Harrell Pays $1.95 Million for Fayetteville Apartments

A bank-owned multifamily property in Fayetteville rang up a $1.95 million sale.

J & J Sons Holdings LLC, led by Bennett S. Harrell, paid for the Brooke’s Apartments development at 1733 W. Preservation Drive near Asbell Park.

First Bank in Rogers, the seller, backed the deal with a one-year,  $1.85 million mortgage.

The property includes six buildings, built in 2001, and all units include two bedrooms.

The property was last appraised in 2010 for $2.17 million.

 

Champions Abode

A 5,575-SF, two-story home in the Champions Golf and Country Club addition of Rogers tipped the scales at $1.26 million.

John and Dana Lawrence bought the Pinnacle Drive home from John Hampton.

Hampton bought the house from Dan and Charyl Olander in July 2005 for $965,000.

Olander bought the 1.16-acre lot from Hudson Foods Inc. in February 1994 for $155,000.

The four-bedroom home was built that same year by JDP Construction Inc. of Rogers.

The home sits near the 17th green at Pinnacle Country Club.

The property appraised earlier this year for $984,250.

 

Thornbury Transaction

A 5,968-SF house in Phase II of the Thornbury subdivison in Springdale has a new owner after an $825,000 sale.

Greg and Linda Spencer bought the Tanglewood Drive property from Craig E. and Sandra D. Young, co-trustees of the Craig and Sandra D. Young Revocable Trust.

Legacy National Bank of Springdale backed the deal with a $417,000 mortgage.

Young acquired the home and 0.6-acre lot in November 2008 for $770,000. The seller was United Bank of Springdale.

The property last appraised in 2011 for $675,100.

 

Patio Property

A 3,413-SF home in the Champions Patio Homes addition of Rogers changed ownership in a $693,000 deal.

Gary L. Bebow and Verona T. Brown-Bebow bought the Augusta Court home. Jose Hernandez was the seller.

Bebow is the CEO of White River Health System in Batesville.

The transaction was backed by two mortgages totaling $654,000, both held by Legacy National Bank of Springdale.

The three-bedroom home was built in 2010 on 0.18 acres and overlooks the fifth fairway at Pinnacle Country Club.

Hernandez bought the lot from Tallchamps LLC in August 2009 for $105,000.

 

Ajax Addition

Little Rock-based CDI Contractors LLC bought a building permit recently valued at $625,000.

The permit is being used to build a 4,000-SF building at 2703 W. Ajax Ave. in Rogers.

Cabela’s, a specialty retailer of outdoor recreation merchandise, will use the facility to provide offsite boat maintenance and storage.

Six employees will staff the shop.

The building is about a half-mile from the 100,000-SF Cabela’s store under construction next to Target just off Promenade Boulevard.

It is scheduled to open Aug. 30.

 

Bellafont Buy

A 6,250-SF office building in Phase 2A of the Bellafont development off Joyce Boulevard sold recently for $500,000.

The buyer of the building, at 3945 Vantage Drive in Fayetteville, was Fayetteville Business Center LLC, which lists Fayetteville attorney Stephen C. Parker as the registered agent.

The seller was Enterprise Bank & Trust Inc. of Clayton, Mo., just outside of St. Louis.

The deal was financed with a construction loan worth $700,000 issued by First State Bank in Russellville.

The commercial real estate office CBRE-NW Arkansas will lease 1,900 SF and Parker Law Firm will lease 2,200 SF.

The remaining space is available for lease.

Finish-outs should begin in three to five weeks, with the new tenants moving in by December.  w

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.