant restaurant property in Phase II of the CMN Business Park II in Fayetteville rang up an $807,000 transaction.

643 East Van Asche LLC of Branson, Mo., which lists a business address of the Gazebo Inn in Branson, purchased the former Northern Exposure restaurant on East Van Asche Drive.

The seller was Grand Tetons LLC, led by Kevin Laughlin.

Kendall and Patricia Combs of Hollister, Mo., are owners of the Gazebo Inn.

The appraised value of the property in 2010 was $1.25 million.

Grand Tetons paid $970,000 for the property in April 2010.

The 1.81-acre development was previously linked with an April 2010 mortgage of $800,000 held by First Security Bank of Searcy.

Pro-Fab Property

Ownership of a 30,000-SF warehouse in Phase III of Springdale’s Industrial Park II addition changed hands in a $700,000 transaction.

Pro-Fab of Northwest Arkansas LLC, owned by Dave Beavert and Kevin Lunn, bought the property on Turnbow Avenue from Arvest Bank of Fayetteville.

Commercial National Bank in Texarkana funded the deal with a mortgage of $560,000.

Pro Fab LLC, a general contractor specializing in industrial construction and a chief contractor for Tyson Foods Inc., has Arkansas offices in Nashville and Lowell.

The company is leasing space from Woodbrook Enterprises Inc. for its Lowell operation at 212 Jane Place, but will be relocating to the Turnbow property within the next three months.

The Turnbow property last appraised in 2010 for $980,100. The warehouse was constructed in 2008.

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.