Food Hub Takes Bentonville Property For $6 Million

A two-building commercial development with 58,960 SF has a new owner after a recent sale worth $6 million, a purchase price of $101.76 per SF.

According to a deed filed July 1, Food Hub NWA LLC is the new owner of the property at 700-702 S.E. Fifth St.

Dixieland Inc., led by Thomas W. “Bill” Norwood was the seller.

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

Steve Fineberg & Associates of Bentonville had the listing.

Food Hub is a  Delaware-registered company which 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.

Combined, the two class-A buildings have a 95 percent occupancy, with tenants who include Spectrum Brands (22,198 SF), Li & Fung (9,000 SF), BRR Architects (6,100 SF) and Dixieland Inc. (2,000 SF).

The cap rate of the 3.5-acre development is 8.87 percent.

 

Clinic Construction

Milestone Construction of Springdale recently purchased a building permit valued at $3.74 million.

The permit is being used to build a 20,000-SF building at the southwest corner of North 40th Street and Elm Springs Road in Springdale.

Once the construction is completed, expected in January, Milestone will lease the building to Northwest Health System of Springdale. NHS will relocate an existing clinic at 3409 Elm Springs Road to the new building.

Milestone, through its BV Ventures LLC, bought the 3.74-acre site in November for $1.1 million. Barnett Family Revocable Living Trust was the seller.

Legacy National Bank of Springdale is financing the project.

 

Nursing Home Sold

A 95-bed nursing home near downtown Bentonville recently sold for $3.5 million.

Bozeman Development LLC of Texas, registered to Michael Martel of San Antonio, bought the Bentonville Manor Nursing Home at 224 S. Main St.

Publicly traded AdCare Health Systems Inc. of Atlanta, Georgia, through its Benton Property Holdings LLC, was the seller.

Parkway Bank of Rogers provided financing with a mortgage of $2.8 million.

The 32,745-SF facility appraised for $2.29 million in 2012. AdCare bought the 1.57-acre property in August 2011 for $3.5 million.

The facility has 83 operational beds.

 

Lot Sale

Bank-owned lots in the Mountain Ranch subdivision of south Fayetteville recently sold for $2.33 million.

Fort Smith-based home builder Cobblestone Homes, led by Aaron Wirth, bought 20 lots, an average price of $116,500 per lot, in Phases I and II-A of the subdivision.

Centennial Bank of Conway was the seller and also financed the deal.

Waco Title Co. of Springdale was the title agent.

The lots previously belonged to Coco Mountain Ranch LLC of Little Rock, formerly owned by Gene Cauley, the former Little Rock lawyer who in November 2009 was convicted of defrauding clients of more than $9 million.

Coco purchased the 460-acre mixed-use Mountain Ranch property, located north of Sixth Street, from Tom Terminella in July 2007 for $17.13 million.

 

Wilson Park Home

A 5,072-SF home overlooking Wilson Park in Fayetteville’s City Park addition has a new owner after a deal worth $1.3 million.

Randall and Loretta Edington bought the home on West Prospect Street for $256 per SF.

David Russell, Phil Crabtree and Clay Morton, through the entity Park & Prospect LLC, were the sellers.

Waco Title Co. of Springdale was the title agent.

Park & Prospect acquired the property in November for $150,000.

The property features smart home technology and also includes home generator, guest suite, heated bathroom floors, steam shower and storm shelter.

Phil Crabtree with Collier Properties of Augusta, Arkansas, was the listing agent.

 

Rye Hill Residence

A 6,002-SF estate on 2 acres in the High Pointe on Riley Farm addition south of Fort Smith has a new owner after a sale worth $1.05 million, a purchase price of $175 per SF.

Robert and Melissa Rye bought the four-bedroom home on East Rye Hill Road from The Patricia L. Borum Living Trust.

Waco Title Co. of Springdale was the title agent.

Rachel Cannava-Brown with Bradford & Udouj Realtors of Fort Smith had the listing

The home was built in 2013 and appraised earlier this year for $1.02 million.

The Borum Trust bought the land in October 2009 for $104,000. Bar-Clay Construction Inc. was the seller.

Bar-Clay acquired the lot in September 2005 for $87,000. John and Melissa Baxter were the sellers.

 

Decatur Investment

Single-family rental properties in the Grant Springs subdivision of Decatur recently sold for $750,000.

VSL Investments LLC, led by Scott Gentry and Vincent Gentry, bought 18 homes on Grant Springs Drive, Cedarwood Court and Meadowbrook Court.

Grant Springs Development LLC, managed by Kevin Riggins and Darin Riggins, was the seller.

Realty Title & Closing Services LLC was the title agent.

First Bank in Siloam Springs financed the deal with a 20-year mortgage of $637,500.

The homes were built in 2005 and average 1,200 SF.

 

Caerleon Sale

A 4,680-SF home in the St. Valery Downs addition of Cave Springs has a new owner after a $735,000 sale, a purchase price of $157 per SF.

Jason and Michelle Nichol paid $157 per SF for the Caerleon Circle property from Thomas and Mary Lambert.

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

Martha Haguewood with Lindsey & Associates of Fayetteville had the listing at $735,000.

The five-bedroom home was built in 2003 and appraised in 2013 for $619,050.

Lambert bought the home in July 2013 for $690,000. The Catherine Elizabeth Reid Trust was the seller.

Reid bought the home in June 2008 from the McCormick Trust for $795,000. McCormick bought the 0.93-acre lot in December 2002 from The Arnold D. Lehman Revocable Trust for $72,000.

 

New Construction

New construction by Crowne Designs in the Bordeaux Village addition east of Fayetteville recently sold for $730,000.

Davis and Darline Duong bought the 4,707-SF home ($155 per SF) on Lafite Lane.

Crowne Johnson Holdings LLC, led by David and Lisa Johnson of Fayetteville, was the seller.

Arvest Bank financed the purchase.

Melanie Gabel with Lindsey & Associates of Fayetteville had the listing at $750,000.

Waco Title Co. of Springdale was the title agent.

Crowne Johnson bought the lot in May 2014 for $81,000. Adam and Sarah Eichler were the sellers.

 

Eastview Additions

Rausch Coleman Homes of Fayetteville recently paid $680,000 for 41 single-family lots ($16,585 per lot) in the Eastview subdivision of Springdale.

First Security Bank of Searcy was the seller.

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

Centennial Bank in Fayetteville provided financing.

Eastview is just off Butterfield Coach Road, north of East Robinson Avenue.

First Security Bank acquired the property in 2007. Massey Development LLC, led by James Mitchell Massey, was the original developer.

Rausch Coleman offers seven floor plans for buyers in Eastview, ranging from 1,152 SF to 1,487 SF. Prices range from $108,000 to $120,000.

 

Chelsea Crossing Claimed

A 22,160-SF retail strip center in Bentonville recently sold for $707,919.

Chelsea Crossing Co., led by Valena Callis, bought the 1.75-acre Chelsea Crossing development at 2210-2212 S. Walton Blvd.

Susana Development Corp., led by Ralph C. Vernetti, was the seller.

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

Grand Savings Bank of Grove, Oklahoma, provided financing.

Susana bought the land in July 2002 for $353,000. Ronald Fogle and Rhonda Rodgers were the sellers.

The two-building development was built in 2003 by Callis Construction of Bentonville. 

 

Englefield Abode

A 4,646-SF custom home in the St. Valery Downs addition of Cave Springs has a new after a $710,000 sale, a purchase price of $153 per SF.

Buster and Sarah Arnwine bought the four-bedroom home on Englefield Drive from Joe and Jane Lisuzzo.

Bank of America of Charlotte, North Carolina, provided financing with a 30-year mortgage of $568,000.

John Overton with Keller Williams Market Pro Realty in Bentonville had the listing.

Mercury Title LLC of Rogers was the title agent.

The home was built in 2011, and appraised in 2012 for $608,900. Lisuzzo bought the 0.86-acre lot in July 2010 from First State Bank of Lonoke for $52,000. The bank acquired the lot from DFOM LLC in December 2008.

DFOM acquired the lot from SCB Investments LLC in February 2008. SCB bought the lot and 38 others from The Arnold D. Lehman Revocable Trust in August 2004 for $2.98 million. 

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.