California Investors Take Rogers Retail Center For $3.3M

A 17,850-SF retail center near a Walmart Supercenter in Rogers recently sold for $3.3 million.

Joe and Leslie Berman of Encino, California, trustees of the Berman Family Trust, bought the development at 2212 W. Walnut St.

NO-W-ARK LLC of Missouri, led by Jud Heflin, was the seller.

Chambers Bank of Danville provided financing with a seven-year mortgage of $3.32 million.

Steve Fineberg of Steve Fineberg & Associates Inc. of Bentonville was the listing broker.

Jordan Jeter with Flake & Kelley Commercial Northwest of Springdale represented the buyer.

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

The single-story building was built in 2003 on 1.65 acres and appraised in 2012 for $1.3 million.

Heflin bought the land in November 2002 for $625,000.

The retail center is 100 percent leased to four national tenants — Sport Clips, Cato, Deals and Sally Beauty Supply.

 

Joyce Business Park

A 39,274-SF office complex in Fayetteville has a new owner after being sold at auction for $2.73 million.

Shane and Sarah Lanning bought the Joyce Business Park at 2434 E. Joyce Boulevard.

The seller was C-III Asset Management LLC, a wholly owned subsidiary of Dallas-based C-III Capital Partners.

Arvest Bank of Fayetteville financed the deal with a five-year mortgage of $2.32 million.

Stewart Title Co. in Fayetteville was the closing agent.

The four buildings at the five-acre office park are about 67 percent occupied by five tenants.

Shane Lanning and Ryan McClain are co-owners of Engineering Elements of Fayetteville. The firm, founded in May 2005, has eight employees and its current location is in about 1,500 SF at 2820 Millennium Drive.

Lanning said he hopes to relocate the firm into about 3,000 SF at the JBP as soon as possible.

 

Ben and Nancy Israel bought the land in August 2000 for $480,000.

Downtown Bentonville Acquisition

A commercial building in downtown Bentonville has a new owner after a $2.54 million sale.

According to a warranty deed, Dean Eisma and Jeff Engleman are now co-owners of the 20,664-SF building at 114 W. Central Ave. Eisma, through his DEI Property Management LLC, owns 70 percent of the three-story building. Engleman, through his DBR Properties LLC, owns the remaining 30 percent.

August 31 Holdings LLC, led by Ben Butler and John Brownlee, was the seller.

Arvest Bank of Fayetteville financed the deal with a five-year mortgage of $1.9 million.

City Title & Closing LLC was the closing agent.

August 31 bought the building in July 2013 for $2.15 million. C2 Capital Properties LLC was the seller. Jeff K. Rhodes is the incorporator of C2 Capital Properties.

BMT Law Firm is the building’s primary tenant.

 

Apartment Sale

A 26-unit multifamily property in the University Acres addition of Fayetteville changed hands in a recent sale worth $857,000.

Alston and Morrison Properties LLC, led by Steve Morrison and John Alston, bought the apartment complex at 1701 N. Lewis Ave. Myers Family Properties LLC, led by Carl Myers, was the seller.

First Security Bank of Searcy provided financing with a two-year mortgage of $850,000.

Mercury Title in Fayetteville was the closing agent.

The property, known as Brook Allison Apartments, was built in 1972 and most recently appraised for $645,350, according to county records.

 

Heritage Hills Residence

A 4,734-SF home in the gated Heritage Hills subdivision of Springdale has a new owner after a $757,000 sale.

Melvin and Wilhemenia Watkins bought the Legacy Drive property from Janette McNeal.

Realty Title & Closing Services LLC of Springdale was the title agent.

Iberiabank Mortgage Co. in Fayetteville financed the deal with a 30-year mortgage of $637,000.

Jaime Melcher with Beck Haus Realtors of Fayetteville was the listing agent.

McNeal bought the 0.45-acre lot in January 2010 for $75,000. Legacy Development of Northwest Arkansas LLC was the seller.

The home builder was Ben Booth of Booth Building & Design of Fayetteville.

 

Royal Home

New construction in the Versailles subdivision just off of Arkansas Highway 72 in Centerton recently sold for $491,850.

Harold and Mary Wagnon bought the 3,971-SF home on Royal Avenue from Riggins Properties Inc. of Fayetteville, led by Darin Riggins.

Grand Savings Bank of Grove, Oklahoma, provided financing with a 30-year mortgage of $393,480.

Realty Title & Closing Services LLC of Springdale was the closing agency.

Nicky Dou with Keller Williams Realty NWA of Bentonville listed the property for $500,000.

Riggins bought the 1.11-acre lot and an additional 1.1-acre lot in April 2013 for a combined $102,000.

Centerton Municipal Property Owners Improvement District No. 3 – Versailles was the seller.

 

Center Street Activity

A vacant 4,454-SF building near the downtown square in Fayetteville has a new owner after a $310,000 sale.

Leo Drolshagen of Fort Smith bought the building at 25 E. Center St. from Bear State Financial Inc.

Alan Cole with Colliers International in Bentonville brokered the deal.

City Title & Closing LLC of Fayetteville was the closing agent

The building most recently housed Celi’s Mexican Restaurant.

Drolshagen said a restaurant is a possibility for future development but did not have any specific plans.

 

Vendor Lease

A retail vendor has successfully leased Class A office space in The Shoppes at Pinnacle Hills development in Rogers.

Heineken USA of New York signed a seven-year lease for 3,611-SF on the first floor of the three-level building at 3201 Market St., Suite 106.

The lease rate is for $19 per SF and the office will open Sept. 15.

Steve Fineberg & Associates of Bentonville represented the tenant.

Hunt Ventures of Rogers, through its Pinnacle Center 3 LLC, owns the 52,790-SF building.

Occupancy on the first floor of the multi-use building is 100 percent.