Missouri Investor Takes Logans Roadhouse for $2.92M
by February 16, 2015 12:00 am 385 views
A 6,505-SF commercial development in the Scottsdale Center area of Rogers has a new owner after a $2.92 million sale.
2 Combs Enterprises Inc. of Missouri, led by Kendall Combs, bought the Logan’s Roadhouse restaurant at 530 N. 47th St.
National Retail Properties LP, a real estate management company based in Orlando, Florida, was the seller.
City Title & Closing LLC of Fayetteville was the title agent.
Financing was provided by Guaranty Bank of Springfield, Missouri, with a $2.3 million mortgage.
Logan’s has 17 years left on its triple net lease term. Current annual rent is $219,375 ($33.72 per SF) and the building’s cap rate is 7.25 percent.
The single-story building was built in 2012 by Great South Construction Co. of Pelham, Ala.
National Retail Properties bought the 1.89-acre lot and vacant building, formerly Oscar’s Steakhouse, in September 2011 for $900,000. The building was demolished to make way for the new structure.
Commerce Park Deals
Undeveloped commercial land in the Commerce Park addition of Lowell near the Fed-Ex Ground facility recently sold in two deals for a combined $2.17 million.
Delta Systems & Automation Inc. of Rogers bought 9.26 acres at the northeast corner of Commercial Parkway and Federal Way, just south of Arkansas Highway 264.
SourceGas Arkansas Inc. of Golden, Colorado, bought 7.03 acres at the southeast corner of Commercial Parkway and Federal Way.
David Boerner of Little Rock, through his 264 Investments LLC, was the seller in both deals.
First National Title Co. of Fayetteville was the title agent.
Delta Systems, which manufacturers automated equipment used to package food, plans to build an 80,000-SF facility in Commerce Park and relocate from its current building on West Dyke Road.
Marshall Saviers with Sage Partners of Fayetteville represented Delta Systems in the land purchase, and Hunter Haynes with HCH Consulting is working with Sage in the development.
SourceGas has not announced its plans for the land.
Highway 112 Acreage
A family-owned business headquartered in Fort Smith recently closed on a land purchase in Fayetteville for $894,592.
Pruitt Tool & Supply, led by CEO Grant Pruitt, bought 20.54 acres along North Highway 112 across from the 112 Drive-In Theatre.
Legacy National Bank of Springdale was the seller.
City Title & Closing LLC of Fayetteville was the title agent.
Arvest Bank of Fayetteville financed the deal with a one-year mortgage of $653,400.
Legacy took ownership of approximately 106 acres along North Highway 112 in March 2010.
Tracy Hoskins was the previous owner. Hoskins paid $3 million for the land in September 2004. Melva Dean Graves was the seller.
A spokesman at Pruitt Tool & Supply said development plans for the land are still in progress. In addition to its Fort Smith corporate office, the company has offices in seven states.