Office Park Deals in Bentonville Total More Than $5M

A pair of office park developments in Bentonville totaling 47,600 SF recently sold off-market for a combined $5.22 million.

KNDW Investments LLC of Texarkana, Texas, led by Keith Naples, bought both properties.

Renaissance Investments Inc. sold the LEED-certified Heritage Center Office Park at 901-905 S.E. Village Loop for $2.97 million.

CMS Investments Inc. sold the Legacy Business Center at 308-312 S.W. 24th St. for $2.25 million.

Michael L. Payne is the owner of both Renaissance and CMS.

The State Bank of DeKalb in Texarkana financed the deal with a 10-year mortgage of $4.42 million.

Butch Gurganus, a principal at Colliers International of Bentonville, was the listing agent.

First National Title Co. of Bentonville was the closing agent.

Each of the developments has three buildings, with a combined occupancy rate of 93 percent among the 16 tenants.

Tenants include Bumble Bee Foods LLC, Hain Celestial Group Inc., Snyder’s-Lance Inc., Gildan Activewear Inc. and Coffman and Company P.C.

 

Superior Acquisition

A vacant, 21,235-SF office building in Fayetteville’s Timberlake Professional Park has a new owner after a sale worth $2.92 million.

 David Slone, president of Superior Automotive Group of Fayetteville, led the buyer’s group that included Superior executives Travis Woods, Dean Rollins, Brant Dowse and Avis Bailey.

Arvest Bank of Fayetteville was the seller.

Waco Title Co. of Springdale was the closing agent.

Commercial realtors Brian Shaw and T.J. Lefler with Sage Partners of Fayetteville were the listing agents.

Arvest Bank financed the deal with a mortgage of $2.63 million.

The Waterside Business Center at 4476 Waterside Court was built in 2009 on 2.09 acres and is LEED certified.

Roger Boskus of Miller, Boskus & Lack Architects PA of Fayetteville designed the building.

Arvest Bank took ownership of the three-story building through a commissioner’s deed in October 2012.

Waterside Development LLC, led by Henry Ho and Rick West, was the previous owner. Waterside bought the land, located north of Zion Road, in January 2008 for $1.37 million from Mike Phillip and Jeff Martin, managing partners of Zion Holdings LLC and the Timberlake Professional Park.

 

University Brownstones

Homes by Roth of Bentonville, led by brothers Jeff and Randy Roth, recently purchased four building permits with a combined value of $1.68 million.

The permits are being used for the construction of an eight-unit Brownstone development on Nettleship Street just west of Razorback Road in Fayetteville.

First Community Bank of Batesville is backing the project, known as University Brownstones.

Blew and Associates is the engineer.

University Brownstones LLC, led by Chris Elkins, is the owner.

Each of the two-story units is approximately 1,950 SF with four bedrooms and 3.5 bathrooms.

Jana Wrenay Heck with Lindsey & Associates of Fayetteville is marketing the property.

Elkins paid Larry and Nancy Bittle $230,000 for the land in October.

 

Family Purchase

An 8,000-SF commercial property in Centerton has a new owner after a recent sale of $1.11 million.

The Berman Family Trust of Encino, California, led by Joseph and Leslie Berman, bought the Family Dollar development at 514 W. Centerton Blvd.

The acquisition was an all-cash deal.

Meyers Investments LLC of Fort Smith, led by John R. Meyers, was the seller.

Jordan Jeter with Flake & Kelley Commercial Northwest of Springdale brokered the deal.

The building was built in 2011 on a 1.24-acre lot.

Meyers bought the property in February 2011 for $928,000. Hope & Dreams LLC, led by Richard C. Srygley, was the seller.

Hope & Dreams bought the lot in September 2010 for $215,000.

 

Lafayette Abode

A 5,413-SF home in Fayetteville’s historic district recently sold for $900,000.

Ted Belden, trustee of the Ted Belden Revocable Trust, bought the home on Lafayette Street from Jeffrey and Jamie Beyer.

Fayetteville-based Signature Bank of Arkansas funded the deal with a 30-year mortgage of $700,000.

The three-level home was built in 1913 and extensively remodeled in 2009.

Beyer bought the home in June for $900,000. Robert and Paige Hix were the sellers.

Hix paid Lee and Jennifer Johnson $380,000 for the property in September 2003.

Johnson paid Clifford and Denise McCloy $350,000 for the home in July 2001.

 

Sienna Sale

Five single-family homes in Phase II of the Sienna at Cooper’s Farm subdivision of Centerton recently sold for $809,286.

Dillard Management LLC of Springdale, led by Michael G. Dillard, bought the properties on Ravenna Drive.

Roth Family Partnership LLLP, led by brothers Jeff and Randy Roth, was the seller.

Arvest Bank of Fayetteville helped finance the deal.

Waco Title Co. was the closing agent.

Roth bought six lots in the subdivision in May 2013 for $150,000. The homes were constructed in 2013 by Bentonville-based builder Homes by Roth and range from 1,632 SF to 1,819 SF.

 

Health Construction

A building permit valued at $746,148 is being used to construct a 5,000-SF medical office building in the LaQuinta addition of Bentonville.

Milestone Construction Co. LLC of Springdale is the general contractor for a MedExpress Urgent Care facility at 1006 S.E. Walton Blvd.

The site is situated between a Zaxby’s restaurant and LaQuinta Inn & Suites.

MedExpress bought the 1.12-acre lot for $625,000. Williams & Dame Development of Oregon, through its CAP REO 1 LLC, was the seller.

The lot appraised for $691,900 in 2011.

Williams & Dame acquired two lots totaling 3.2 acres for $211,000 in September 2010. ANB Venture LLC was the seller.

Subcontractors working on the construction project include King Electrical Contractors Inc. of Fayetteville, S&G Plumbing of Fayetteville, Professional Air Systems LLC of Springdale and Roberts-McNutt Waterproofing/Roofing Inc. of Springdale.

 

Clubhouse Residence

A 3,904-SF home in the Champions Golf and Country Club addition of Rogers recently sold for $725,000.

Robert and Allison Fusillo bought the home on South Clubhouse Drive from Stephen and Elizabeth Schotta.

Mercury Title LLC of Rogers was the closing agent.

The 3,904-SF home, overlooking the ninth green at Pinnacle Country Club, was built in 1991 and appraised in 2013 for $656,500.

Schotta paid $465,000 for the home in May 2001. Carole Wightman was the seller.

 

Shadow Valley Abode

A 4,320-SF home in Phase V of the Shadow Valley addition of Rogers recently sold for $528,500.

Darrin and Sandra Robbins, co-trustees of the Robbins Family Revocable Trust, bought the West Valley View Road home from Mark and Ana Mizelle.

First Security Bank of Searcy helped fund the purchase with a 30-year mortgage of $325,000.

First National Title Co. in Bentonville was the closing agent.

The four-bedroom home overlooks the tee box at hole No. 5 of Shadow Valley Country Club. It was built in 2006 and appraised in 2013 for $624,050.

Mizelle paid Chris and Karen Benson $450,000 for the single-story home in November 2009.

Benson bought the home in July 2006 for $645,000. P-B Enterprises Inc. was the seller.