Boozman-Hof Facility Brings $4 Million in Leaseback Deal

A 19,960-SF medical office building in Rogers tipped the scales at $4 million in a recent leaseback transaction.

BH Everglory LLC, a company owned by Schmelzle & Associates Inc. in Rogers, bought the Boozman-Hof Regional Eye Clinic at 3737 W. Walnut St.

John Schmelzle is the managing partner of Schmelzle & Associates.

The seller was Genesis Partnership LLP, comprised of the group’s practicing ophthalmologists and optometrists.

Dr. Jim Myers, a founding member of Boozman-Hof in 1981 along with Drs. Fay and John Boozman and C. William Hof, is the registered agent of Genesis.

Boozman-Hof remained as the building’s tenant, and has entered into a 15-year lease agreement with the new owner.

Great Southern Bank of Springfield, Mo., funded the deal with a 10-year, $2 million mortgage.

City Title & Closing LLC in Fayetteville was the closing agent.

The 4.12-acre development last appraised in 2011 for $4.23 million. The single-story building was built in 1989.

 

Planters Addition

Fort Smith company SSI Inc., led by Leo Anhalt, bought a commercial building permit valued at $3 million.

The permit is being used for the construction of a 22,000-SF, single-story addition to the Planters Peanuts plant at 4020 Planters Road in Fort Smith.

The addition, Anhalt said, will house a cooling facility and production lines to service a new product line. Construction is scheduled to be complete in the fall.

SSI is the general contractor.

Harris Co. in Fort Smith is the site contractor.

Jason Myers with Myers Beaty Engineering PLLC in Van Buren is the civil engineer.

HSA Engineering Consulting Services Inc. in Fort Smith is the mechanical engineer.

Thomas Electric Co. in Fort Smith is the electrical contractor.

 

ADT Acquisition

Maynard Anderson, Matt Duffy and Doug Tyler, through their ADT Real Estate LLC, recently purchased 28 condominiums in Fayetteville’s Brook Hollow condominium development behind Harps Food Stores off Wedington Drive.

ADT paid $2.32 million for the condos, an average of $82,857 per unit, spread out among five buildings. Each unit is about 1,200 SF.

Signature Bank of Arkansas in Fayetteville financed the deal with a five-year mortgage valued at $1.85 million.

Jon R. Brittenum Jr., an authorized agent of Wyngate LLC and president of Brittenum Construction Co., was the seller.

The condos were constructed in early 2007. Partners in the development were Massey Holdings, led by Fayetteville developer Mitchell Massey, and Brittenum Construction Co.

Kings River Title in Fayetteville closed the deal.

 

School Construction

Nabholz Construction Corp. of Conway recently paid the city of Fayetteville $1.67 million for a building permit.

The permit is being used for an expansion project at the Fayetteville Montessori School at 2358 N. Green Acres Road just south of Township Street.

The construction will add two buildings totaling 7,800 SF. The buildings will be LEED-certified.

Marlon Blackwell, principal of Marlon Blackwell Architect in Fayetteville, is handling the design work.

Legacy National Bank in Springdale is providing the financing.

 

Lexington Activity

Chris Bradley and Tim Boudrey, through their Landmarc Custom Homes LLC in Fayetteville, recently purchased six building permits valued at a combined $1.27 million to build single-family homes in the Lexington subdivision off Bellview Road in Rogers.

The homes will be at 6404 S. 34th St., 6404, 6500 and 6501 S. 35th St., 6406 S. 36th St. and 3402 Kirkwood St.

Landmarc paid Regions Bank of Birmingham, Ala., $700,000 in March 2010 for 40 lots in the subdivision, an average of $17,500 per lot. Average lot size is 0.22 acres.

Tiffany Chapman with the Rogers office of Crye-Leike Realtors is the exclusive listing agent for the homes.

Construction is scheduled to be complete by the end of July. Sizes of the homes will range from 2,500 to 2,900 SF.

Price ranges will be $263,000 to $305,000 at $105 per SF.

Amenities will include custom cabinets throughout, stainless steel appliances, covered patios and a community pool.

 

Rainbow Real Estate

Christopher and Macy Crossland recently paid $1.07 million for two parcels totaling 67.15 acres at the corner of Elk and Rainbow roads in Bentonville.

The seller was Cooper Communities Inc. in Rogers, led by John Cooper III.

The Bentonville office of Signature Bank of Arkansas in Fayetteville funded the deal with an 18-month mortgage worth $2.42 million.

 

Dollar General Sale

A 9,196-SF Dollar General store in Rogers has a new owner following a $940,000 sale.

Bill and Buddy LLC of Pea Ridge, which lists David Sherman as the registered agent, paid for the store at 14161 E. Highway 12.

Westbrook Development LLC, led by Fort Smith real estate investor Rodney H. Ghan, was the seller.

The single-story building was constructed in 2011. Westbrook paid $117,000 for the 1.52 acres in April 2010.

The development appraised in 2011 for $577,700.

 

Pinnacle Property

Ownership of a 5,485-SF, European-style home in Phase III of the Pinnacle subdivision of Rogers changed hands in an $840,000 deal.

Mike and Gisel Ruiz bought the Sherwood Drive home from the Spear Revocable Trust, led by Michael and Susan Spear.

Gisel Ruiz is executive vice president and chief operating officer for Wal-Mart U.S.

Arvest Bank-Lowell financed the deal with a 30-year, 684,000 loan.

Sherry Hardie with Coldwell Banker Harris McHaney & Faucette in Rogers was the listing agent.

Mercury Title LLC in Rogers was the closing agent.

The two-story home includes four bedrooms, three fireplaces and a home theater. It sits on 0.55 acres and was built in 2005. It appraised in 2011 for $796,150.

Spear paid Tallchamps LLC $83,000 for the lot in November 2003.

 

South Sun Sale

A 4,800-SF, two-story home in the South Sun Estates addition of Rogers sold for $625,000.

D. Keith and Margaret K. Ehmke bought the home and 1.13 acres on South View Drive near Beaver Lake.

The seller was the John E. and Laurie L. Redlinger Trust.

Little Rock’s IberiaBank Mortgage Co. funded the deal with a 30-year, $200,000 loan.

Karen Fruhlinger with Re/Max Real Estate Results in Bentonville was the listing agent.

PCI Advance Title LLC in Rogers was the closing agent.

The custom-built home was constructed in 2002. It includes a three-car garage and four bedrooms.

The property appraised in 2011 for $482,100.

 

Beaver Lake Abode

Ownership of a 1,810-SF home and 7.44 acres near Beaver Lake in rural Benton County changed hands in a $600,000 deal.

Greg and Robin Forbis paid for the property on Slate Gap Road in Garfield.

Michael and Jenny Webb were the sellers.

Arvest Mortgage Co. in Lowell funded the deal with a 30-year, $417,000 mortgage.

The property includes a private boat dock with four slips and a swimming deck.

The acreage last appraised in 2011 for $474,950.

 

Coach Lands in Candlewood

A 3,796-SF home in the upscale Candlewood subdivision of southeast Fayetteville has a new owner after a $534,000 sale

University of Arkansas assistant football coach Paul Petrino and his wife, Maya, are the new owners of the home and 0.43-acre lot on Candlewood Drive.

Signature Bank of Arkansas in Fayetteville financed the deal with a 30-year mortgage valued at $524,000.

The Ann Esty Roberts Revocable Trust was the seller. Roberts bought the home from Craig Sharer in October 2006 for $563,000.

The property last appraised in 2010 for $518,850.

The five-bedroom, two-story home was built in 2004, and includes a swimming pool.

 

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.