Fayettevilles Arena Village Development Sold For $5.2M

by Paul Gatling ([email protected]) 175 views 

A three-building strip center totaling 23,395 SF recently sold for $5.2 million, a purchase price of $222.26 per SF.

Monroe Arena LLC of Fayetteville, which lists Steve Fowler as the registered agent, bought the Arena Village development at 1129-1241 W. Martin Luther King Blvd., across from the University of Arkansas and Fayetteville High School.

Arena Village LLC, led by Sean Trumbo, was the seller.

Waco Title Co. of Springdale was the title agent.

The three buildings have a combined occupancy of approximately 78 percent, with tenants who include Inta Juice, Ginger Rice & Noodle Bar and Subway.

The 4.71-acre site also includes a one-acre ground lease pad that can be developed into a build-to-suit retail building from 3,500 to 4,800 SF.


Restaurant Out, Retail In

A former restaurant development in Springdale recently sold to a Georgia real estate firm for $1.85 million.

Greenstone Properties of Atlanta, through its GPR-West Sunset LLC, acquired the 6,110-SF building at 4429 W. Sunset Ave., next to Lowe’s Home Improvement.

Mitchell Family Properties LLC of Springdale was the seller.

Progress Bank & Trust of Huntsville, Alabama, financed the deal with a construction mortgage of $2.29 million.

Waco Title Co. was the title agent.

Jeff Whitmer with Lindsey & Associates of Fayetteville had the listing at $2.1 million.

Guadalajara Bar & Grill, which closed Oct. 31, was the previous tenant. A representative of Greenstone Properties said the single-story building will be redeveloped for retail use but did not disclose the primary tenant.


Dental Deal

Ownership of a new, build-to-suit commercial building in Rogers recently changed hands in a $1.84 million deal.

Arizona-based Vereit Inc., previously known as American Realty Capital Partners Inc., bought the 3,500-SF building at 3920 W. Walnut St. at the southeast corner of the intersection of South Promenade Boulevard. The purchase price equates to $527.02 per SF.

InSite Real Estate LLC of Illinois was the seller.

Aspen Dental is the tenant. The business opened on Sept. 3.

InSite acquired the 0.65-acre site in October 2014 for $600,000.  Oakley Chapel United Methodist Church was the seller.


Southern Hills Sale

A 9,920-SF commercial building in the Southern Hills Business Park of Rogers changed hands in a $1.45 million deal, a purchase price of $146.16 per SF.

Long-Watson-Long Development LLC of Heber Springs, managed by real estate developer Rodney Watson, acquired the building at 3612 W. Southern Hills Blvd., just west of the Pleasant Grove Road exit off Interstate 49.

Darren and Amanda Fisher, through their Fisher Holdings LLC, were the sellers.

First National Bank of Paragould provided financing with a 10-year mortgage of $885,000.

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

The property was listed by the Rogers office of Lindsey & Associates.

The building was built in 2006 and had an appraisal in 2011 of $1.4 million.


Pinnacle Estate

A 5,639-SF estate at Pinnacle Country Club in Rogers tipped the scales in a $1.09 million sale, a purchase price of $193.29 per SF.

Shane and Keri Wilkinson sold the four-bedroom home on Plymouth Lane to Jeffery R. Chandler.

Legacy National Bank of Springdale provided financing with a 30-year mortgage of $750,000.

Dee Rodes with Portfolio Luxury Real Estate of Rogers was the listing agent.

City Title & Closing of Fayetteville was the title agent.

The home was built in 2009. Amenities include a home theater room and a saltwater pool.

Wilkinson bought the home in August 2012 for $925,000. Scott Lafferty was the seller.