Maryland Company Pays $7M for Assisted Living Facility

A 61-bed assisted living facility in Fayetteville changed hands after a $7 million acquisition.

Capital Health Group LLC of Baltimore, Maryland, a privately held owner/operator of senior housing facilities throughout the United States, led by managing principal Ken Assiran, bought the 3.6-acre Brookstone Assisted Living Residence at 415 E. Longview St.

The purchase was made in the name of Brookstone Real Estate LLC.

Summit Properties-Brookstone LLC of Bryant, managed by Richard A. Williams, was the seller.

Synovus Bank of Georgia helped fund the deal.

Summit Properties acquired the property in October 2013 for $5.15 million from the Washington Regional Medical Center of Fayetteville.

WRMC bought the land for the development from Harvey and Patricia Smith in September 1992 for $1.3 million.

The 42,500-SF development opened in September 1999.

 

Multifamily Property

A 192-unit multifamily development in Springdale recently shifted ownership in a $5.45 million deal.

Springdale Acquisition LLC of North Kansas City, a private investment group led by David L. Wilson, bought the Springdale Ridge apartment complex at 750 S. 40th St.

Johnson is chairman of Maxus Properties Inc., which will manage the property, but is not involved in the new ownership.

Peak Capital Partners LLC, a Utah-based residential multifamily investment company, was the seller.

Peak paid $4.2 million for the development in December.

The 10-acre development was built in 2001.

Current occupancy is approximately 90 percent.

 

Talamore Sale

A gated European estate on 11.63 acres in the Talamore subdivision west of Bentonville recently sold for $2.25 million.

Ann Cornell, a trustee of The Revocable Inter-Vevos Trust of Ann Beck Cornell, and Terence and Deborah Prigmore, trustees of The Revocable Inter-Vivos Trust of Terence D. Prigmore and Deborah L. Prigmore, each acquired an undivided half interest in the property on Kennesaw Drive.

The Joseph A. O’Connor Trust, led by Joe and Lori O’Connor, was the seller.

Portfolio Luxury Real Estate Redefined of Rogers was the listing agency.

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

The property, with a poolside guesthouse, includes 14,200 SF of living space. The main residence is 12,040 SF and includes seven bedrooms, seven full bathrooms, 2,000-bottle wine cellar, library and theatre room.

The three-story home was built in 2005.

O’Connor acquired the land in November 2001 from Proffer Trust for $173,000. Proffer bought the lots in July 2000 from 3-Putz LLC for $220,000.

 

Office Building

A 14,772-SF office building in the Vantage Square addition of north Fayetteville has a new owner after a $1.5 million sale.

Whitwheel Properties LLC, of which Ben Merryman is the manager, bought the two-story building at 3900 N. Front St. off of Joyce Boulevard.

J.E. Lindsey Family LP was the seller.

Realty Title & Closing Services LLC was the closing agent.

The building was built in 1987 and housed the offices for Fayetteville-based real estate company Lindsey & Associates until October 2006.

Current tenants include Sexton & Associates and Foxwood Group.

Lindsey acquired the 0.89-acre property in 1987 for $206,000.

 

Church Sale

A 2.42-acre Bella Vista church property recently sold in a sale-leaseback deal worth $700,000.

Paz Fux Assets Ltd., led by president Menahem Paz, bought the Village Bible Evangelical Free Church at 210 Town Center S.E.

Pat Morrison with Colliers International in Bentonville brokered the deal.

Waco Title Co. of Springdale was the closing agent.

The church purchased the 11,108-SF building, the former home of Cooper Communities Inc., in November 2000 for $640,000.

Pastor Mark Voll said the church will lease the facility while building its new 18,000-SF facility at 1591 Forest Hills Blvd.

He said construction should begin in October and is expected to take seven to eight months.

 

Vendor Land

A 16,000-SF vendor office building is in the works on South Walton Boulevard in Bentonville after a land deal worth $466,528.

Morrison Tract LLC bought the 1.70-acre Lot 3 in the Morrison Addition II area north of Rainbow Curve.

Morrison Tract Two 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, who said the building would be owned by Morrison Tract Two.

The undeveloped property is north of Castlebay Car Wash.

Campbell Soup Co. will be the tenant.

 

Pinnacle Pointe Acreage

Two undeveloped lots totaling 1.39 acres in Phase II of the Pinnacle Pointe addition of Rogers recently sold for $395,000.

ORVC Properties LLC, managed by Dr. Kevin Haney, bought the property on West Walsh Lane from Pinnacle Corner LLC, a Hunt Ventures holding.

Haney is medical director of Ozark Regional Vein Center at 5507 W. Walsh Lane

Intrust Bank in Rogers financed the deal.

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

Pinnacle Corners bought the lots and four others, totaling 7.17 acres, in June for $1.8 million. Centennial Bank of Conway was the seller.

The land once belonged to developers Bill Schwyhart and Robert Thornton. Centennial recovered the land in March 2012.

 

Lease Activity

Missouri-based Premium Retail Services Inc. has successfully leased retail office space in Rogers.

PRS signed the lease with building owner Petromark Inc. of Harrison for 3,500-SF at 2000 Promenade, at the southwest corner of New Hope Road and Promenade Boulevard.

Petromark is the owner of the White Oak Station convenience stores. 

Steve Fineberg of Steve Fineberg & Associates Inc. of Bentonville represented the building owner.

Jenelle Markland of Steve Fineberg & Associates Inc. represented the tenant.

The lease term is for 60 months. Build-out of the second-floor space will be completed in December.

PRS, a privately held company based near St. Louis, provides sales, marketing and merchandising services to retailers and manufacturers. 

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.