Kansas Group Takes Harps in $4.2 Million Sale-Leaseback

In a sale-leaseback transaction, a new grocery store development in Elkins has a new owner after a $4.2 million sale.

Phillips Properties LLC, led by Michael Phillips and Scott Phillips of Overland Park, Kan., bought the Harps Food Store No. 115 at 1951 N. Center St.

The 4.49-acre lot and 32,000-SF building is at the corner of highways 74 and 16. The store opened in November, replacing an existing Elkins location.

The seller was Harps Food Stores Inc. of Springdale.

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

The deal was partially funded with a $3.2 million mortgage held by CrossFirst Bank of Leawood, Kan.

Harps acquired the land in February 2012 from Chambers Bank of Danville for $300,000.

 

Millsap Property

A 35,759-SF Class A office building in Fayetteville recently rang up a $3.35 million sale.

Greg and Allissa Sims of Fayetteville, through their Building Equity LLC, bought the building at 234 E. Millsap Drive.

Greg Sims is the president and owner of Sims & Renner Insurance in Fayetteville.

The seller was Brewer Investments II LLC, led by Jerry and Kay Brewer and their sons, Clete Brewer and Chad Brewer.

Simmons First Bank of Northwest Arkansas in Rogers provided the financing in the deal with a five-year mortgage of $3.75 million.

Brewer Investments built the four-story building, which is in the CMN Business Park, in 1999. It last appraised in 2010 for $3.66 million.

Kutak Rock LLP, a law firm, occupies the top three floors.

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

Andy Hague with Mathias Properties Inc. in Fayetteville represented Sims.

Before the sale, Ball and Cole negotiated Kutak Rock’s expansion in the building, adding the second floor (7,790 SF) to its premises.

The firm now has space totaling 24,750 SF and its lease was extended to 2023.

David Erstine with CBRE-Northwest Arkansas in Fayetteville represented Kutak Rock in its negotiations.

 

Parkway Acreage

A 3.1-acre tract of commercial land on Pauline Whitaker Parkway in Rogers belongs to Wal-Mart Stores Inc. after a $1.3 million transaction.

Wal-Mart, through its Wal-Mart Real Estate Business Trust, recently bought the land at the southeast corner of the roundabout connecting Whitaker Parkway and Pinnacle Hills Parkway.

The property is north of the Walmart Neighborhood Market.

The seller was PB-6912 S Quentin LLC, an affiliate of The PrivateBank and Trust Co. of Chicago.

The land had previously belonged to Bill Schwyhart and Robert Thornton through their Pinnacle Hills West LLC, part of a partnership commonly called Pinnacle Investments.

PHW LLC filed for Chapter 11 bankruptcy in April 2011. Of the nine creditors listed, PHW LLC owed the largest amount — $19.77 million — to The PrivateBank & Trust Co.

 

Party Land

A commercial building permit valued at $1.2 million is paving the way for a retail expansion effort in Northwest Arkansas.

C.R. Crawford Construction Co. of Fayetteville is using the permit to build a 9,900-SF building at 4202 W. Green Acres Road in the Promenade Pointe area of Rogers near the Pinnacle Hills Promenade.

Hunt Ventures LLC of Rogers will own the standalone building. The tenant, signed to a five-year lease, is The Party Place, a retail development that carries party supplies, decorations and favors.

TPP was founded in 2002, and has one location in Fort Smith at 1200 Waldron Road near Central Mall.

Pepper and Melody Sanford and Brent Bumpers are the ownership principals of TPP. Bumpers is the son of former Arkansas governor Dale Bumpers.

Core Architects of Rogers is designing the new building, expected to be complete by August.

 

Townhome Transaction

Six multifamily buildings in the Terry Acres subdivision of Bethel Heights recently sold for $780,000.

Plateau Properties LLC of Waunakee, Wis., bought the Terry Lane properties from Rick Hinds of Rogers, through his RWH #2 Properties LLC.

The Aaron S. & Rebecca L. Burkes Revocable Trust is the manager of Plateau.

The deal was funded with a five-year, $480,000 mortgage held by Arvest Bank-Lowell.

Each one-story building has approximately 2,500 SF and contains two townhome units. Moulden Construction of Fayetteville built them in 2007. The six lots average about 0.29 acres.

The average assessment for the six properties in 2011 was $113,991.

Hinds bought the properties in July 2008 for $924,000. Metropolitan National Bank of Little Rock was the seller.

Waco Title Co. of Springdale was the closing agent.

 

Fiddlesticks Home

A 4,976-SF home in the Champions Golf & Country Club addition of Rogers recently drew a $640,000 sale.

Muhammad Omer Gajial and his wife, Shirin Salim Issa, bought the home on Fiddlesticks Trail at Pinnacle Country Club from Colorado-based Brookfield Relocation Inc., formerly Prudential Relocation Inc.

The deal was funded with a 15-year mortgage worth $512,000 held by Wells Fargo Bank of Sioux Falls, S.D.

Stewart Title Co. of Little Rock was the closing agent.

Laura Gomez with the Rogers office of Lindsey & Associates was the listing agent.

The four-bedroom home was built in 2001, and appraised in 2012 for $669,600. It includes a formal library, in-ground swimming pool, media room, in-law apartment and safe room.

Prudential bought the home in October 2007 from Jeffrey and Tracy Fleck for $988,000.

Fleck bought the home in August 2005 from Peter and Sherri Zarse for $919,000.

Zarse bought the half-acre lot in November 1999 from Thomas and Cynthia Coughlin for $48,000.

Coughlin bought the lot in October 1989 from Champions Golf and Country Club LP for $20,000.

 

Esculapia Land

Undeveloped acreage near Beaver Lake changed hands in a $600,000 deal.

Gary Nichols, through Hillcrest Holdings LLC, bought 33.86 acres on Bayside Drive in the Esculapia Estates subdivision. The seller was Beaver Lake Estate LLC, led by Deborah Sexton.

Benton County appraisers put a value of $1.35 million on the land in 2012.

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.