Health Care Group Completes Purchase Of Undeveloped Acreage on Interstate 49
by May 12, 2014 12:00 am 69 views
A group of senior health care professionals recently closed on a $1.8-million commercial real estate deal in Washington County, with plans for a mixed-use project anchored by an assisted living center.
Mill Creek Manor LLC of Fort Smith, led by David Norsworthy, paid cash for 46.95 undeveloped acres at 4500 S. 48th St., east of Interstate 49 and just north of the Clear Creek Apartments.
IberiaBank FSB was the seller. The deal was closed April 30.
At $38,339 per acre, the acquisition was a good deal for everybody, said Ramsay Ball, a principal with Colliers International in Bentonville and the buyer’s representative.
The development, known as Mill Creek, will have a senior living focus, but the property will be split into lots available to develop into other compatible health care uses.
Development plans are in the initial stages, Ball added.
“The buyers’ focus was to acquire a property large enough to accommodate any senior living development,” he said. “They were very deliberate in their process. They looked at a lot of properties in the market and this one really stood out. Hopefully it will be a first-class project.”
Philip Schmidt and Jordan Jeter with Flake & Kelley Commercial Northwest of Springdale represented the seller in the deal.