Sale-Leaseback Deal Nets $7.34 Million for Harps Food Stores Inc.

The newest commercial development on North Walton Boulevard has a new owner after a sale-leaseback deal that tipped the scales at $7.34 million.

Spartan Properties LLC of Mountain Home, led by Eric Arp, bought the Harps Food Store at 1209 N. Walton Blvd.

Harps Food Stores Inc. of Springdale was the seller. The company opened the 37,460-SF grocery store in March.

First Federal Bank of Harrison helped fund the deal with a mortgage of $6.24 million.

Harps acquired the land, about 4.25 acres, in June for $1.86 million. It had previously been the site of a two-story hotel, the Economy Lodge, built in the 1980s.

 

Castlewood Funding

A multifamily project in Bentonville was used to secure a $3.9-million mortgage.

Castle Group LLC, led by Mark Peterson, received the loan from Libertyville Bank & Trust Co. of Illinois.

The 9-acre Castlewood Townhomes development at Southwest A Street and Rose Garden Lane previously was tied to a $3.9-million loan from Libertyville Bank & Trust.

Castle Group bought the 21-parcel property in November 2005 from Tolbert Edwards for $4.95 million.

 

Flagstone Deal

A Bentonville church has a new home after a $1.45 million purchase in Phase I of the Eden’s Brooke subdivision just off Arkansas Highway 12.

Flagstone Church of Christ bought the building and 6.77 acres at 3801 S.W. Eden Brooke St.

The seller was Eagle Heights Baptist Church of Bentonville.

Flagstone COC, incorporated in 2010, relocated from 5121 S.W. Runway Drive near the Walmart Distribution Center, and held its first service in the new building June 9.

First National Title Co. in Fayetteville was the closing agent.

First National Bank of Paragould provided financing.

The 12,000-SF building was built in 2006. The multipurpose metal building has a 250-seat auditorium, classrooms and offices

Eagle Heights bought the land in December 2004 for $184,000. Dixie Management and Investments LP, led by Ben Israel, was the seller.

 

Pinnacle Hills Mortgage

The owner of a Pinnacle Hills office building in Rogers picked up a $1.29-million funding agreement.

GEI Investments LLC, managed by Tim Geary, obtained the loan from BOKF NA d/b/a Bank of Arkansas in Fayetteville.

The debt is secured by the 0.72-acre development at 5502 Walsh Lane and its 14,856 SF of office space.

The property was previously linked with a November mortgage of $220,889 from Fayetteville-chartered Arvest Bank.

The two-story building was built in 2004.

Geary and Doug Keller purchased the property for $135,000 in February 2000 from Walsh and Haynes LLC, led by Collins Haynes.

 

Clear Creek Home

A 5,500-SF home in Phase II of the Clear Creek subdivision of Johnson recently sold for $1.02 million.

Elmer Vazquez and Gloria Middlebrook Vazquez bought the Clear Creek Boulevard home from George and Kathy Wheatley.

Waco Title Co. of Springdale was the closing agent.

The home was built in 2007 and appraised in 2011 for $806,250.

Wheatley bought the home in September 2007 from Dunder Mifflin LLC for $1.25 million. Dunder Mifflin bought the home in October 2006 from Caddyshack LLC for an unknown amount. Caddyshack bought the lot in April 2006 from John and Melissa Lipsmeyer for $160,000.

Lipsmeyer bought the lot in November 2003 from Rick and Mona Garcia for $150,000. Garcia bought the lot in August 2003 from Clear Creek Development LLC for $121,000.

 

Lonesome Land

Commercial land in the Seals Addition just west of the Bentonville Municipal Airport along Southwest I Street in Bentonville changed hands in a $1.02-million deal.

Lonesome Tree Properties LLC bought 11.38 acres from Assembled Products Corp. of Rogers, led by president George Panter.

Waco Title Co. of Springdale was the closing agent.

The land assessed in 2012 for $738,600.

 

Chipotle Development

An Exxon gas station and convenience store development near Interstate 540 in Bentonville recently sold for $900,000.

Flash Oil Co. of Arkansas Inc. of West Memphis sold the Flash Market No. 192 at 3601 Moberly Lane.

The buyer was 3601 Moberly LLC of Dallas. The gas station is being razed and a 2,200-SF restaurant, Chipotle Mexican Grill, will be constructed later this year.

Chipotle is a publicly traded company of fast-casual Mexican food restaurants based in Colorado.

Flash Oil paid Lance Beaty, through his Nelson and Beaty Properties LLLP, $1 million for the development in August 2007.

 

Bridgewater Residence

New construction in the Bridgewater Estates subdivision of Fayetteville has a new owner after a deal worth $873,000.

Jason and Leigh Anne Pleimann bought the 5,113-SF home on East Maywood Road from Riggins Construction Inc. of Springdale, led by president Kevin Riggins.

Kendall Riggins with Lindsey & Associates of Fayetteville was the listing agent.

Arvest Bank of Fayetteville financed the transaction with a 15-year mortgage of $698,240 and a five-year mortgage of $87,280.

Riggins bought the lot in June 2012 for $150,000 from First Security Bank of Searcy.

The bank took ownership of the land in October 2011.

Frederick and Donna Robertson bought the land in October 2005 for $329,000 from Bridgewater Estates LLC.

 

Beau Chene Buy

A 4,259-SF home in the gated Beau Chene Farms enclave of Rogers recently sold for $729,000.

Michael and Cheryl Dastugue bought the home on Beau Chene Lane just off Northgate Road near Pinnacle Country Club.

Bob and Lori Sherba were the sellers.

Michael Dastugue is senior vice president and chief financial officer of Sam’s Club.

Jack McHaney with Coldwell Banker Harris McHaney Faucette in Rogers was the listing agent.

Arvest Bank of Fayetteville funded the deal with a 15-year, $417,000 mortgage.

Mercury Title LLC of Rogers was the closing agent.

The four-bedroom home was built in 1995, and appraised in 2012 for $848,650.

Sherba bought the land, 2.05 acres, in 1993 for $75,000. 

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.