South Walton Commercial Property Sells For $3M

by Paul Gatling ([email protected]) 226 views 

A Texarkana investor is the new owner of an 18,984-SF mixed-use building in Bentonville after a $3 million deal.

Keith T. Naples, through his 1201 S. Walton LLC., paid for the two-story building at 1201 S. Walton Blvd. at a purchase price of $158.02 per SF.

IDOTA LLC, led by Dan Dykema and Mike Robinson, was the seller.

Simmons First National Bank in Rogers financed the deal with a mortgage of $2.4 million.

Lenders Title Co. of Fayetteville was the title agent.

Tenants of the property include Bentonville Butcher & Deli, Parachuting Penguins and Rich Products Corp.

IDOTA bought the 2.01-acre parcel in May 2004 for $125,000. The building was built in 2005 and had a 2011 appraisal of $1.94 million.

 

Retail Sale

A bank-owned retail property on Arkansas Highway 412 east of Springdale has a new owner after a sale worth $2.8 million.

Gary Nichols, through his Hillcrest Holdings LLC, bought the four-building development at 1395 E. Henri de Tonti Blvd. The site is at the southwest corner of the intersection with Jones Road.

Searcy-chartered First Security Bank was the seller.

Bear State Bank N.A. in Rogers provided financing.

Waco Title Co. of Springdale was the title agent.

The center totals 94,600 SF, of which approximately 20,000 is vacant.

Jordan Jeter with Flake & Kelly Commercial Northwest of Springdale represented the buyer.

Matthew Dearnley and Hunter Thomason, also with Flake & Kelly Commercial Northwest, represented the seller.

The buildings were built between 2003 and 2005. First Security took ownership of the development in October 2011.

All You LLC, whose members include Hossein Kouchebagh and Vahideh Zamani, was the previous owner, acquiring the property in April 2009.

 

Multifamily Deal

An income-producing residential property near the Walmart Home Office in Bentonville has a new owner after a recent sale worth $1.5 million.

Pinnacle Villas LLC, led by John R. Burckart, bought the 23-unit multifamily property at 500-502 S.E. 8th St., which equals a purchase price of $65,217 per unit.

Stephen and Deborah Phillips were the sellers.

Fayetteville-chartered Signature Bank of Arkansas backed the deal with a 30-year mortgage of $1.2 million.

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

Each unit averages 1,230 SF and the two-story property encompasses 2.23 acres.

Phillips acquired the property in May 2003 for $1.27 million. William and Laura Nystrom were the sellers.

The property was built in 1995 and had a 2011 appraisal of $1.01 million.

 

OREO Sale

Bank-owned acreage in the Harbin Pointe addition of southwest Bentonville recently sold for $862,000.

Richardson Properties LLC of North Little Rock, led by developer Keith Richardson, acquired 13.35 acres, for a purchase price of $1.48 per SF.

Chambers Bank of Danville was the seller, and also financed the purchase with a mortgage of $766,332.

The property is just east of the intersection of Arkansas Highway 12 and Southwest Morningstar Road.

Richardson, whose company is developing the Pointe at Bentonville luxury apartments further east on Arkansas Highway 12, said there are no immediate development plans for the Harbin Pointe property.

The property had an appraisal in 2014 of $942,050.