Cedar Crest Brings $2.6M In Sale-Leaseback Deal
by March 17, 2014 12:00 am 297 views
A children’s learning center in Fayetteville recently tipped the scales in a sale-leaseback deal worth $2.62 million.
STORE Capital Corp. of Scottsdale, Ariz., through its Store Master Funding VI LLC, bought the Cedar Crest Academy at 4195 W. Persimmon St., near the Donald W. Reynolds Boys & Girls Club.
Randy Williams of Texas, who owned the 2.25-acre development through his Pinecrest Daycare Ltd. entity, was the seller.
Phoenix Children’s Academy Inc. of Scottsdale, Ariz., will continue as the tenant in the 15,151-SF building. PCA operates more than 100 preschool, elementary, Christian-based and Montessori school locations throughout the United States.
Pharmacy Property
Ownership of a vacant, 165-room motel in Fayetteville changed hands in a $2.6 million sale.
CVS 10409 AR LLC of Woonsocket, R.I., bought the former Days Inn development at 2402 N. College Ave.
JMU Inc., led by Jay Surati, was the seller.
CVS Corp., the country’s second-largest pharmacy chain, is planning to build a 13,000-SF store at the 3.6-acre site at the northeast corner of East Township Street.
JMU purchased the property from Mutual First Inc. in August 1992 for $830,000.
Turnhouse Deal
A 7,033-SF home in Phase III of the Clear Creek development in Johnson recently sold for $975,000.
Noel and Patricia White bought the six-bedroom home on Turnhouse Circle from Jeff and Marshawn Whorton.
Realty Title & Closing Services LLC of Springdale was the closing agent.
Mary Bassett, co-owner of Bassett Mix & Associates Inc. of Fayetteville was the listing agent.
The European-style home was built in 2005 and most recently appraised in 2010 for $1.03 million. It includes formal living and dining rooms, a library and theater and exercise rooms.
Whorton bought the two-story home in April 2011 from HSBC Bank for $685,000. HSBC Bank acquired the home in November 2010 from Robert and Kristen Taylor through a mortagee’s deed.
Taylor bought the home in October 2005 from Canode Management LLC for $1.23 million.
Firewood Sale
Ownership of a 3,331-SF home in Fayetteville’s Candlewood addition changed hands recently in a $472,500 deal.
Lemuel and Sherrill Clement bought the Firewood Drive home from Chris Ash.
Bank of Little Rock Mortgage Corp. helped fund the deal with a 30-year mortgage of $195,500.
The home was built in 2000 and appraised in 2010 for $440,750.
Ash paid Amy White $454,000 for the four-bedroom home in February 2013.
White paid Parag and Meena Lala $400,000 for the home in February 2007.
Locust Remodel
A remodeled home near Fayetteville’s downtown square recently sold for $377,000.
David R. Lively and Kelsey A. Gilmet bought the 1,830-SF home on South Locust Avenue.
Mark Zweig Inc. of Fayetteville, led by Mark Zweig, was the seller.
Lenders Title Co. in Fayetteville was the closing agent.
JPMorgan Chase Bank in Columbus, Ohio, financed the deal with a 30-year, $377,000 mortgage.
Zweig bought the three-bedroom home from Shelby E. Rogers in June for $100,000. The home was built in 1921.
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.