Krcher Buys Fayetteville Industrial Property for $11.5 Million

by Paul Gatling ([email protected]) 156 views 

A partial sale-leaseback deal of a development in Fayetteville’s Industrial Park drew an $11.5 million transaction.

Colorado-based Kärcher North America Inc. acquired the 46.74-acre property and 661,000-SF warehouse/office space at 2700 S. Armstrong Ave. from J.B. Hanna LLC.

Jeff Pederson of Lindsey & Associates in Fayetteville represented the seller in the transaction.

The development appraised earlier this year for $15.6 million.

Hanna’s Candle Co., the third-largest candle manufacturer in the country, has signed a long-term lease for half of the warehouse space that houses its candle manufacturing operation.

The remaining space in the one-story building, built in 1999, will be occupied by the buyer and operated as a distribution center.

KNA, according to its website, is a world leader in the production of hot and cold water pressure washers. The company posted revenue of $2.2 billion in 2011.


Crossroads Sold

A retail property in Bentonville drew a $4.55 million sale recently.

Crossroads Plaza, at the corner of Arkansas Highway 102 and 71 Business, was sold to T&C Bay properties LLC, an investment group based in Oklahoma led by Gary Nichols.

The deal was partially financed with a $3.41 million mortgage held by Grand Bank in Tulsa.

The property’s previous owner was Max and Billie Charlene McGaugh. McGaugh and Barry Cooksey developed Crossroads beginning in 2001.

The development, appraised in 2011 for $4.65 million, includes two buildings with a combined 42,000-SF of space.

There are currently 17 tenants occupying approximately 70 percent of the space.

Tenants of the building at 1401 S. Walton Blvd., constructed in 2004, include Starbucks, Flying Burrito, H&R Block and Shogun.

Tenants of the two-story building at 201 S.W. 14th St., constructed in 2001, include Papa Murphy’s, Cox Solutions Store and Panera Bread.

Jordan Jeter with the Northwest Arkansas office of Flake & Kelley Commercial represented the buyer in the transaction.


Rainbow Real Estate

Bank-owned land near Rainbow Curve in Bentonville drew a cash transaction of $2.4 million.

The American Taekwondo Association, through its SCL Rainbow Junction LLC, paid $3 per SF for ten lots totaling 18.95 acres on Southwest Winsted Lane.

The ATA maintains its national headquarters in Little Rock.

Bank of the Ozarks was the seller.

The property is in the undeveloped Rainbow Junction subdivision just south of the intersection of Southwest Regional Airport and South Walton boulevards.

BOZ took ownership of the 28-lot subdivision in 2009, the result of a lawsuit settlement between the bank and Northwest Arkansas developers William Lazenby and Donel Heckathorn.

All of the acreage has since been sold.

Jordan Jeter and Matthew Dearnley with the Northwest Arkansas office of Flake & Kelley Commercial represented both sides in the transaction.


Talamore Property

A 6,825-SF home in Phase IV of the upscale Talamore subdivision in Bentonville tipped the scales at $1.12 million.

Brian Werner and his wife, Julie, bought the Talamore Boulevard property from former Sam’s Club president and CEO Brian Cornell and his wife, Martha.

St. Louis-based Stifel Bank & Trust funded the deal with a 15-year mortgage worth $417,000.

The property was previously tied to a June 2009 mortgage worth $583,000 held by Arvest Bank of Fayetteville.

Talamore is on Arkansas Highway 72, four miles west of Bentonville.

The two-story home was built in 2006 and sits on 3.98 acres. It includes a pool and a 730-SF poolhouse.

Cornell bought the home from David and Charlyn Porter in 2009 for $1.5 million. Porter purchased the land in 2002 from 3-Putz LLC for $90,000.

The property appraised earlier this year for $1.17 million.


Horsebarn Acquisition

A Northwest Arkansas church has acquired land in Benton County in a $1 million transaction.

Keypoint Church Inc. bought three lots totaling 17.64 acres at 312 Horsebarn Rd. The property is behind the Shops at the Forum development in Bentonville.

The seller was International Bank of Commerce in Texas.

Morrison-Shipley Engineers Inc. in Bentonville did the survey work on the property.

Butch Gurganus with Colliers International in Bentonville represented the buyer.

Roger Wingert and Cassie Elliott with Crye-Leike Realtors in Rogers represented the seller.

Keypoint Church currently has campuses in Springdale (1404 Chester Ave.) and in Bentonville (1710 S.W. Commerce Dr.).

According to executive pastor Spencer Beach, development plans for the land call for construction of a sanctuary and student facilities, which will become the church’s permanent North Campus location in Bentonville.

That project is scheduled to begin in Spring 2013.


Houlihan’s Happening

Milestone Construction Co. in Springdale is using a building permit valued at $841,300 for a renovation project that will house the state’s first Houlihan’s restaurant.

The approximately 7,500-SF space is at the Promenade Mall in Rogers and has a completion date of August.

The location is behind Pottery Barn in the former Granite City Food & Brewery restaurant.

Houlihan’s Restaurant Inc. of Leawood, Kan., will lease the space from General Growth Properties Inc. of Chicago.

Houlihan’s operates a chain of approximately 80 casual dining locations in 17 states.

The Rogers location will have seating for 225 inside and an additional 72 on the patio.

The development will have a minimum of 130 parking spaces.

Chipman Design Architecture Inc. of Des Plaines, Ill., is handling the design work.

The mechanical engineer is WCW Engineers Inc. of Wood Dale, Ill.

Other subs working on the project include Dolle Electric of Rogers, American Air Conditioning and Mechanical of Springdale, Quality Plumbing in Lowell, Ozark Floor Co. of Fayetteville and Arkansas Glass and Mirror Co. of Fort Smith.


Clear Creek Buy

A 4,703-SF home in Fayetteville’s upscale Clear Creek subdivision has a new owner following a $650,000 sale.

John Wright and his wife, Cara, bought the home on Clear Creek Boulevard from Ray and Gina Evans.

The transaction was financed with two separate mortgages held by Wells Fargo Bank.

Clear Creek is located west of Interstate 540 and south of Great House Springs Road.

The home was built in 2003 and appraised in 2010 for $660,750.

Evans bought the two-story home in December 2009 from Jesus Gonzalez-Pita and Suzanne Martin for $700,000.

Gonzalez-Pita and Martin bought the home in October 2004 from Clear Creek Residential LLC for $805,000.


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.