Grundfest Begins 8W Work With $23.2 Million Permit
by January 4, 2016 12:00 am 484 views
The city of Bentonville recently issued a building permit to The Dave Grundfest Co. of Little Rock valued at $23.2 million.
The permit is being used for the construction of the 8W Center, an 80,000-SF office/retail development at the southeast corner of Southwest 8th Street and Walton Boulevard, across the street from the Wal-Mart Stores Inc. headquarters.
The six-story development will rise from a 1.21-acre site at 805 S. Walton Blvd. and be complete by the summer of 2016.
The first floor is reserved for restaurant and retail space, the middle three floors are for parking, and the top two floors are for office space.
Arvest Bank of Fayetteville is financing the project.
Grundfest is the contractor. Bentonville-based Nielsen Architecture handled the design work. Others working on the project include Robbins Engineering Consultants of Little Rock, Core States Group of Rogers and Morrison-Shipley Engineers of Bentonville.
8W Center LLC is the partnership that will own the development, led by the main investment partner, Troy Link.
Link is president of Link Snacks Inc. of Minong, Wisconsin, which produces Jack Link’s Beef Jerky products and is the largest meat snack brand in the country.
Newmark Grubb Arkansas in Bentonville is the commercial real estate firm representing the owner of the development.
Paul Esterer, a principal and managing director of the firm, said the development is more than 20 percent pre-leased “with strong demand” from other tenants.
California Investors
A California real estate investment fund has acquired 80 townhouses in Fayetteville for $16.3 million, a purchase price of $204,375 per unit.
TwinRock Partners of Newport Beach bought the properties in the Rupple Row addition, just off Wedington Drive, west of Interstate 49. The purchase was made in the name of AR Shamrocks LLC.
Springdale businessman Rob Kimbel, through his Spring Creek Rentals LLC, was the seller.
Wells Fargo Bank N.A. provided financing with a mortgage of $11.7 million.
The townhouses, which are all currently leased, each have four bedrooms and are approximately 1,975 SF. They were constructed between 2012 and 2015.
Tenants, primarily students at the University of Arkansas, receive free memberships to the nearby Donald W. Reynolds Boys & Girls Club.
Baum Area Buy
The sale of a 112-unit apartment complex and two adjoining commercial buildings in south Fayetteville recently tipped the scales at $6.7 million.
Block Real Estate Services LLC of Kansas City, Missouri, bought the Stadium Place Apartments development and two single-story commercial buildings totaling 7,920 SF.
The properties are at 989-1021 S. Razorback Road, just north of Baum Stadium.
Block made the purchase in the name of ARK Baseball Investors LLC.
Whitley Dunn, in his capacity as a court-appointed receiver in the case of First State Bank v. Razorback Road Stadium Complex, was the seller.
Mutual of Omaha Bank in Kansas City financed the deal with a five-year mortgage of $6.83 million.
A Block spokesman said the company will be restoring, rebranding and renovating the restaurant that occupies the 2,720-SF building (Morano’s) and converting the 5,200-SF building into a clubhouse with standard amenities including a fitness center and pool.
Razorback Road Stadium Complex, registered to Bill Lazenby, bought the land from Betsy Westphal in August 2003 for $34,000.
The apartments were built in 2006 and offer one-bedroom units at 750 SF and two-bedroom units at 960 SF.
Highway 45 Home
A 2,890-SF residence on 320 acres (six parcels) east of Fayetteville has a new owner after a recent sale worth $3.2 million.
The Kevin and Kari Riggins Family Trust bought the home south of Arkansas Highway 45.
ESPN television personality Chris Mortensen and his wife, Micki, were the sellers. They sold the property in the name of NWA Big A LLC.
Realty Title & Closing Services LLC of Springdale was the title agent.
First Security Bank in Fayetteville provided financing with a one-year mortgage of $1.25 million.
Lindsey & Associates of Fayetteville had the listing at $4.8 million.
The home was originally built in 1927. The property is fenced with multiple ponds, a barn, waterfall and camping areas. The property also has White River frontage.
Mortensen acquired the property in July 2009 for $2.4 million. Gaddy Properties LLC, managed by Jeff and Lindy Gaddy, was the seller.
Optical Owner
Ownership of a 13,708-SF medical office building in Fayetteville changed hands recently after a $2.53 million transaction.
Smith Eye Care Properties LLC, led by Steve and Kellye Smith, bought the building at 594 E. Millsap Drive.
The seller was WEM Holdings LLC, led by William R. McCullough.
First Security Bank in Springdale provided financing with a four-year mortgage of $2.5 million.
The single-story building was built in 1995 and sits on 2.04 acres. It has a single tenant, The Eye Center.
WRM acquired the building in June 2012 for $2 million. The seller was Brewer & Brewer Investments LLC, owned by Jerry and Kay Brewer and their son, Chad Brewer.
Apple Blossom Abode
A 7,257-SF residence on 40 acres west of Springdale has a new owner after a recent sale worth $2.1 million.
ESPN television personality Chris Mortensen and his wife, Micki, are the new owners of the five-bedroom home on Apple Blossom Lane, south of Tontitown and west of Arkansas Highway 112.
The purchase was made in the name of NWA Big A LLC.
The Kevin and Kari Riggins Family Trust was the seller.
David Mix, a founding principal of Bassett Mix & Associates of Fayetteville, had the listing.
First Security Bank in Fayetteville provided financing with a three-year mortgage of $837,725.
Realty Title & Closing Services LLC of Springdale was the title agent.
The property also includes a barn, horse-riding trails, swimming pool, basketball and volleyball courts, indoor gym and private guest apartment.
Fayetteville Investment
A 1.72-acre commercial development in Phase I of the CMN Business Park II addition in Fayetteville recently sold for $1.62 million.
Southern Sand LLC of Fayetteville, led by Patrick Harris, bought the two retail buildings totaling 12,690 SF at 4107 and 4115 N. Steele Blvd., near the Northwest Arkansas Mall. The purchase price equates to $128.05 per SF.
CFKS Investments LLC, led by Scott Stokenbury, was the seller.
Freedom Bank of Oklahoma in Tulsa provided financing with a 10-year mortgage of $2.18 million.
Regency Beauty Institute occupies 100 percent of the 6,120-SF building at 4107 N. Steele.
Ozanne Family Chiropractic is the only tenant at 4115 N. Steele, which is less than 100-percent occupied.
CFKS acquired the development last year for $1.55 million.
Southern Hills Sale
An 11,578-SF, class-B office building in the Southern Hills Business Park in Rogers has a new owner after a sale worth $1.29 million, a purchase price of $111.85 per SF.
3PRG Real Estate LLC of Kansas, led by Jamie Rheem, bought the single-story building at 3608 W. Southern Hills Blvd., just off Pleasant Grove Road west of Interstate 49.
Rheem is president of 3 Pointe Restaurant Group LLC of Branson, Missouri, and the Northwest Arkansas franchisee of Freddy’s Frozen Custards and Steakburgers.
Simmons First National Bank in Fayetteville was the seller.
Intrust Bank N.A. of Wichita, Kansas, provided financing with a mortgage of $1.11 million.
City Title & Closing LLC of Fayetteville was the title agent.
Clinton Bennett of CBRE Northwest Arkansas represented the seller.
The building was built in 2006 and had a 2012 appraisal of $1.61 million. It has an occupancy of 100 percent split between four tenants.
Square Deal
A commercial lot just off Walton Boulevard in Bentonville recently sold for $850,000.
I Square Management LLC of Little Rock bought the 3.38-acre lot on Medlin Lane in Bentonville, a purchase price of $5.77 per SF.
The lot is behind a 2.13-acre lot that is ground leased to Cracker Barrel Old Country Store Inc. at 2307 S.E. Walton Blvd.
N3 Real Estate of Southlake, Texas, was the seller.
Alan Cole with Colliers International in Bentonville represented the buyer.
N3 acquired both lots in September 2013 for $2.4 million. Bear State Bank N.A. was the seller.
N3 developed a 15,000-SF, single-story building and leased it to Cracker Barrel, which opened April 28, 2014.
Benton County Land
A land deal involving 198.74 acres in rural Benton County recently closed for $796,320, which equals $4,006.84 per acre.
KM & HD Properties LLC of Decatur, registered to Rocky Bennett, bought the single parcel of pasture and timber land from Highland LLC, which is managed by Cynthia Coughlin.
City Title & Closing LLC was the title agent.
The property is near the intersection of South Pleasant Valley and Goodlett roads, south of Arkansas Highway 102 between Centerton and Decatur.
Highland acquired the land in Dec. 2002 for $8.7 million in a deal that involved 21 parcels and 1,289 acres.
Pinnacle Abode
A 5,242-SF home at Pinnacle Country Club in Rogers has a new owner after a sale worth $765,000, a purchase price of $145.93 per SF.
Nicholas and Lindsey Berkeley bought the property on West Oxford Drive from Guy Whitehead II and his wife Melanie.
Arvest Bank of Fayetteville provided financing with a 30-year mortgage of $417,000.
City Title & Closing LLC of Fayetteville was the title agent.
Lauren Northey of Portfolio Luxury Real Estate had the listing at $799,000. The property originally listed in June for $834,000.
The five-bedroom home was built in 2006 and appraised in 2011 for $733,900.
Whitehead bought the residence from Robert and Amanda Salter in July 2010 for $750,000.
Salter bought the residence in October 2005 for $825,000. Horton Homes Inc. was the seller.
Cave Springs Land
Vacant residential land in Cave Springs recently sold for $655,040.
ENL LLC, led by Elizabeth N. Long, and Crazy C Ranch LLC, led by Candace Noles, bought 28.48 acres, a purchase price of $23,000 per acre.
The land is just west of the Hyde Park subdivision on Shores Avenue, north of Arkansas Highway 264.
ALEPH LLC, a successor in interest to ANB Venture Group LLC, was the seller. ALEPH acquired the land via commissioner’s deed in July 2013.
CRD LLC, led by Caleb Burton, and Jack and Brandy Porter each acquired a 50-percent ownership stake in the land in February 2005 for $385,000.
Lamplighter Sale
A 2,863-SF row house near downtown Bentonville has a new owner after a sale worth $630,800.
Robert Panko bought the three-bedroom home on Southwest D Street, a purchase price of $220.32 per SF.
Todd Renfrow and Patrick Sbarra, through their Lamplighter Restorations LLC of Bentonville, were the sellers.
JPMorgan Chase Bank N.A. provided financing with a 30-year mortgage of $504,640.
Waco Title Co. of Springdale was the title agent.
Natalie Edwards with Coldwell Banker Harris McHaney Faucette in Bentonville had the listing.
Woods Creek Residence
New construction in the Amber Ridge at Woods Creek subdivision of northeast Bentonville recently sold for $535,000.
Douglas and Caroline Loyd bought the 3,988-SF residence on Northeast Green Creek Road, a purchase price of $134.15 per SF.
Seay Construction Inc. of Bentonville, led by Mike Seay, was the seller.
Citibank N.A. of St. Louis provided financing with a 30-year mortgage of $335,000.
Waco Title Co. of Springdale was the title agent.
Coldwell Banker Harris McHaney Faucette in Bentonville had the listing.
Seay acquired the half-acre lot and one other for $60,000 in Dec. 2014.
The Meadows at Woods Creek Inc., led by Patricia Bauer, was the seller.
Spring Street Residence
A recently renovated home a block off Dickson Street in Fayetteville recently sold for $750,000.
James and Patricia McClelland bought the 2,520-SF home on West Spring Street, a purchase price of $297.61 per SF.
Fayetteville businessman Mark Zweig, through his Mark Zweig Inc. entity, was the seller.
Dale Carlton of Carlton Realty in Fayetteville had the listing at $759,900.
Lenders Title Co. of Fayetteville was the title agent.
The three-level home was originally built in 1919. As part of the complete renovation, it was gutted to the studs and had two additions.
Zweig acquired the property in April 2014 for $225,000. Jon and Amber Krauft were the sellers.