Fayetteville Hotels Sold; Fairfield Inn Converting to La Quinta

A pair of hotels in Fayetteville recently sold for a combined $3.72 million.

Northwest Arkansas Hospitality and Lodging LLC, controlled by Little Rock-based hotel management company Pinnacle Hotel Group, bought the Fairfield Inn by Marriott at 720 E. Millsap Road.

HSB Shiv LLC, also an affiliate of PHG, bought the adjacent Sleep Inn at 728 E. Millsap Road.

TMI Hospitality of Fargo, North Dakota, through its Midwest Heritage Inn of Fayetteville Inc. entity, was the seller of both properties.

Centennial Bank in Fayetteville financed the deals.

The new ownership group is planning to update the Fairfield Inn property and convert it to a La Quinta Inn & Suites.

Both three-story properties have 61 units.

 

Stout Stuff

A retail/office/warehouse strip center just off Arkansas Highway 102 in Bentonville was part of a recent $2.47 million acquisition.

Bentonville-based Stout Stuff LLC, led by Norm Banwarth, Tom Underwood and Kent Webb, bought the property at 1400-1402 S.W. Susana St. The development, known as 102 Business Park, includes two buildings, each with 20,394 SF of space.

The acquisition also included 12.23 acres adjacent to the buildings.

102 Business Park LLC, led by Ralph C. Vernetti, was the seller.

Searcy-based First Security Bank financed the deal with a 15-year mortgage of $2.47 million.

First National Title Co. in Bentonville was the title agent.

Vernetti acquired the property in 2004 in two deals worth a combined $931,000. Mildred Ennes was the seller.

 

Weichert Deal

A 19,360-SF retail property on South Walton Boulevard in Bentonville has a new owner after a sale worth $2.07 million.

Springdale-based Weichert, Realtors — The Griffin Co. executives Gary Griffin, Phil Taldo, Carter Clark and Brandon Long, bought the building at 3301 S. Walton Blvd.

The purchase was made in the name of GTCL Properties LLC.

Pinnacle Bank of Rogers was the seller and also funded the deal.

Advantage Title & Escrow of Fayetteville was the title agent.

The single-story building is occupied by five tenants: Weichert, Realtors — The Griffin Co., Thai Basil, Little Giggles, India Market and Restore Dental.

The 1.9-acre development was built in 2006.

Rainbow Curve Properties LLC, led by Tommy A. Muccio, bought the building from Pinnacle Bank in June 2010 for $1 million.

The property was returned to the lender in April 2013.

 

South Walton Properties

Two commercial buildings on South Walton Boulevard in Bentonville have a new owner after a sale worth a combined $1.34 million.

Bentonville First LLC, led by Alvern Olson and Alford Drinkwater, bought the office/retail center at 2104 S. Walton Blvd. and 2106 S. Walton Blvd.

The 2104 property (6,500 SF) was acquired from the Phillips Family Trust (led by Robert and Irene Phillips) for $666,000. The 2106 property (5,640 SF) was bought from Jack and Denise Richardson for $678,000.

Arvest Bank of Fayetteville funded the deal with a five-year mortgage of $1.34 million.

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

Richardson acquired the building in June 2006 for $650,000. Phillips acquired the building in January 2006 for $900,000.

Current tenants of the development include Mojo Cycling, House of Styles, A Taste of Thai, REPL Consulting and J. Robin Pace Attorney at Law.

 

Dollar General Deal

A 9,100-SF retail property in Benton County now belongs to an Arizona REIT after a recent sale worth $994,915.

Spirit Realty Capital LLC of Scottsdale, through its Spirit Master Funding IX LLC, bought the free-standing building at 245 North Highway 62 in Avoca.

PB General Holdings LLC, led by developer Leonard Boen, was the seller.

First National Title Co. of Little Rock was the closing agent.

The single-story building was built in 2014.  It is being used as a net lease investment with more than 10 years left on the lease with the tenant, Dollar General.

Boen bought the 1.20-acre property in February for $99,000. Marion and Patricia Holland were the sellers.

 

Church Purchase

A Tontitown building in the Northwest Arkansas Industrial Park addition recently sold for $900,500.

Victory Church NWA Inc., led by president Billy Coffman, bought the 13,740-SF building at 250 Industrial Circle.

Dana and Shirley Lyon were the sellers.

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

Victory Church has occupied the building since Jan. 1, 2014, and it had been under a purchase contract from that time.  

Lyon bought the 1.64-acre property from the American National Red Cross in December 2004 for $635,000.