Oklahoma Buyer Pays $3.9M For Randall Wobbe Apartments
by March 31, 2014 12:00 am 401 views
A bank-owned multifamily property in Springdale recently sold for $3.9 million.
Wobbe Lane LLC of Sallisaw, Okla., led by Raymond Merrill, bought the Randall Wobbe Apartments at 580 E. Randall Wobbe Lane from First State Bank of Northwest Arkansas in Fayetteville.
The 12.28-acre development includes 128 units in 15 buildings and recently appraised for $3.85 million.
First State Bank backed the deal with a five-year mortgage of $3.51 million.
Realty Title & Closing Services LLC of Springdale was the closing agent.
Fellowship Property
Vacant land along Arkansas Highway 112 in Fayetteville recently sold for $1.6 million.
Fellowship Fayetteville LLC, led by David Evans, bought 25.9 acres near Sam’s Club and ABF U-Pack Moving.
Legacy National Bank in Springdale was the seller.
Evans is owner and CEO of Frez-N-Stor Inc. of Springdale, a commercial cold storage warehouse that provides quick freezing, handling and storage for the food industry.
Evans said the acquisition is not related to the company. The land is for the possibility of building a church in the future.
Central Abode
A 4,850-SF Victorian-style home near the downtown square in Bentonville recently sold for $685,000.
Craig and Gillian Ihle bought the home on West Central Avenue from Kimberly A. Newman.
Realty Title & Closing Services LLC of Springdale was the closing agent.
Wells Fargo Bank NA in Minneapolis backed the deal with a 30-year, $464,000 mortgage.
Martha Carson, with the Rogers office of Fayetteville-headquartered Lindsey & Associates, was the listing agent.
Hunter Prowell, with the Rogers office of Fayetteville-headquartered Lindsey & Associates, was the selling agent.
The fully restored home has four bedrooms and was originally built in 1875 and appraised earlier this year for $489,900. Amenities include an in-ground swimming pool.
Newman bought the property out of foreclosure from J.P. Morgan Acquisition Corp. in February 2011 for $290,000.
J.P. Morgan acquired the home from Paul and Jeanie Nicoli in September 2010.
Nicoli bought the home from James and Irene Young in July 2000 for $298,000.
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.