Rogers Shopping Center Sold For $6.57 Million (REAL DEALS)

by Paul Gatling ([email protected]) 655 views 

A Los Angeles developer has taken ownership of a Rogers shopping center in a $6.57 million deal.

Michael Development Corp., led by president Joseph Michael, is the new owner of the Frisco Station Mall, a 243,933-SF development on 25 acres at the corner of Dixieland Road and Walnut Street.

The listing price of the property was $8.38 million.

J. Herzog & Sons of Denver was the seller.

Simmons Bank in Rogers provided financing with a five-year mortgage of $4.88 million.

T.J. Lefler with Sage Partners of Fayetteville represented the seller and was the previous leasing representative of the mall.

Reggie Greer and Matt Greer with RG Real Estate Services in Bentonville represented the buyer.

The shopping center is 83 percent occupied, and is anchored by Hobby Lobby. Other national tenants include Tuesday Morning, Planet Fitness, The UPS Store and Bath & Body Works.


Restaurant Grab

The sale of a single-tenant retail building in Siloam Springs registered a $1.54 million sale.

Kelly Burrow, Kristin Barton and John Joseph Shanks, trustees of the Shanks Grandchildren’s Trust of Memphis, bought the 3,141-SF building at 3355 U.S. Highway 412.

Wendy’s International franchisee Fourjay LLC, managed by John Shanks of Memphis, was the seller.

Independent Bank of Memphis helped finance the deal with a loan of $815,819.

The building, built in 2013, is occupied by Wendy’s restaurant.

Fourjay bought the 0.91-acre site in January 2013 for $400,000.


Lowell Land

A commercial land sale in Lowell tipped the scales at $1.5 million.

CoWest Fayetteville LLC of Huntsville, Alabama, paid $1.15 per SF for 30.18 acres at 400 N. Goad Springs Road, north of Arkansas Highway 264. CoWest is an affiliate of the project developer, The Westmoreland Co.

Randall and Dorothy Springer and Melvin and Mary Yount were the sellers.

The purchase is tied to a construction loan from Bank Independent of Huntsville, Alabama, worth $16 million.

Waco Title Co. in Springdale was the title agent.

The Lowell Planning Commission has given approval to the developer’s plans to build a 250,000-SF ground terminal for Memphis-based FedEx Corp. at the Goad Springs site.

JMD Construction Services of Little Rock is the contractor.

Crafton Tull is the engineer.


Office Deal

A two-building office park in north Bentonville has a new owner after a recent sale worth $1.30 million.

The Marvin L. Gray Jr. Revocable Trust bought the properties at 3214-3216 N.W. Avignon Way, at the intersection of North Walton Boulevard.

The development totals 11,776 SF and is known as the Suites of Avignon.

Robert and Victoria Rokeby, through their Sitting J LLC, were the sellers.

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

The two buildings were constructed in 2005 and were appraised this year for $1.19 million.

Sitting J acquired the development in May 2006 for $1.65 million from Burckart Real Estate Inc.


Farmington Deal

A 23,200-SF vacant commercial building in Farmington has registered a $1.12 million sale, which equals $48.27 per SF.

Farmington JK LLC, led by Jordan Jeter and Hank Kelley, bought the single-story building at 271 W. Main St., across the street from Farmington High School.

Emily Tan was the seller.

Arvest Bank of Fayetteville provided financing with a two-year loan of $956,250.

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

Alan Cole with Colliers International of Bentonville had the listing.

Tan acquired the building in November 2014 for $975,000. Oops Inc. department store was the most recent tenant.

Jeter said he and Kelley plan to develop the property, as well as two contiguous parcels on the corner of Main Street and Angus Lane, for retail use.


Commercial Sale

A 13,416-SF commercial building in Springdale recently sold in all-cash deal for $875,000, a purchase price of $65.22 per SF.

The Franchie LLC, which lists Franchelle W. Daniel Jr. as the registered agent, bought the single-tenant property at 1374 Carley Road. It includes 4,000 SF of office/showroom space and 9,416 SF of warehouse space.

Yoak Properties LLC, led by Pamela and Alan Yoak, was the seller.

Mitch Weigel with Downtown Properties Real Estate Group of Fayetteville was the selling agent.

Reggie Greer with RG Real Estate Services in Bentonville was the listing agent.

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

The building’s current tenant, Admiral Express Inc., executed a new five-year lease (triple-net) with the buyer.

Yoak Properties acquired the building in September 2013 for $500,000.


Ridgewood Abode

A 5,152-SF home in Fayetteville’s gated Ridgewood addition off of Old Missouri Road has a new owner after a $748,000 sale.

Kamal and Pawanjyot Attwal paid $145.18 per SF for the custom-built estate home on Bentwood Lane.

Don and Carol Lynn Gibson were the sellers.

Community First Bank of Harrison provided financing with a 30-year mortgage of $750,000.

Misty Barnes with Coldwell Banker Harris McHaney Faucette in Fayetteville had the listing.

The five-bedroom home was built in 1999. Gibson paid $68,000 for the 1-acre lot in May 1998. Jim and Merry Lee Phillips and Richard and Julie Roblee were the sellers.


Beaver Lake Abode

A gated lakefront residence on Beaver Lake in eastern Benton County has a new owner after a $592,000 sale.

Home Telephone Investment Co. of Galva, Kansas, led by CEO Richard Baldwin, bought the 3,085-SF home on Slate Gap Road, a purchase price of $191.89 per SF. The four-bedroom home sits on 3.4 acres and includes a private, two-slip boat dock.

Jon and Lynell Haggard of Lawrence, Kansas, were the sellers.

Deborah Holscher with Lake Country Realty in Garfield had the listing.

PCI Advance Title in Rogers was the title agent.

The home was built in 2003 and appraised in 2012 or $624,800.

Haggard bought the property in September 2011 for $440,000.


Beau Terre Buy

A 11,839-SF “Class B” office building in the Beau Terre office park just off Interstate 49 in Bentonville has a new owner after a recent sale worth $585,000.

5 G LLC, led by Brett A. Dye, bought the single-story building at 905 McClain Road, a purchase price of $49.41 per SF.

Haizen Investments LLC, led by Patrick Byrd, was the seller.

Intrust Bank in Rogers financed the deal with a one-year mortgage of $1.48 million.

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

Butch Gurganus with Colliers International of Bentonville had the listing.

The build-to-suit building was built in 2006 on a 0.83-acre lot, and appraised in 2013 for $718,150.

Haizen bought the property in August 2015 for $489,000.