Oelke Leading $1.2M Project for Arkansas Musicworks

A locally owned business in Bentonville is planning an expansion into its own building in a project valued at $1.2 million.

Arkansas Musicworks, founded in July 2008 and owned by Tony Baker and Greg Price, broke ground April 15 on a 10,000-SF building at 2400 S.E. J St. near Bentonville High School.

The company is currently leasing about 6,000 SF in a building at 1380 Westpark Drive.

Arkansas Musicworks will be the sole tenant of the building and expects to relocate by mid-September.

The holding company for Arkansas Musicworks, AGC Holdings LLC, bought the 1.04-acre lot for the new building in September for $284,168.

A partnership of Cottonwod Development Co. LLC, led by Larry Olson, and Cottonwood Investment I LLC, led by John Withey, was the seller.

Oelke Construction of Springdale is the builder, and Dave Burris of Mangold Burris Architecture of Rogers is the lead architect.

Arvest Bank of Fayetteville is providing financing.

Arkansas Musicworks has nine employees, and also uses 20 contractors who teach music lessons.

The company’s revenue in 2014 was $2.3 million.

 

Dollar Deal

New retail construction in Van Buren recently sold for $1.05 million.

Nicole S. Larson bought the 9,026-SF building at 941 W. Kibler Highway 162.

Fort Smith real estate investor Rodney H. Ghan, through his Westbrook Development LLC, was the seller.

Waco Title Co. was the title agent.

Tennessee-based Dollar General Corp. is the tenant of the free-standing building, and began a triple net lease term of 15 years in May 2014. The building’s cap rate is 6.75 percent.

 

Retail Property

A 4,880-SF retail property in the Didier Commercial Park addition of Fort Smith recently sold for $1.04 million.

JJRK Investments LLC, led by John Randall Didier, bought the single-story building at 12200 Highway 71 South, near Rye Hill.

Didier Properties LLC, registered to Joyce Didier, was the seller.

Waco Title Co. of Springdale was the title agent.

Damon Wright with Nunnelee & Wright Commercial Properties of Fort Smith was the listing agent.

Beef O’ Brady’s restaurant is the current tenant, and is on a 10-year lease that began in 2010. The property, which has a cap rate of 8.5 percent, also includes a 1,152-SF heated outdoor patio.

The property was built on a one-acre lot in 2010.

 

Historic Home

A Fayetteville home listed on the National Register of Historic Places in 2005 recently sold in an all-cash purchase for $906,000.

GOF Holdings Ltd. bought the 5,312-SF Willis Noll Home on North Sequoyah Drive on Mount Sequoyah.

Lefler Condo Development LLC, led by Jim Lefler, was the seller.

Waco Title Co. of Springdale was the title agent.

Anthony Clark of Clark Partners Realty Group in Fayetteville had the listing.

Mary Bassett with Bassett Mix & Associates represented the buyer.

The four-bedroom home was built in 1949, and a significant renovation was completed in 2014. The west side of the home is entirely glass, with a clear view of downtown Fayetteville and Old Main on the University of Arkansas campus.

The property was listed at $1.08 million.

Johnny Smith of Structure Building Co. in Fayetteville was the general contractor for the renovation. Stuart Albright was the landscape architect.

Other subs on the project were Abram’s Glass Inc. of Springdale, Metro Appliances & More of Bethel Heights, Dramis Hardwood Floors of Fayetteville and National Marble & Granite of Springdale.

According to Clark, the home was originally designed by Edward Durell Stone, whose works include the Kennedy Center for the Performing Arts, the Museum of Modern Art and Radio City Music Hall.

Stone was brought back to Fayetteville, his birthplace, at the request from this longtime friend J. William Fulbright, then president at the UA, to establish the school’s college of architecture.

The university purchased the 1.38-acre property in 1961, to be used as a chancellor’s residence. At one point, Clark noted, the UA moved basketball coach Eddie Sutton into the home, and poured a basketball court used for pickup games by his players.

By the early 1990s, however, the UA decided to auction off the house with the intent of building a new chancellor’s home designed by Fay Jones.

Property records show the home was purchased in May 2013 for $595,000.

 

Dickson Deal

A commercial building in downtown Fayetteville has a new owner after an $800,000 sale.

Dave Bass bought the building at 422 W. Dickson St. The purchase was made in the name of Donk & Buds LLC.

Burrett “Bue” Waggoner and his wife, Margie Waggoner of Texas (and formerly Fayetteville) were the sellers. They had owned the property through their B&M Waggoner LLC.

Waco Title Co. of Springdale was the title agent.

Stir, which opened in 2004, is the tenant of the 2,727-SF building. It also includes an 800-SF patio. Bass owns several bars on Dickson Street, including Stir.

Waggoner bought the building, which was built in 1935, in 1993 for $200,000. Richard W. Pool was the seller.

The building previously housed Chester’s Place and for decades was home to The Library Club.

 

Caerleon Residence

A 5,138-SF home in the gated St. Valery Downs subdivision of Cave Springs has a new owner after a $635,000 sale.

Lawrence E. Davis II bought the four-bedroom home on Caerleon Circle. Robert K. Hurst and Andrea Pearson-Hurst were the sellers.

Cornerstone Home Lending Inc. of Texas provided financing with a 30-year mortgage of $335,000.

Advance Title & Escrow was the title agent.

Nick Limbird with RE/MAX Real Estate Results of Bentonville had the listing at $650,000.

The two-level home was built in 2004 and appraised in 2011 for $635,950.

Hurst bought the 1.62-acre lot in August 2003 for $81,000. The Arnold D. Lehman Revocable Trust was the seller.

 

Windemere Woods Abode

A 4,189-SF home in Phase I of the Windemere Woods addition of north Bentonville has a new owner after a $520,000 sale.

David and Susan Hayes bought the single-story home on Northwest Woodberry Court, just off Peach Orchard Road (County Road 37).

Michael and Doreen Rudman were the sellers.

Waco Title Co. of Springdale was the title agent.

Natalie Edwards with Coldwell Banker Harris McHaney Faucette in Bentonville was the listing agent.

Lindsey Ham with Weichert, Realtors — The Griffin Co. in Bentonville represented the buyer.

Cornerstone Home Lending Inc. of Houston, Texas, provided financing with a 15-year mortgage of $400,000.

The four-bedroom home was built in 2014 by Seay Construction Inc. of Bentonville.

Rudman bought the 0.38-acre lot in December 2011 for $25,000. Ron and Natalie Edwards were the sellers.

Edwards acquired the lot in August 2011 for $20,000. Regions Bank of Birmingham, Alabama, was the seller. 

 

Stonebriar Estate

An 8-acre estate in Phase II of the Stonebriar subdivision in Bentonville has a new owner after a $680,000 sale.

Rob and Allyson Brothers, co-trustees of the Brothers Family Trust, bought the 5,306-SF home on Easy Street from Charles Eldred and Jessica Eldred. The selling price equates to $128 per SF.

City Title & Closing LLC was the title agent.

Arvest Mortgage Co. in Lowell provided financing with a 30-year loan of $300,000.

Brooke Hernandez and Teresa Benningfield with Weichert, Realtors — The Griffin Co. in Bentonville had the listing at $729,900

The four-bedroom home was built in 2004 and appraised in 2012 for $741,600.

Eldred bought the lot in August 2003 for $80,000. 3 Putz LLC was the seller. 

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.