Red Lobster Properties Part of $1.5B Sale-Leaseback Deal

A sale-leaseback transaction involving two restaurants in Benton and Washington counties tipped the scales at a combined $5.41 million.

Darden Restaurants Inc. of Orlando, Florida, sold the 7,159-SF Red Lobster restaurant at 1710 S. 46th St. in Rogers just east of Interstate 49 for $2.72 million.

Darden also sold the 7,872-SF Red Lobster at 3885 N. Shiloh Drive near the intersection of College Avenue and Joyce Boulevard for $2.69 million.

ARCP RL Portfolio LLC of Phoenix, managed by American Realty Capital Properties Inc. of Phoenix, is the new owner of both.

Waco Title Co. of Springdale was the closing agent for both transactions.

ARCP, a publicly traded company, announced July 28 it had closed on approximately 500 Red Lobster restaurant properties as part of an approximate $1.5 billion sale-leaseback transaction.

 

Church Addition

Milestone Construction Co. of Springdale recently paid the city of Rogers for a building permit valued at $2.6 million.

The permit is being used for a 19,100-SF addition of classroom and office space at First Baptist Church Rogers west of Interstate 49 at 3364 W. Pleasant Grove Road.

Hight-Jackson Associates of Rogers is the architect.

Tatum-Smith Engineers Inc. of Rogers is the structural engineer, HSA Engineering of Fort Smith is the mechanical and electrical engineer and Crafton Tull of Rogers is the civil engineer.

Other subcontractors include Dyer Electric of Rogers, Fayetteville Mechanical Contractors Inc., Eric McBride Commercial and Industrial Masonry of Centerton, Franklin & Sons Roofing Inc. of Farmington and T&J Specialty Contractors (framing & drywall) of Fort Smith.

 

Southcrest Abode

A 5,075-SF home in The Highlands on Riley Farm subdivision of Fort Smith has a new owner after a $940,000 sale.

Oliver and Judith C. Whitt bought the four-bedroom home on Southcrest Drive from James and Monika Keenan.

Waco Title Co. of Springdale was the closing agent.

Kelly Underwood with Warnock Real Estate LLC of Fort Smith was the listing agent and selling agent. The home was listed in May for $1 million.

The Jack Arnold-designed home was built in 2006.

Keenan bought the home from Justin and Kelly Underwood in November 2006 for $768,000.

Underwood bought the 1.3-acre lot in October 2005 for $103,000.

 

Lake Windsor Sale

A lakefront home in the Wembley subdivision of Bella Vista came off the market recently in a $575,000 sale.

Ian and Margaret Johnston bought the Mayfair Drive property on Lake Windsor from Jeffrey and Katy Lyn Lough.

Iberiabank Mortgage Co. in Little Rock helped fund the deal with a 15-year mortgage of $417,000.

Trixie Arnold with Coldwell Banker Harris McHaney Faucette in Bentonville was the listing agent.

Waco Title Co. of Springdale was the closing agent.

Lough bought the 3,439-SF home in October 2009 for $585,000. The Robert L. Cutler and Debra Young Trust was the seller.

The three-bedroom home was built in 1992 on a 0.55-acre lot and the property includes a covered boat dock.

 

Geno’s Growing

A Fort Smith-based restaurant franchise is set to expand following a real estate acquisition worth $265,000.

Geno’s Pizza, through its GP Properties LLC, bought the former Putt-Putt Golf development at 4901 Towson Ave. in Fort Smith.

James and Nancy Wiginton were the sellers.

Nunnellee & Wright Commercial Properties of Fort Smith brokered both sides of the deal.

Demolition of the property started Aug. 25 and Geno’s will build its fourth Fort Smith location at the site.

Gateway Construction is the builder and Tim Risley is the architect. 

 

Lease Activity

A restaurant franchisee has leased space in the Spring Creek Centre development in Fayetteville.

Jim Lynch signed the 10-year lease with Ohio-based DDR Corp., the development owner.

Oxford, Mississippi-based Newk’s Eatery, a fast-casual chain, will open in the 5,625-SF space at 637 E. Joyce Blvd. on Nov. 17. The space was previously occupied by HuHot Mongolian Grill and was marketed at $20 per SF.
Alan W. Cole with Colliers International of Bentonville represented the tenant.