Jarden Vendor Office Construction Underway in Bentonville

 

Bentonville-based AK Enterprises of NWA Inc. recently bought a building permit valued at $7.15 million to begin construction of a 45,000-SF office building for consumer products company Jarden Corp.

The single-story building will be at the northeast corner of Southeast Macy Road and Southeast 34th Street in Bentonville.

Dave Burris, principal architect of Mangold Burris Architecture of Rogers, is handling the design work.

Sand Creek Engineering of Bentonville is the engineer.

The project is backed with a construction mortgage secured through Parkway Bank of Rogers for $6.58 million.

Morrison Tract II LLC paid $1.52 million in May for the 3.58-acre Lot 5 in Phase II of the 71 Business Center addition in Bentonville.

Rainbow Holdings II LLC was the seller.

The two entities are related and owned by local development company Kyleton Real Estate Group of Bentonville.

KREG is owned by Josh Kyles.

 

Walgreens Sold

For the second time in less than a year, a 15,120-SF retail property on College Avenue in Fayetteville has a new owner.

Ruggera Income Properties LLC of California, led by Michael and Frances Ruggera, paid $5.85 million for the 2.15-acre Walgreens drugstore development at the northwest corner of College Avenue and Township Street.

Dallas-based real estate investment firm Vintage Interests LP, led by managing partner Ernest O. Perry III, was the seller.

North American Savings Bank FSB in Grandview, Missouri, financed the deal with a mortgage of $2.85 million.

Walgreens Co. of Illinois will remain the tenant. The company has six years remaining on its current lease term.

The single-story building was built in 2001.

Vintage Interests bought the property in January for $5.40 million.

Milan M. Holdorf of California was the seller, through his FAYWAL LLC entity.

Holdorf acquired the store in September 2005 for $5.95 million. Battle Creek Properties I LLC of New Mexico was the seller.

Battle Creek bought the land from Robert and Millie Nelms in April 2000 for $1.45 million.

 

Self-Storage Property

A 543-unit self-storage facility in Springdale has a new owner after a $2.2 million sale.

Haizen Investments LLC of Pocola, Oklahoma, led by Patrick Byrd, bought the Air-Tight Self Storage development at 2571 E. Robinson Ave.

Alpine Properties LLC of Fayetteville was the seller.

Bancorpsouth Bank of Tupelo, Mississippi, funded the deal with a five-year, $1.87 million mortgage.

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

Alpine bought the land, 6.26 acres, in May 2008 for $530,000. The buildings totaling 16,800 SF were built in 2009.

Hidden Lake Townhomes LLC, led by Chris and Kerri Elder, was the seller.

The property also includes a 1,430-SF office/residence.

 

Fort Smith Commercial

A commercial property near Central Mall in Fort Smith has a new owner after a $1.45 million sale.

Craig and Cynthia Cunningham bought the Essex Place office park development at 1115 S. Waldron Road.

MP&U Investments Inc., led by Thomas Gage, was the seller.

Waco Title Co. of Springdale was the closing agent.

The development was listed by Calvin Moye Real Estate of Fort Smith for $1.49 million.

The two-story, brick development, built in 1985, has 12 units and is 87 percent occupied.

MP&U acquired the property in January 2002 for $1.35 million. Essex Place LLC, led by John D. Alford, was the seller.

 

Restaurant Development

A fast-food restaurant is in the works after a $1.17 million land deal in the Pleasant Crossing addition of Rogers.

Whataburger Real Estate LLC of San Antonio, Texas, bought the 1.66-acre lot at 4335 S. Pleasant Crossing Blvd.

First Security Bank of Searcy was the seller.

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

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

 

Walmart Acquisition

A boarded-up motel in Rogers recently sold for $1 million.

Wal-Mart Stores Inc., through its Wal-Mart Real Estate Business Trust entity, bought the 11,826-SF Travelers Inn at 208 S. 8th St.

Arindbhai and Savitaben Bhakta were the sellers.

Waco Title Co. of Springdale was the closing agent.

Bhakta paid $350,000 for the property in August 2000.

The motel sits on two lots totaling 0.85 acres.

 

Warehouse Sale

A 21,700-SF warehouse in the Maestri addition of Tontitown was recently sold for $900,000.

MAMRE Enterprises LLC, led by James Dale Thompson, Timothy L. Scott and Blake Henson, bought the building at 451 Agnes Drive.

GS Drilling Inc. of El Dorado, led by president Gary W. Sewell, was the seller.

Legacy National Bank of Springdale financed the deal with a five-year mortgage of $900,000.

Lenders Title Co. of Fayetteville was the closing agent.

The single-story building, known as Treadway Electric, was built in 2005.

MAMRE also bought an adjacent lot from Philip Melinda Gilbey for $180,000. The two parcels are a combined 2.05 acres.

 

McDonald’s Land

Land for a new fast-food restaurant near the Elm Springs Road exit in Springdale was recently sold for $856,604.

McDonald’s Real Estate Co. of Illinois bought the 1.4-acre lot west of Interstate 49 in the Hall Crossing subdivision. The development is at the northwest corner of Elm Springs road and North 48th Street near the recently opened Walmart Supercenter.

Hall Family Investments LLC, managed by Tom Lundstrum, was the seller.

The 4,400-SF restaurant will have seating for 71 is expected to open in November.

The L.R. Mourning Co. of Little Rock is the general contractor of the project. Stephen Knitch with JBI Interiors of Long Beach, California, did the design work.

Bill Mathews and Walter Mathews will be the owners/operators for the new restaurant.

 

McIlroy Home

A 4,505-SF home in the McIlroy addition near Mount Sequoyah in Fayetteville has a new owner after a $625,000 transaction.

Kevin Gilbert bought the five-bedroom home on North Olive Avenue from Steve and Diane Halbrook.

Waco Title Co. of Springdale was the closing agent.

JPMorgan Chase Bank in Columbus, Ohio, financed the deal.

Halbrook bought the home and 0.67-acre lot in July 2008 for $500,000.

The two-story home was originally built in 1950 and was listed by Dawn Yates with Coldwell Banker Harris McHaney Faucette of Fayetteville.

 

Residential Lots

Bank-owned residential lots in the Rollers Ridge subdivision in east Rogers were recently sold for $494,500.

Robert C. Norman Jr. and Lawrence Duane Rhodes, through their NorRho LLC, bought 66 lots in the subdivision just east of Old Wire Road Elementary School.

Community First Bank in Pea Ridge was the seller.

Kings River Title Co. in Fayetteville was the closing agent.

The bank acquired the lots from River Valley Homes Inc. of Lowell in December 2009.

 

Dental Deal

A medical office development in the Pinnacle Hills Office Park addition of Rogers is underway after a land sale worth $410,988.60.

NCY Properties LLC of Branson, Missouri, led by Dr. Nick Yiannios, bought the 1.02-acre lot at 3718 S. Pinnacle Hills Parkway, just south of the First National Bank of NWA.

Little Rock-based Whisinvest Realty LLC, led by developer Joe Whisenhunt, was the seller.

Waco Title Co. of Springdale was the closing agent.

Burke Larkin with the Rogers office of Whisinvest Realty brokered the deal.

Legacy National Bank of Springdale financed the acquisition.

Yiannios is planning to build a 6,000-SF building on the lot for a dental clinic and lease space. The project was approved Sept. 2 by the Rogers Planning Commission.

Whisenhunt acquired the lot in March 2012 as part of a $19 million deal involving 375 acres in Rogers and Lowell near the Interstate 49 corridor.

It was previously owned by Bank of America, which acquired the properties by forfeiture or foreclosure in 2010 and 2011 from groups that included Northwest Arkansas developers Charles Reaves, Bill Schwyhart and Gary Brandon.