Class A Office Building on Horsebarn Brings $3.05 Million

Hatfleld Properties LLC, led by Chad and Monika Hatfield, is the new owner of a 19,438-SF ‘Class A’ office building in the Metro Park North addition of Rogers.

Hatfield paid $3.05 million for the building and 1.42 acres at 597 Horsebarn Road.

The seller was AR MAX A LLC, managed by The Lewis Family Revocable Trust, whose trustees are Dr. Robert Lewis Jr. and Mary B. Lewis.

The two-story building was built in 2006 and is 100 percent leased to a national vendor to Wal-Mart Stores Inc.

Randy Crossno, principal broker with Capstone Commercial Advisors in Rogers, brokered the transaction.

The property was listed for $3.25 million.

 

Apartment Sale

A 72-unit apartment complex in Centerton rang up a $2.5 million transaction.

Pomeroy Residential Group LLC, managed by Cliff Cabaness, is the new owner of the Pomeroy Place apartments at 601 S. Main St.

U.S. Bank NA was the seller.

Oklahoma bank First National Bank of Sallisaw partially financed the deal.

Ramsay Ball with Colliers International in Bentonville represented the seller in the transaction.

Pomeroy Place was constructed in 2005. It includes 48 two-bedroom units (1,104 SF each) and 24 one-bedroom units (652 SF each) in six buildings.

 

Razorback Road Property

A four-bedroom home on the northwest corner of the University of Arkansas campus has a new owner after a $1.19 million sale.

J. Kirk Thompson, a former CEO of J.B. Hunt Transport Services Inc. in Lowell, bought the Razorback Road property from SBS Properties LLC, which lists Ben Schlegel Jr. as the registered agent.

SBS bought the 4,600-SF home in December 2011 for $800,000.

The home, with a view of Reynolds Razorback Stadium to the south, was constructed in 1951 and underwent remodeling in 2010.

It is adjacent to the Fowler House, the official residence of UA chancellor G. David Gearhart.

Amenities include a wine cellar and swimming pool.

 

Southern Hills Sale

A bank-owned office building in the Southern Hills Business Park addition near West Pleasant Grove Road in Rogers changed ownership in a $1.15 million deal.

Bailey & Oliver Properties LLC in Bentonville, led by attorneys Frank Bailey and Sach Oliver, purchased the 1.06-acre lot at 3606 Southern Hills Blvd.

The previous owner was The Cornerstone Bank in Southwest City, Mo.

The deal was backed with a five-year mortgage worth $977,500 from Legacy National Bank in Springdale.

The 11,988-SF building is two stories, and was built in 2006. Miller Boskus Lack Architects PA of Springdale was the designer.

The building was previously headquarters of American Mortgage, owned by Craig and Rinda Underwood.

The property, listed for $1.75 million, appraised earlier this year for $1.87 million.

Jeff Kemp with the Northwest Arkansas office of Flake & Kelley Commercial brokered the transaction.

 

Everett Purchase

A Bryant-based car dealer has acquired acreage adjacent to one of his dealerships in Springdale in a $1.04 million transaction.

Dwight Everett, through his Everett Chevrolet Realty No. 1 LLC, bought three acres north of the Everett Chevrolet dealership near the Elm Springs Road exit off northbound Interstate 540.

First National Title Co. of Bentonville was the closing agent.

Orthopaedic Clinic LTD, which lists Dr. Tom Patrick Coker of Fayetteville as the registered agent, was the seller.

OC LTD acquired the land from Frank Fletcher of Little Rock, through his Fletcher Realty LLC, in April 2010 for $1.27 million.

Everett, owner of Everett Buick GMC of Bryant, bought the Springdale Chevrolet dealership from Fletcher’s Fletcher Auto Group in 2011.

Everett said the acreage will be developed and paved to increase the dealership’s lot size.

 

Agri Acquisition

An agricultural property in rural Benton County changed ownership recently in a $900,000 deal.

Five B’s Ranch LLC, led by Norman and Wanda Banwarth of Bentonville, bought the Dawson Road property in Sulphur Springs from The Ross Family Trust, managed by Effie L. Ross.

The deal was backed with a five-year mortgage worth $720,000 held by Pinnacle Bank in Rogers.

The property includes a 3,790-SF home with five bedrooms and two broiler houses on 420 acres.

 

Altamonte Abode

A 4,757-SF home in Phase VII of the Shadow Valley subdivision in Rogers has a new owner after a $688,000 deal.

Arist and Marybeth Mastorides bought the Altamonte Drive home from Craig and Kim Nowokunski.

The deal was backed with a 30-year mortgage worth $527,000 held by Wells Fargo Bank N.A. in Sioux Falls, S.D.

Nowokunski bought the two-story home from Tanglewood Homes Inc. of Rogers, owned by John Tidwell, in December 2009 for $744,000.

Tanglewood bought the 0.5-acre lot from the C.R. Reaves Family Limited Partnership, led by Shadow Valley developer Charles Reaves, in July 2009 for $100,000.

Robin Collins with Weichert, Realtors-Downum Group in Springdale represented the buyer.

Linda Hobkirk with Coldwell Banker Harris McHaney Faucette in Rogers represented the seller.

 

Lease Agreement

Muscle Maker Grill has entered into a five-year lease agreement with Infinity J Street LLC, managed by Isaac S. Franco, Jack A. Kassin and Steven J. Kassin, to occupy 1,750 SF in the Corner Shoppes at Walton & J Street shopping center at 3511 S.E. J St. in Bentonville.

MMG will take a portion of the space previously occupied by IO Metro Home.

The asking lease rate was $19 per SF.

The New Jersey-based restaurant, touted as a nutritional alternative to fast food, should be open this fall. There are 58 locations in six states. The Bentonville restaurant will be the state’s first.

Alan Cole with the Bentonville office of Colliers International represented both the tenant and landlord in the transaction.

Current tenants at the Corner Shoppes include M. Grace, The UPS Store and Firehouse Subs.

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.