Dallas Company Pays $5.40 Million for Fayetteville Walgreens

A 15,120-SF retail property on College Avenue in Fayetteville recently sold for $5.40 million.

Dallas-based real estate investment firm Vintage Interests LP, led by managing partner Ernest O. Perry III, bought the 2.15-acre Walgreens drug store development at the corner of College Avenue and Township Street.

The purchase was made in the name of LPG Bessemer AL LLC.

Milan M. Holdorf of California, who died in August, was the previous owner, through his FAYWAL LLC entity.

California commercial real estate firm Marcus & Millichap brokered the deal.

Walgreens Co. of Illinois will remain the tenant. The company has seven years remaining on its current lease term.

The single-story building was built in 2001.

Holdorf acquired the store in September 2005 for $5.95 million. Battle Creek Properties I LLC of New Mexico was the seller.

Battle Creek bought the land from Robert and Millie Nelms in April 2000 for $1.45 million.

 

Commercial Property

A commercial building in Springdale became tenant-owned recently after a sale worth $2.9 million.

Tyson Foods Inc. of Springdale bought the 52,600-SF building at 2469 W. Sunset Ave. The purchase was made in the name of Tyson Shared Services Inc.

Sunset Johnson LLC, an entity tied to Springfield, Mo.-based real estate development firm Jared Enterprises, was the seller.

Waco Title Co. of Springdale was the closing agent.

Tyson houses its Tyson 412 West operation at the location and had leased the building for several years. About 350 employees work at the 4.84-acre development.

The single-story building was built in 1985. The forerunner of Jared Enterprises, CRW Properties Inc., acquired the building from Consumers Market Inc. in 1990.

CMI bought the land from Bobby Hopper in January 1985 for $150,000.

 

Slim Sale

A restaurant development is in the works after a $675,000 land sale in Fayetteville.

SC 3 Wedington LLC, led by Tom Gordon, bought 1.04 acres at 3562 W. Wedington Drive, just west of Cross Church.

A Slim Chickens restaurant is planned for the property.

Lyndy Lindsey, through his The Links at Fayetteville Commercial Properties LP entity, was the seller.

Arvest Bank of Fayetteville financed the deal with a three-year, $1.35 million mortgage.

David Erstine of CBRE|Northwest Arkansas in Fayetteville represented the buyer.

Realty Title & Closing Services LLC of Springdale was the closing agent.

 

Walmart Buy

Undeveloped commercial land in the Lowe’s Addition of Bella Vista recently sold for $688,878.

Wal-Mart Stores Inc., through its Wal-Mart Real Estate Business Trust entity, bought the property at the intersection of U.S. Highway 71 and Northwest Peach Orchard Road, just north of a McDonald’s restaurant.

The seller was SDI North Bentonville LTD of Houston, led by Charles W. Shears.

Waco Title Co. of Springdale was the closing agent.

The property, 0.88 acres, appraised in 2013 for $575,000.

SDI paid $786,000 for 3.55 acres in February 2005.

The seller was Lowe’s Home Center Inc. of North Carolina.

 

I Street Acquisition

A 7,855-SF office-warehouse property in Bentonville has a new owner after a $585,000 sale.

1710 I Street LLC, which lists Brad Lee as manager, bought the Class B building at 1710 S.W. I St. near Lake Bentonville Park.

The Quinci Trust was the seller. Nicalo Quinci is listed as the trustee.

Waco Title Co. of Springdale was the closing agent.

Tim Salmonsen with Keller Williams Market Pro Realty in Bentonville was the listing agent.

Arvest Bank of Fayetteville funded the deal with a 20-year mortage of $526,500.

The building contains 12 rollup doors and a loading dock.

Quinci paid $554,000 for the building in June 2004. Marcella Hagan and Barry Cooksey, through their The Hagan Company LLC entity, were the sellers.

 

West Salem Abode

A 4,539-SF home on six acres in Fayetteville recently rang up a $535,000 sale.

Greg and Melinda Smith bought the West Salem Road home from Mike and Courtney Muccio.

Arvest Mortgage Co. of Lowell backed the deal with a 30-year mortgage of $417,000.

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

The five-bedroom home was built in 1971 and has been completely remodeled.

Muccio acquired the home from Tom and Nancy Muccio in April 2003.

Tom Muccio paid $180,000 for the home in June 1990. Former University of Arkansas football coach Ken Hatfield and his wife Sandra were the sellers.

Hatfield bought the house in February 1984 from Bruce and Betty Jane Kendall for $68,848.

 

Commerce Land

A 2,050-SF house on 19 acres in Centerton recently sold for $650,000.

Centerton Commerce Park LLC, led by Bob Laman, bought the property at 1711 E. Centerton Blvd., near the southwest corner of Greenhouse Road and Arkansas Highway 102.

Laman is planning a mixed-use development at the site.

Jack R. Hill was the seller.

Waco Title Co. of Springdale was the closing agent.

The Hill family bought the land in April 1988 for $40,000.

 

Poplar Property

A 5,100-SF office building in downtown Rogers is under new ownership after a sale worth $375,000.

Mill Creek Software Inc., led by president Kelly G. Miller, bought the building at 216 E. Poplar St. from Ron and Christi Hudnall.

Simmons First National Bank of Pine Bluff backed the deal with a four-year mortgage worth $304,516.

Waco Title Co. of Springdale was the closing agent.

The single-story building was built in 1986.

Hudnall bought the building in September 2004 for $165,000. Thomas and Deanna Galyen, Max Pendergraft and Gerald Galyen were the sellers. 

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.