Idaho Company Acquires Courtyard by Marriott For $13M
by January 20, 2014 12:00 am 247 views
The sale of a 114-unit hotel in Phase II of the CMN Business Park II addition of Fayetteville recently tipped the scales at $13.48 million.
Ball Ventures LLC, a privately held real estate investment and development company in Idaho, paid for the Courtyard by Marriott at 3678 N. Mall Ave. at the corner of Van Asche Drive. The transaction was made in the name of B&T Arkansas Hotels I LLC.
Cohen Investments of Memphis, Tenn., was the seller. The sale was made through the entity CVH Fayetteville LLC.
Arvest Bank of Fayetteville helped fund the deal with a five-year, $10.88 million mortgage.
City Title & Closing LLC of Fayetteville was the closing agent.
The four-story, 72,242-SF hotel was built in 2007. Cohen bought the land, 3.31 acres, in 2005 for $980,000.
The hotel collected $3.19 million in room revenue in 2012.
Apartment Acquisition
A 192-unit apartment complex in Springdale has a new out-of-state owner after a $4.2 million sale.
Peak Capital Partners LLC, a Utah-based residential multifamily investment company, has acquired the Springdale Ridge apartments at 750 S. 40th St.
Deer Run LP and Fox Run LP of Springdale were the sellers.
Berkadia Commercial Mortgage LLC funded the deal with a seven-year mortgage of $3.6 million.
The 10-acre development was built in 2001.
Buffington Buy
Vacant residential land in the Springwoods addition of Fayetteville changed hands recently in a $2.69 million deal.
Clayton Carlton, through his Creek Meadow LLC, bought 30.77 acres just off Deane Solomon Road, west of Interstate 540. The land has been platted into 48 lots.
Carlton is a principal of Buffington Homes of Arkansas in Fayetteville.
JRJC LLC, managed by John Russell Meeks of Fayetteville, was the seller.
First National Title Co. of Fayetteville was the closing agent.
Promenade Purchase
A 1.44-acre commercial development near Pinnacle Hills Promenade in Rogers recently sold for $2.59 million.
Watson-Long-Arnold Development LLC, whose members include Rodney Watson, Rick Long, and Byron Arnold, bought the 8,976-SF building at 2004 S. Promenade Blvd.
Club Tan Inc., led by Randy and Teresa Burleson of Joplin, Mo., was the seller.
Jordan Jeter of Flake & Kelley Commercial in Springdale, represented the buyer.
First National Bank of Paragould backed the deal with a 10-year, $1.69 million mortgage.
Tenants of the building, constructed in 2012, include Sprint, Jimmy John’s and Club Tan.
Burleson paid $1.07 million for 2.44 acres of undeveloped land in December 2011.
The development most recently appraised in 2013 for $1.77 million.
Dickson Property
The land for a proposed student-housing complex just off Dickson Street in Fayetteville recently changed hands for $1.6 million.
Lawrence Rael, president of Rael Development Corp. of Newport Beach, Calif., bought the property in the County Court addition. The purchase was made in the name of RDC Fund VII Investments LLC.
Mel Collier, through his Collier Diversification Specialties LLC, was the seller.
Waco Title Co. of Springdale was the closing agent.
The property totals 0.98 acres and is at the corner of Watson Street and St. Charles Avenue just to the north of Collier Drug Stores. It includes three houses, a gravel parking lot and paved parking lot.
Collier bought the property in March 2010 from Greg House for $750,000.
Storage Sale
A bank-owned storage facility in Bethel Heights has a new owner after a $1.37 million sale.
Haizen Investments LLC of Pocola, Okla., led by David Reeder and Patrick Byrd, bought the 113,750-SF development at 5274 N. Oak St.
Legacy National Bank of Springdale was the seller.
City Title & Closing LLC of Fayetteville was the closing agent.
Legacy backed the deal with a six-year, $1.17 million mortgage.
The 6.25-acre development was most recently appraised in 2011 for $2.02 million.
The property features seven storage buildings, all built in 2007. The property also includes a 1,430-SF residence.
Dream Deal
A Springdale homebuilder recently paid $1.13 million for 22.43 acres of undeveloped residential land in southwest Bentonville.
Steve Fisher and his son, Nick Fisher, through their Dream Structures Residential LLC, paid for four lots totaling 3.07 acres in Phase VI of the Wildwood addition.
The deal also included 19.36 acres nearby on Southwest Morningstar Road.
Michael W. Charlton, through his Charlton Development Company LLC, was the seller.
Caerleon Abode
New construction in the St. Valery Downs subdivision of Cave Springs recently sold for $782,000.
Alexander and Simone Schwarze bought the 4,850-SF, five-bedroom home at 4037 Caerleon Circle from Payne Construction Inc. of Bentonville, led by Mike Payne.
Arvest Mortgage Co. of Lowell helped fund the deal with a 30-year, $346,050 mortgage.
First National Title Co. in Bentonville was the closing agent.
Payne bought the lot in August 2012 from Michael and Stephanie Daniels for $77,000. Daniels bought the lot in March 2005 from SCB Investments LLC for $98,000.
SCB bought the lot and 38 others from The Arnold D. Lehman Revocable Trust in August 2004 for $2.98 million.
Commercial Sale
A 5,746-SF commercial property in the Hammond Plaza addition just off College Avenue in Fayetteville has a new owner after a $625,000 sale.
Kifer Properties LLC, led by Wade Kifer, bought the building at 659 E. Appleby Road next to the Goodwill retail store.
Kifer Family Dentistry of Fayetteville will be the end user.
Mike and Sherie Cormack of Van Buren, doing business as TGS Investments, were the sellers.
First State Bank in Russellville provided financing with a one-year mortgage of $614,997.
City Title & Closing LLC of Fayetteville was the closing agent.
Jeff Pederson with Lindsey & Associates of Fayetteville represented the seller.
Greg Taylor with Weichert Realtors — The Griffin Co. of Springdale represented the buyer.
Cormack bought the building in October 2006 for $660,000.
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.