Massachusetts REIT Collects Culpepper For $31.2M

A real estate investment trust headquartered in Newton, Massachusetts, is the new owner of two senior assisted living facilities in Springdale and Fayetteville for a combined purchase price of $31.28 million.

Senior Housing Properties Trust bought Culpepper Place developments in Springdale (672 Jones Road) for $12.09 million and in Fayetteville (4461 N. Crossover Road) for $19.19 million.

The 6.09-acre development in Fayetteville has 67 units and opened in 2011. The 4.52-acre Springdale property has 59 units and opened in 2007.

CNL Lifestyle Properties Inc., a REIT based in Orlando, Florida, was the seller.

ProLand Title in Little Rock was the closing agent.

The trust acquired the two properties as part of a portfolio sale by CNL Lifestyle that included 36 other assisted living facilities across the country for approximately $790 million.

The deal was funded with a bridge-loan commitment for up to $700 million from Wells Fargo Bank, N.A., and Citigroup Global Markets Inc. The REIT also maintains a $750 million unsecured revolving credit facility.

The purchase marked SHPT’s entry into Arkansas.

 

Mini-Storage Purchase

A 195,500-SF industrial property in Rogers recently changed hands in a deal worth $4.93 million.

Austin-based private equity real estate firm Virtus Real Estate Capital bought the self/mini-storage facility at 2610 N. Storage Parkway, operating as Stor-Mart Storage Super Center.

The purchase was made in the name of VREC Stor Mart LLC.

Wil-Shar Moore Investments LLC, led by Jason R. Moore and William L. Witcofski, was the seller.

Waco Title Co. of Springdale was the title agent.

First Fidelity Bank of Oklahoma City, Oklahoma, financed the deal with a mortgage of $3.2 million.

Wil-Shar bought the land, roughly 10 acres, in April 2001 for 60,000. Lindsey Family Trust was the seller.

 

Highway 102 Land

Undeveloped property totaling 71.48 acres along Arkansas Highway 102 in Bentonville recently sold for $3.3 million.

Bentonville P&R Fund LLC, a company registered in Delaware, bought the property, situated south of Highway 102 between Southwest I Street and Southwest D Street. The LLC has the same Bentonville mailing address — P.O. Box 1860 — as that of Walton Enterprises LLC, the holding company owned by heirs of Wal-Mart Stores Inc. founder Sam Walton.

M&M Properties LLC of California, led by Diamond Hunter, was the seller.

Realty Title & Closing Services LLC was the title agent on the transaction.

M&M acquired the land from Donald D. Michael in May 2005 for $275,000.

 

Mixed-Use Move

A mixed-use development in north Fayetteville has officially launched with a recent land purchase of $3.25 million.

KMSDC LLC, led by Rob Kimbel, bought the 14.01-acre property — Lots 3 and 4 of the CMN Business Park II addition — at the southwest corner of Joyce and Steele boulevards, across from Razorback Cinema and Academy Sports.

Nanchar Inc. and MSB Properties LLC, led by Charlotte Steele and Marjorie Brooks, respectively, of Springdale were the sellers.

Fayetteville-based Signature Bank of Arkansas financed the purchase with a six-month mortgage of $3.25 million.

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

Kimbel is the owner of Kimbel Mechanical Systems Inc. of Springdale, an investment partner for developer Specialized Real Estate Group of Fayetteville.

SREG has announced plans to develop the site into a mixed-use trailside development, with 308 residential units and 17,000 SF of retail space.

Seth Mims, founder and president of SREG, said construction will begin this summer.

Modus Studio of Fayetteville is handling the design work.

Tenants for the commercial space have not been announced.

 

Dixieland Deal

Rausch Coleman Homes of Fayetteville recently paid $769,500 for 27 single-family lots in Phase III of its newest development, Dixieland Crossings.

RLP Developments LLC of Bentonville, led by Russel L. Plumley, was the seller.

First National Title Co. of Fayetteville was the title agent.

Centennial Bank in Fayetteville provided financing.

The lots are approximately 0.20 acres. The purchase also included a 3.01-acre pond.

Dixieland Crossings is north of Hudson Road in Rogers, at the intersection of West Kelley Drive and North 13th Street.

Rausch Coleman offers eight floor plans for buyers, ranging from 1,488 SF to 2,648 SF.

 

Piney Point Property

Ownership of 244.5 secluded acres on Beaver Lake in Benton County has changed hands in a $725,000 deal.

Jeff and Delilah Parker bought the property on McKnight Lane in the Piney Point area near Hobbs State Park.

Kevin and Jacqueline Price were the sellers.

Waco Title Co. of Springdale was the title agent.

Bear State Bank NA of Harrison provided financing with a 30-year mortgage of $425,000.

The property includes a 524-SF cabin, two-slip private dock (with two lifts) and more than a quarter-mile of shoreline.

Small Fee Realty LLC had the listing at $799,000.

 

Wilson Park Residence

A 3,481-SF home near Wilson Park in Fayetteville came off the market in a sale worth $625,000, equal to $179 per SF.

North Arkansas Realty LLC, led by Harry C. (Chuck) Erwin III of Little Rock, bought the three-bedroom home on North Park Avenue. SBS Properties LLC, led by Sylvia and Ben Schlegel Jr., was the seller.

Waco Title Co. of Springdale was the title agent.

Dale Carlton Jr. of Carlton Realty in Fayetteville had the listing at $625,000.

The three-level home was built in 1936 and has been recently renovated to include a newly designed kitchen, restored hardwood floors, media/game room and wine cellar.

SBS bought the home in June 2012 for $607,000. J. Kirk Thompson, a former CEO of J.B. Hunt Transport Services Inc. in Lowell, was the seller.

 

Brightwood Buy

A 2.03-acre commercial lot in the Brightwood addition of southwest Bentonville has a new owner after a $500,000 deal.

Professional Office Properties LLC, led by William T. Mahon, bought the lot on Southwest Bright Road. Mahon is the founder of My Village Pediatric Dentistry of Bentonville.

Brightwood Business Park LLC was the seller.

Arvest Bank of Fayetteville backed the deal with a three-year loan of $331,500. 

 

Champions Home

A 3,173-SF home situated near the fairway of the second hole at Pinnacle Country Club in Rogers recently sold for $625,000, a sale price of $197 per SF.

Nicholas and Carolyn Cole bought the home on Champions Boulevard from James and Loretta Tidwell.

Sara Tidwell with Wise Custom Realty of Bentonville had the listing at $649,900.

Waco Title Co. of Springdale was the title agent.

The four-bedroom home was built in 1992 and appraised in 2014 for $460,800.

Tidwell bought the property in July 2004 for $473,000. Frank McNulty was the seller.