Apollo Theater in Springdale Sells for $50,000 to Local Investors
by June 27, 2014 3:58 pm 163 views
The Apollo Theater at 308 W. Emma Ave. in downtown Springdale sold Friday for $50,000 to Restore Springdale LLC, a group formed by engineer Brian Moore and his associate, Tom Lundstrum.
Listing agent Phil Taldo, an executive broker with Weichert, Realtors — The Griffin Co. in Springdale, represented the seller, James Ritchey.
Weichert agent Sarah Brothers represented Restore Springdale.
Taldo said he did not know what the plans were for the building, but did say the structure will be renovated.
Moore is vice president of ESI Inc., a top-10 engineering firm in Northwest Arkansas. Lundstrum, president of industrial cleaning company ChemStation of Springdale, is an in-law to the Hall family, which last year sold 24.5 acres just north of Elm Springs Road west of Interstate 49 in Springdale to Wal-Mart Stores Inc. for $5.7 million.
Construction of an 180,000-SF Walmart Supercenter at the site is nearing completion.
The theater, built in 1949, went on the market for $70,000 in March. The 6,348-SF building was once scheduled for demolition but Taldo convinced the Springdale City Council to give the building a 90-day reprieve.
The Apollo is the latest Emma Avenue building to change hands. Ryan’s Clothing and the San Jose Manor along the north side of the 200 block of East Emma were recently sold for $1.22 million to Springdale Downtown LLC, a group controlled by the Walton interests.
A 30,000-SF building at 515 E. Emma Ave., which previously housed an Orscheln Farm and Home retail outlet, is currently under contract, building owner Joe Layman confirmed during a recent phone interview.