Bentonville Office Buildings Tip Scales at $3.12 Million

Ownership of two Bentonville office buildings totaling 32,000 SF now belongs to a Missouri investor after a $3.12-million deal, a purchase price of $97.53 per SF.

Paul J. Cox, president of Cox Oil Co. of Springfield, Missouri, bought the single-story buildings at 2803 & 2805 Mid-Cities Drive. The purchase was made in the name of Pics Marketing Inc.

Lake Johnson LLC, managed by Lance Johnson, was the seller.

Waco Title Co. of Springdale was the title agent.

The Bank of Missouri in Perryville, Missouri, provided financing with a 25-year mortgage of $2.5 million.

Amy Mills and Steve Fineberg with Steve Fineberg & Associates of Bentonville had the listing.

The 2.53-acre development was built in 2006 and appraised in 2013 for $3.15 million. Each building has three suites, and they are each 100 percent occupied. The cap rate is 9.05 percent.

 

Business Center

A bank-owned office/retail property near the Washington County Fairgrounds in Fayetteville recently sold for $1.65 million.

VBI Properties LLC of Van Buren, led by Larry Breeden, bought the 27,427-SF building, known as I-49 Business Center, at 2733 N. McConnell Ave., a purchase price of $60.15 per SF.

Allied Bank of Mulberry was the seller.

Citizens Bank & Trust Co. of Van Buren provided financing with a seven-year mortgage of $1.64 million.

Sage Partners of Fayetteville is the building’s leasing agent.

The property is approximately 42 percent leased by three tenants.

Allied Bank took ownership of the building in 2012. Tracy Hoskins, through his Fairpark LLC, was the previous owner.

 

Centerton Acreage

Bank-owned land in Centerton has come off the OREO balance sheet after a sale worth $550,000.

2188 LLC, an entity controlled by the Lindsey Management Co. of Fayetteville, bought two tracts totaling 79.99 acres at the northeast corner of Arkansas Highway 279 and West Fish Hatchery Road. The property is directly south of the South Fork neighborhood.

Arvest Bank of Fayetteville was the seller.

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

 

Goad Springs Grab

A 3.75-acre commercial tract west of Interstate 49 in Lowell recently sold for $277,000.

AAJ Properties LLC, led by John and Angela Unruh, bought the land at 322 Goad Springs Road.

Evelyn and Jackie Bowen were the sellers.

Arvest Bank of Fayetteville provided financing with a one-year mortgage of $249,930.

Jacci Perry with Keller Williams Commercial of Fayetteville represented the buyer.

Gayla Byrd with Lindsey & Associates of Fayetteville represented the seller.

The property also includes a 1,200-SF, one-story house.