Joint Venture Acquires Ranch at Pinnacle Point For $41.1M

A joint venture between Balfour Beatty Communities of Pennsylvania and Block Multifamily Group of Missouri has purchased the Ranch at Pinnacle Point development in Rogers for $41.1 million. The property is just west of Village on the Creeks off Stoney Brook Road.

Hayman Woods LLC of Dallas was the previous owner of the property, acquired in December 2011 for $30.3 million.

M&T Realty Capital Corp., of Baltimore, Maryland, financed the deal.

Waco Title Co. of Springdale was the local title agent.

Bill Larson, president of Block Multifamily, said occupancy of the property is 97 percent.

Block Multifamily will perform all property management services.

Ranch at Pinnacle Point was completed in 2007, and features 16 residential buildings and a clubhouse on 25-plus acres. It consists of one-, two- and three-bedroom units that range from 650 to 1,350 SF.

The apartment homes boast walk-in closets, washer/dryer connections, fireplaces, a balcony, deck or patio and garage parking.

 

Downtown Office

A 9,222-SF Class A office building on the southwest corner of the downtown Bentonville square has a new owner after a $1.7 million sale.

101 West Central Avenue LLC, registered in Delaware, bought the two-story building at the same address.

Dalton Lott of Duncanville, Texas, through his 4111 East Highway 67 Partners LLC, was the seller. Lott is the founder and CEO of the building’s tenant, Club Marketing Services, which helps companies sell products at Wal-Mart Stores Inc.

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

Steve Fineberg with Steve Fineberg & Associates Inc. of Bentonville represented both buyer and seller.

Lott acquired the building in November of 1997 for $200,000.

 

Apartment Sale

A fully leased apartment complex just off Garland Avenue in Fayetteville has a new owner after a sale worth $1.38 million.

Stelios, Taylor and Christopher Koutroumbis bought the 24-unit Oakland Station development at 1340 Oakland Ave.

Pierce Family Trust, led by Collier W. Pierce, was the seller.

Arvest Bank of Fayetteville provided financing.

First National Title in Fayetteville was the title agent.

John Hagberg with Crye-Leike Realtors in Fayetteville represented the seller. John Coger with Coldwell Banker Harris McHaney Faucette in Fayetteville represented the buyer.

The 18,116-SF multifamily property was built in 1979 on a 0.83-acre lot. Each unit has two bedrooms, one bathroom and a washer/dryer.

Pierce acquired the property in January 2002 for $285,000. Calvin and Vera Edwards were the sellers.

 

Cottonwood Claim

A 15,100-SF retail/office building in the Cottonwood Village subdivision near Bentonville High School recently sold for $1.26 million.

Royal Rangers LLC, led by Anitha Yerneni of Bentonville, bought the single-story building at 2200 S.E. J St.

J Street Partners LLC of Beverly Hills, California, was the seller.

Hometown Bank NA of in Pineville, Missouri, financed the deal.

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

Amy Mills with Steve Fineberg & Associates Inc. of Bentonville assisted the seller.

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

The building was built in 2004 and appraised in 2013 for $1.26 million. It had an occupancy rate of 83 percent at the time it was sold.

J Street bought the 1.5-acre development in September 2005 for $1.55 million.

Cottonwood Village LLC was the seller. Chris Whitt of Whitt Properties LLC of Fort Smith and John Alford of Wally Properties LLC in Fort Smith were partners in the company.

 

Family Dollar Purchase

Ownership of a 9,384-SF retail building in Springdale changed hands in an $825,000 deal.

Schemel Family LLC, led by Lawrence J. Schemel, bought the Family Dollar development at 3503 Elm Springs Road.

Manard & Peters Development LLC of Missouri, led by J. Kevin Manard, was the seller.

First Security Bank of Springdale provided financing with a mortgage of $700,000.

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

The building is from 2009.

Manard & Peters bought the 1-acre property in August 2008 for $249,000.

Bledsoe & Bingham Properties LLC was the seller. Beau and Dru Bledsoe and Clint and Jennifer Bingham were partners in the company.

 

Talamore Home

A 4,606-SF home in the Talamore subdivision just west of Bentonville on Arkansas Highway 72 recently sold for $620,000.

John Zhang and Qi Ling bought the two-story home on Kennesaw Drive from Ronny and Katherine Phipps.

Mercury Title LLC in Rogers was the title agent.

The four-bedroom home was built in 2002 and had a 2011 appraisal of $696,500.

Phipps bought the 3.59-acre lot in August 2001 from 3-Putz LLC for $81,000. 3-Putz bought the lot in November 2000 from Proffer Trust for $72,000. Proffer bought the lot and two others in July 2000 from 3-Putz LLC for $220,000.

 

South School Sale

A vacant 60,000-SF retail property in Fayetteville recently sold for $550,000.

A.M. Yates LLC, led by Darien A. Yates, bought the property at 3525 S. School Ave.

Geraldine D. Dennis was the seller.

First Bank in Fayetteville provided financing with a construction mortgage of $630,000.

Kings River Title in Fayetteville was the title agent.

Matthew Dearnley with Flake & Kelly Commercial Northwest of Springdale was the listing agent.

Morgan Hooker with R.H. Hill Properties LLC of Fayetteville represented the seller.

The property includes 50,000 SF of retail space, 10,000 SF of warehouse space and two large loading bays.

 

Historic Home

A recently renovated home in Fayetteville’s historic Masonic Addition subdivision has a new owner after a $505,000 sale.

Kevin Macero bought the 2,845-SF home on North Walnut Avenue near the intersection of College Avenue and Lafayette Street.

Wilberforce Construction Co. of Fayetteville was the seller.

Waco Title Co. of Springdale was the title agent.

Clay Morton with Collier Properties of Augusta, Arkansas, was the listing agent. The home had a list price of $556,700.

Premia Relocation Mortgage of Troy, Michigan, provided financing.

Chris Beavers with Bassett Mix & Associates of Fayetteville was the selling agent.

The four-bedroom home was originally built in 1931. Wilberforce paid $271,125 for the home in February 2014. Christie L. Simco was the seller. Simco acquired the home from Ernie B. Woodard in April 2007.