Harps Pays $1.86 Million For Bentonville Hotel
by July 6, 2012 9:40 am 269 views
Harps Food Stores Inc. of Springdale closed on a real estate acquisition recently, securing land for a new grocery store on the north side of Bentonville.
According to a warranty deed filed June 27 with the Benton County Circuit Clerk’s office, the company paid Jasleen Enterprises LLC $1.86 million for a hotel and 4.2 acres at 1209 N. Walton Blvd.
Brian Shaw and David Erstine of Sage Partners in Fayetteville represented Harps in the transaction.
Jasleen, managed by Sohan S. Thind, acquired the property in October 2010 from A&N Hospitality for $1.45 million.
A&N paid Dipen and Nahal Shah $2.95 million for the property in October 2002.
Shah bought the hotel, then a Ramada Inn, for $3.05 million in October 1999.
The Economy Lodge, appraised in 2011 for $1.75 million, is a 63,322-SF hotel built in the late 1980s. According to 2011 tax collection figures provided by the Bentonville A&P Commission, Economy Lodge generated $328,650 in revenue.
Demolition of the two-story development, which includes a swimming pool and Bentley’s nightclub, should begin within 30 to 45 days.
A 37,460-SF Harps Food Store has already received approval from the Bentonville Planning Commission, and is expected to open in the spring of 2013.
That’s when the company’s leasing agreement expires for its current Bentonville store at the Mid-Town Shopping Center near the downtown square.
Walton’s 5 & 10 is the landlord, according to J. Max Van Hoose, Harps’ vice president for store planning.
Harps Food Stores, 100 percent employee-owned, had revenue of $550 million in 2011.