Mountain Home Investor Claims Simmons Suites For $4.65M

An investment group led by a privately held hospitality company from Mountain Home is the new owner of a 113-unit hotel in Bentonville.

Magness Hospitality, through its AM&M Hotel LLC, paid $4.65 million for the Simmons Suites development at 3001 N.E. 11th St. The four-story hotel sits near the exit at the junction of Interstate 49 and Highway 72.

Simmons Bank of Pine Bluff was the seller.

Centennial Bank in Mountain View financed the deal with a mortgage of $3.95 million.

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

Murad Mandini and Jeffrey Magness are members of AM&M.

Simmons Suites opened in March 2008 and collected $1.29 million in room revenue in 2014.

 

Apartment Acquisition

A fund formed by a Los Angeles-based real estate investment and advisory firm has acquired a 56-unit multifamily development in southeast Rogers for $3.07 million.

AndMark Investment Advisers acquired the Casa Maria at Post Road property at 800 E. Post Road, just off Old Wire Road.

Great Lakes Capital of South Bend, Indiana, was the seller.

Chambers Bank of Danville funded the deal with a four-year mortgage of $2.5 million.

The purchase was part of the first round of acquisitions of AndMark Investment Fund 1, which opened in May with an initial capital commitment of $4 million from investors.

The 61,680-SF development was built in 2011 on 4.4 acres and had an occupancy rate percentage in the high 90s at the time of the sale.

 

Medical Property

A sale-leaseback deal of a commercial property in Rogers recently closed for $1.77 million.

MedExpress Urgent Care, a privately held company headquartered in Morgantown, West Virginia, sold the property at 1900 W. Walnut St. to National Retail Properties LP, a publicly traded, triple-net real estate investment trust based in Orlando, Florida.

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

MedExpress bought the 0.8-acre property in December for $450,000. Atherton & Murphy Investment Co. of Bartlesville, Oklahoma, was the seller.

The MedExpress clinic opened March 31 and will remain the tenant.

 

Talamore Home

A 6,135-SF home in Phase IV of the Talamore subdivision just west of Bentonville recently sold for $900,000, a purchase price of $146.69 per SF.

Clayton and Jessie Medley bought the home on Belfry Point from David and Katherine Hollander.

Waco Title Co. of Springdale was the title agent.

Carlene Clendenen of Coldwell Banker Harris McHaney Faucette in Rogers had the listing at $949,900.

The five-bedroom home, which includes an in-ground, heated pool, was built in 2006 and appraised in 2012 for $773,850.

Hollander bought the two-story home in March 2010 for $875,000. Scott and Valeri Oswalt were the sellers.

Oswalt acquired the home in 2008 for $1.16 million. Sands Construction Corp. was the seller.

Sands bought the 2.92-acre lot in January 2004 for $98,000. 3-Putz LLC, the neighborhood developers, was the seller.

 

Oak Tree Estate

New construction in Centerton’s gated Oak Tree subdivision recently sold for $850,000.

John and Sheri Martin bought the 4,974-SF residence on Oak Tree Drive, four miles west of Bentonville on Arkansas Highway 72, for $170.88 per SF. The two-story home includes five bedrooms.

Jeremy and Shasta Neisler of Bentonville, through their JSN Properties of Northwest Arkansas LLC, were the sellers.

Citibank NA provided financing with a mortgage of $680,000.

Joseph Hayes with Keller Williams Market Pro Realty in Bentonville had the listing.

Lenders Title Co. in Bentonville was the title agent.

JSN bought the 2.14-acre lot in August for $119,000. Oak Tree Associates LLC, led by developer Robert David, was the seller.

 

Cottonwood Claim

TAR & DOK Development LLC, led by Oelke Construction Co. president Tim Oelke, recently picked up a mortgage of $763,426 from Fayetteville-chartered Arvest Bank.

The mortgage is tied to the 1.19-acre lot 16 in Phase II of the Cottonwood Village addition near Bentonville High School.

The lot sits at the southeast corner of Southeast Cottonwood and Southeast 22nd streets.

TAR & DOK recently acquired the land for $206,545, a purchase price of $173,567 per acre.

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

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

Butch Gurganus with Colliers International of Bentonville had the listing.

 

Downtown Bentonville

A recently updated 3,002-SF home in downtown Bentonville recently sold for $712,500, a purchase price of $237.34 per SF.

Celia Swanson bought the single-story residence on Southeast Third Street from Douglas and Lakresa Brown.

Iberiabank Mortgage Co. in Little Rock provided financing with a 15-year mortgage of $505,000.

Nicky Dou with Keller Williams Market Pro Realty in Bentonville had the listing at $725,000.

Carlene Clendenen of Coldwell Banker Harris McHaney Faucette in Rogers represented the seller

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

Brown bought the home, originally built around 1900, in July 2013 for $471,000. Marrs Developing LLC, led by Dave Marrs, was the seller.

Marrs bought the property in October 2012 for $125,000. Thomas and Judith Terrell were the sellers.

Terrell acquired the property in December 2003 for $41,000. Nikki Smith was the seller.

 

Caerleon Residence

A 4,233-SF home in the St. Valery Downs subdivision has a new owner after a recent sale worth $635,000, a purchase price of $150 per SF.

Penchala Swamy Mittadodla bought the home on Caerleon Circle from Gary and Marissa Schubert.

BOKF NA dba Bank of Arkansas financed the deal with a 15-year mortgage of $417,000.

Marcus Necessary with Weichert, Realtors — The Griffin Co. in Bentonville had the listing at $660,000.

Heather Herzik with Weichert Realtors — The Griffin Co. was the selling agent.

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

The three-bedroom home was built in 2011 and appraised in 2014 for $595,850.

Schubert bought the home in September 2011 from Riggins Construction Inc. for $500,000. Riggins bought the lot in December 2010 from First State Bank of Lonoke for $48,000. 

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.