Whole Foods Site Officially Changes Hands For $4M

by Paul Gatling ([email protected]) 355 views 

A commercial land sale in north Fayetteville tipped the scales at $4 million.

S.J. Collins Enterprises of Fairburn, Georgia, through its College Marketplace (Fayetteville) LLC, bought five acres at 3535 N. College Ave., near the intersection with Millsap Road.

The Gerald B. Jones Revocable Trust, led by Gerald B. Jones and Anne W. Jones of Fayetteville, was the seller. The site was previously an auto dealership.

State Bank & Trust Co. of Atlanta, Georgia, funded the deal with a four-year construction mortgage of $11.99 million.

Waco Title Co. of Springdale was the closing agent.

S.J. Collins plans to develop an 80,000-SF retail center at the location, anchored by a 35,000-SF grocery store leased to Whole Foods Market.

Construction is expected to be finished by fall 2015.

Alan Cole with Colliers International in Bentonville is the leasing agent for the development.

Jeff Garrison, a partner with S.J. Collins, said a general contractor for the project has not yet been chosen.


Centerton Sub

Homes by Roth of Bentonville, led by brothers Jeff and Randy Roth, recently paid $3.07 million for 48 undeveloped residential lots in the Tuscany subdivision of Centerton, which sits south of Arkansas Highway 72 on a large plot with roughly 145 lots.

Tuscany LLC, led by Neil Johnson, was the seller.

Danville-based Chambers Bank financed the deal.

Lenders Title Co. in Fayetteville was the closing agent.


South Walton Plaza Activity

A pair of office buildings in Bentonville’s South Walton Plaza business park recently sold for a combined $2.81 million.

Laurel Ward of Fayetteville, through her Laurel’s Nest Egg LLC, bought the 14,552-SF building at 203 S.E. 22nd St. for $1.52 million.

Ward also bought the 10,954-SF building at 200 S.E. 22nd St. for $1.29 million. She made that purchase in the name of Glassell Family LLC.

ProCon Inc. of Bentonville, led by Bob Burckart and Richard Werts, was the seller of both properties.

PCI Advance Title LLC in Bella Vista was the closing agent.

The single-story buildings are both fully leased, mainly to Wal-Mart Stores Inc. vendors.

Some of the tenants include Remington Arms Co. LLC, Goodyear, UCI-FRAM Group, Easton-Bell Sports, Maplehurst Bakeries LLC, LumiData and American Textile Co.


Slim Sale

A 3,102-SF retail property on Wedington Drive in Fayetteville now belongs to an Arizona REIT after a recent sale worth $2.13 million.

Spirit Realty Capital LLC of Scottsdale, through its Spirit Master Funding VIII LLC, bought the Slim Chickens restaurant at 3562 W. Wedington Drive, west of Interstate 49.

Greg Smart and Tom Gordon, co-founders of the Fayetteville-based restaurant chain, were the sellers, through their SC Wedington 3 LLC.

Smart and Gordon bought the land, 1.04 acres, earlier this year for $675,000 and opened the single-story restaurant on June 16.

Lyndy Lindsey, through his The Links at Fayetteville Commercial Properties LP entity, was the seller.


Creekside Sale

A commercial land sale in Phase II of the Creekside development near the Pinnacle Hills Promenade in Rogers tipped the scales at $2.06 million.

HP Retail LLC, led by Jason Pullman, bought the 2.2 acre lot at 2012 S. Promenade Blvd. just south of Chuck E. Cheese’s restaurant

Nilsac LLC, which lists Todd Wood as manager, was the seller.

City Title & Closing LLC of Fayetteville was the closing agent.

Development plans for the site include a 15,500-SF retail center, known as Creekside on Promenade, with completion expected before the end of the year.

The most recent appraisal of the lot was for $1.71 million in 2011.

NILSAC bought the land in June 2008 for $1.83 million. Brandon Barber, through his BLB Holdings LLC, was the seller.


Preschool Construction

Clinard Construction Management Inc. of Bentonville is using a building permit valued at $1.3 million to construct a 9,600-SF building at 700 S. 28th St. in Rogers.

The developer is Kindergrove Preschool and Children’s Center LLC, led by Lauren B. Treptow.

Kindergrove opened in October 2011 and has been in leased space at 2879 W. Walnut St. in Rogers, allowing a capacity for 60 students.

The new location will have 10 classrooms and capacity for 132 children, ages 6 weeks to 5 years.

Dave Burris with Mangold Burris Architecture of Rogers is the project architect.

Simmons First Bank in Rogers is providing financing.

Doug and Glennis Treptow paid $240,000 for the land, 5.5 acres, in October. The Jack Lester Williamson and Oletha M. Williamson Trust was the seller.


Elm Springs Property

Commercial acreage near the Elm Springs Road exit on the west side of Interstate 49 has a new owner after a $1.12 million sale.

Spring Ark Five LLC of Corpus Christi, Texas, led by commercial real estate developer Tim Clower, bought 4.69 acres at the southwest corner of Elm Springs and Oak Grove roads in Springdale.

Steenbergen Family LLC, led by Jo Lynn and Michael Steenbergen, was the seller.

American Bank N.A. of Corpus Christi provided financing.

Jacci Perry-Ryan with Keller Williams Commercial of Fayetteville represented the seller in the transaction.


Restaurant Lease

A restaurateur has successfully leased space in The Dickson development on Dickson Street in Fayetteville.

Elizabeth Rapp, through her Marley’s Pizzeria AR LLC, signed a 10-year lease at approximately $700,000.

Fayetteville developer Ted Belden is the building owner.

Marley’s Chicago’s Style Pizzeria will open in the 3,900-SF space later this year at 609 W. Dickson St., Suite 101. Renovation is underway with a target opening date of Oct. 1.

Mitch Weigel and Sheree Alt with Downtown Properties Real Estate Group of Fayetteville were the leasing agents.


Twin Creeks Village Land

A vacant commercial lot in Phase II of the Twin Creeks Village addition of Fayetteville recently sold for $535,000.

NWA Orthopaedic Consulting PA, led by Wesley Cox, bought Lot 19B-5, 1.23 acres, on Van Asche Loop in the Village Creek I medical office development near the intersection of Van Asche Drive and Skull Creek Trail.

Steele Crossing Investment II LLC, led by Leonard Boen, was the seller.

Fayetteville-based Signature Bank of Arkansas provided financing.

Standard Abstract & Title Co. of Little Rock was the closing agent.

Jeff Kemp and Eric Boen with Commercial Realty LLC in Fayetteville brokered the deal.

Cox is an orthopaedic surgeon and director of the Shoulder Center of Arkansas. The practice is located in a 7,328-SF building owned by Boen at 161 W. Van Asche Drive in the Village Creek I development. 

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.