Little Rock Auto Firm Pays $3.35M For Moberly Lane Land

A new auto dealership is in the works on Moberly Lane in Bentonville following a land deal worth $3.35 million.

2309 Moberly Lane LLC, managed by Little Rock-based dealership group RML Automotive, bought 6.68 acres at the same address.

John and Joyce Pak of Fayetteville were the sellers.

The deal was funded with a seven-year mortgage of $9.54 million from Iberiabank in Little Rock.

The lot has frontage on Interstate 49 and includes a 9,600-SF commercial building that was previously leased to Woodland Academy, a child care facility.

Franklin McLarty, CEO of RML, said the company owns an adjacent three acres, and the two tracts will be developed into a 10-acre Landers McLarty Dodge Chrysler Jeep Ram dealership, which will move from its current Bentonville location at 2801 S. Walton Blvd.

Clark Contractors of Little Rock will be the contractor. The dealership will have 30 service and four quick-lube bays.

Landers McLarty Ford will remain at the Walton Boulevard address.

Pak paid $2.5 million for the property in July 2005. Benton County Sunshine School was the seller.

 

Multifamily Property

A 78-unit multifamily development in Springdale has a new owner after a sale worth $2.72 million.

PF Northwest Acres LLC of Brooklyn, New York, led by Chaim Puretz, bought the Northwest Acres Apartments at 710 Union Drive.

Northwest Acres LP, led by Gregory Mays, was the seller.

Arbor Commercial Funding LLC backed the deal with a mortgage of $2.23 million.

Cowling Title Co. of Ashdown was the closing agent.

The 5.37-acre development includes 16 one-bedroom units, 48 two-bedroom units and 14 three-bedroom units.

The property is intended for the Family (LMSA) subsidized housing program.

 

Office Space

A pair of office buildings in Springdale recently sold for $1.7 million.

Gary O. Jech, through his GOJ Investments LLC, bought the buildings totaling 15,244 SF at 4710 S. Thompson St. across from Springdale Country Club.

Fairway Oaks LLC, led by managing member Ben Israel, was the seller.

Israel was also the listing agent through Coldwell Banker Harris McHaney Faucette of Fayetteville.

Legacy National Bank of Springdale financed the deal with a five-year mortgage of $1.4 million.

The 1.95-acre development just north of Outback Steakhouse most recently appraised for $1.26 million.

Jech said all current tenants will remain, and the empty space previously occupied by Liberty Bank of Arkansas, about 6,000 SF, will be remodeled in the next two months for a future tenant, to give the development an occupancy rate of 100 percent.

 

Double Deal

An 8,040-SF retail property on Arkansas Highway 102 in Bentonville tipped the scales at $1.12 million.

Double ‘L’ Investments of Booneville LLC, led by Aaron and Julie Littlefield, bought the development at the corner of Southwest 14th Street and Tunbridge Drive.

MM& P LLC, led by John Marinoni, was the seller.

Chambers Bank of Danville provided financing.

Tenants include a convenience store, restaurant and laundromat. 

 

Balmoral Buy

A 4,004-SF home in Phase IV of the Shadow Valley subdivision of Rogers recently sold for $658,750.

Gregg and Melissa Hoeldtke bought the Balmoral Drive home from James and Susan Fay.

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

Nicky Dou with Keller Williams Market Pro Realty in Bentonville was the listing agent.

Citibank N.A. in O’Fallon, Missouri, provided financing with a 15-year mortgage of $250,000.

The house was built in 2010 and appraised this year for $548,200.

Fay bought the house for $620,000 in December 2011 from Jonathan and Deborah Stowe.

 

Restored Home

A restored home near downtown Bentonville recently sold for $610,275.

Aaron and Julie Fidler bought the 3,050-SF home on Southwest D Street. Maggie Peterson, through her MEP Enterprises LLC, was the seller.

Iberiabank Mortgage Co. in Little Rock financed the deal with a 30-year mortgage of $488,220.

Lenders Title Co. in Bentonville was the closing agent.

Peterson bought the home in February for $85,000. Marrs Developing LLC was the seller.

 

Caerleon Abode

A 4,402-SF home in the St. Valery Downs subdivision of Cave Springs has a new owner after a $609,900 sale.

James and Candy Still bought the Caerleon Circle property from Michelle and Mark Lotti.

Iberiabank in Fayetteville provided financing.

Whitney Duncan with Portfolio Luxury Real Estate of Rogers was the listing agent.

The home was built in 2004, and appraised in 2014 for $663,650.

Lotti bought the home in October 2012 from Matthew Forsythe and Ellen Siebenborn-Forsythe for $537,000. Forsythe bought the home in March 2009 from David and Frangie Minsky for $600,000.

Minsky bought the home in February 2008 from Mauricio and Sandra Montilha for $570,000. Montilha bought the home from Unique Concepts Inc. in January 2006 for $685,000.

Unique Concepts bought the 0.91-acre lot in November 2003 from The Arnold D. Lehman Revocable Trust for $73,000.

 

Tontitown Warehouse

A 16,480-SF warehouse in Tontitown has a new owner after a recent sale worth $555,000.

Upward Investments LLC, led by Jared Thomson, bought the 2.8-acre development at 1849 W. Henri de Tonti Blvd. from Monaie Colvin.

Arvest Bank of Fayetteville financed the deal with a three-year mortgage of $444,000.

Larry Robison of Keller Williams Realty represented the seller. Philip Schmidt with Flake & Kelley Commercial Northwest represented the buyer.

The building, known as Truck 3 Auto Tire Service Center, was built in 1999 and most recently appraised for $567,350.

 

Beaver Lake Purchase

A 3,131-SF home on Beaver Lake in the Del Lago Estates addition of Garfield has a new owner after a $479,000 sale.

Saul and Karina Sosa bought the Ozark Drive property from the Karen L. Sykes Revocable Trust.

Lenders Title Co. in Fayetteville was the closing agent.

Iberiabank in Rogers financed the deal.

Evelyn Cross, owner of New Horizon Realty Inc. of Eureka Springs, was the listing agent.

The four-bedroom home was built in 2004 and appraised earlier this year for 636,650.