Springdale Land for Proposed Supercenter Nets $5.68 Million (Real Deals)

Land for a planned Walmart Supercenter development in west Springdale recently sold for $5.7 million.

Wal-Mart Real Estate Business Trust bought the 24.5 acres just north of Elm Springs Road and west of Interstate 540 from Margie Hall.

The land encompasses Lots 2, 7 and 10 of the Hall Crossing addition.

Wal-Mart Stores Inc. is building an 180,000-SF Supercenter at the corner of North 48th Street and Elm Springs Road, scheduled to open in fall 2014.

 

Bentonville Landing

Crawford Construction Co. of Fayetteville is using two building permits with a combined value of $2.0 million for a project at 2508-2510 S. Walton Blvd. in Bentonville.

The project is a retail development owned by Mathias Shopping Centers Inc. of Springdale called Bentonville Landing.

The retail center, at the corner of South Walton Boulevard and Southwest 24th Street, will feature two buildings, one with 12,500-SF of space and the other at 3,500-SF.

First Security Bank of Searcy is providing financing.

Kim Fugitt, owner of Fugitt and Associates Architects Inc. of Fayetteville, is the building architect.

Tomlinson Asphalt Co. of Fayetteville did the site work.

Bates & Associates Inc. of Fayetteville is the engineer.

The single-story buildings should be complete by January.

 

Talamore Transactions

Neighboring houses on Lots 73 and 74 of Bentonville’s Talamore subdivision each recently sold for a combined $1.7 million.

One of the properties, a 6,238-SF home on Talamore Boulevard, sold for $825,000.

Stephan and Stephanie Hawks bought the home from Stephen and Linda Quinn.

Mercury Title LLC of Rogers was the closing agent.

The home was built in 2005 and appraised in 2011 for $893,550.

Quinn bought the 2.09-acre lot and two-story home in October 2005 from Michael and Teka L. Bryan for $965,000. Bryan bought the lot in January 2004 from Brenda A. and Fred K. Disch for $93,000. Disch bought the lot in December 2002 from 3-Putz LLC for $93,000.

The second property, a 4,656-SF home, sold for $875,000.

Christopher and Gail Jones bought the home from Leroy and Peggy Schuetts.

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

The home was built in 2008 and appraised in 2011 for 853,500.

Schuetts bought the 2.19-acre lot in May 2007 from McTab Construction Inc. for $180,000. McTab bought the lot in March 2005 from Valerie Tolomeo for $125,000. Tolomeo bought the lot in October 2002 from 3-Putz LLC for $90,000.

 

Rogers Restaurant

A building permit valued at $1.4 million is backing construction of a restaurant near Interstate 540 in Rogers.

Parkway Construction & Associates of Lewisville, Texas, is leading the project at 4889 W. Pauline Whitaker Parkway, a Chuy’s restaurant.

The development, west of the interstate, is under construction on Lot 7 (2.18 acres) of the Pinnacle Heights addition.

The land is owned by Hunt Ventures of Rogers, through its H&G Land Holdings LLC entity. Tim Graham is president of H&G Land Holdings.

Chuy’s, a chain of corporate-owned eateries featuring Mexican and Tex-Mex cuisine, is based in Austin, Texas.

Parkway is the general contractor, architect and engineer.

The restaurant, owned by Chuy’s Opco Inc., is expected to open in the first quarter of 2014.

 

Commercial Sale

A 40,000-SF mini-storage facility in Springdale recently sold for $1.3 million.

Haizen Investments LLC of Pocola, Okla., led by Patrick Byrd, bought the Ace Mini-Storage at 1742 S. Pleasant St.

Halbert Investments LLC, managed by J.C. Halbert, was the seller.

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

Bancorpsouth Bank of Tupelo, Miss., backed the deal with a five-year mortgage of $1.11 million.

The 2.83-acre development last appraised in 2010 for $921,450.

The property was listed in April for $1.65 million.

The property features six storage buildings — three built in 1992 and three built in 1996.

The development also includes a 150-SF office attached to an 850-SF manager’s apartment.

Bluewater Buy

A 5,444-SF home in the gated Estates of Lakeway community on Beaver Lake in Rogers recently sold for $950,000.

Bright Newhouse III and his wife Theresa bought the home on Bluewater Passage from John and Mary Hooks.

The home was listed by Nicky Dou of Keller Williams Realty of Northwest Arkansas, with a list price of $1 million.

IberiaBank Mortgage Co. in Little Rock helped fund the deal with a 30-year mortgage of $760,000.

The home and 1.02-acre lot appraised in 2012 for $845,850.

Amenities include a private swimming dock, game room, four-car insulated garage and theater room with 105-inch screen.

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

 

Smokin’ Sale

Commercial real estate in Bentonville changed hands in a $725,000 deal.

Smokin’ Joe’s Ribhouse restaurant owner Johnny R. Howard, through his Smokin’ Joe’s Ribhouse Inc. entity, bought the 2.31-acre lot at 2504 E. Central Ave.

CBFJ Properties LLC of Fort Smith, led by Cliff Cabaness, was the seller.

Arvest Bank of Fayetteville provided financing with a mortgage of $790,000. The loan is also tied to a residential property on West Cherokee Road in Rogers.

Waco Title Co. of Springdale was the closing agent.

The 3,900-SF restaurant was built on the East Central property in 2003 and appraised in 2012 for $786,850.

According to a trustee’s deed, CBFJ acquired the property and 58 other parcels throughout Benton County through a bankruptcy settlement in June 2011 for $7 million.

Jayel Corp. was the previous owner of the land.

 

Caerleon Abode

A 4,680-SF home in the St. Valery Downs addition of Cave Springs recently sold for $690,000.

Thomas J. and Mary Suzanne Lambert bought the Caerleon Circle home from Catherine Elizabeth Reid.

Arvest Bank of Fayetteville backed the deal with a 15-year mortgage of $621,000.

The home was built in 2013 and appraised earlier this year for $619,050.

Reid bought the home in June 2008 from the McCormick Trust for $795,000. McCormick bought the 0.93-acre lot in December 2002 from The Arnold D. Lehman Revocable Trust for $72,000.  w

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le o/??½oeHE20??½??½h as vacation homes and multifamily dwellings. Gains from the sale of such properties could be subject to the tax.

 

The National Association of Realtors presents a scenario in which that happens. A person inherits an apartment complex. He eventually sells it, realizes a total gain of $1.4 million and winds up paying over $53,000 in new taxes.

 

Proper Planning

The 3.8 percent tax on net investment income is a major issue, but even bigger, Fitzpatrick said, is the increase to 39.6 percent for the rate paid by single filers with income of more than $400,000 and joint filers with income of more than $450,000.

Though income figures that high might seem rare, Fitzpatrick said, there are more people in this region who fit that profile than most might think.

In a dynamic economy like the one in Northwest Arkansas, someone might work for a Walmart vendor one year, and by the next, own his own business and start climbing up the tax brackets.

For those individuals and couples, tax and investment planning, done in conjunction with one another, is the best way to go, Fitzpatrick said.

It’s also a good idea to start planning in the third and fourth quarter, when larger financial patterns are discernable, Fitzpatrick said.

Confronting a 3.8 percent surtax on investment income and an additional 39.6 percent tax can have a jarring “psychological impact” on a business owner. And that’s what will happen without proper planning.

“If you keep going straight down the road, you’ll pay the maximum amount of taxes,” Fitzpatrick said.