Sale-Leaseback of Restaurant Cooked Up For $3.65M

A 7,399-SF restaurant near Interstate 49 in Rogers changed ownership in a sale-leaseback deal worth $3.65 million, a purchase price of $493.30 per SF.

Akshar 7 LLC, led by Shailesh C. Vora of El Dorado, bought the building at 1716 S. 46th St.

GMRI Inc., a wholly owned subsidiary of restaurant operator Darden Restaurants Inc. of Florida, was the seller.

Arvest Bank provided financing.

Olive Garden is the tenant. The triple net lease will have an initial term of 15 years. Net operating income is $214,571 and the cap rate is 5.75 percent.

The lease will feature 1 percent annual rental increases and require no landlord responsibilities. Additionally, there will be five five-year renewal option periods.

GMRI acquired the property (1.84 acres) in February 2007 for $1.55 million. Hunt Schwyhart Graham II LLC was the seller.

Multifamily Asset

A 103-unit multifamily property in Springdale now belongs to a Los Angeles-based real estate investment and advisory firm after a $3.02 million sale, a purchase price of $29,320 per unit.

AndMark Investment Advisers LLC acquired the Black Oak Apartments at 608 Black Oak Avenue, east of South Thompson Street near the Don Tyson Parkway intersection.

HJE LLC, led by Kevin Horton and Ron Jefford, was the seller.

Chambers Bank of Danville provided financing.

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

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.

AndMark also acquired the 56-unit Casa Maria at Post Road property at 800 E. Post Road in Rogers, just off Old Wire Road, earlier this summer. The cost was $3.06 million.

The 92,700-SF Black Oak development was built in 1983 on 5 acres.

HJE acquired the property in 1994 for $790,000.

Wilson Park Purchase

Ownership of a 20-unit multifamily complex in Fayetteville recently changed hands for $1.28 million, a purchase price of $64,375 per unit.

Specialized Real Estate Group of Fayetteville acquired the Wilson Park Apartments, immediately east of Wilson Park on North Park Avenue.

W-One Investments LLC, managed by Timothy W. Cooper, was the seller.

Bear State Bank in Fayetteville provided financing.

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

The three-building development, which is fully occupied, was built in 1960.

It features 16 one-bedroom/one-bathroom units that are 546 SF and four two-bedroom/two-bathroom units that are 643 SF.

Pasture Purchase

Pasture land in Benton County totaling 78.98 acres recently sold for $2.17 million, a purchase price of $27,500 an acre.

Ft. Scott Property LLC, registered in Delaware, bought the land from Mathias Shopping Centers Inc. of Springdale, led by Sam Mathias.

The land sits across Arkansas Highway 12 from the Benton County Fairgrounds, just east of the intersection with Arkansas Highway 279 in Vaughn.

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