Local Investors Take Industrial Asset at Auction (REAL DEALS)
A previously bank-owned industrial property centrally located in Bentonville is now locally owned after a recent sale worth $1.75 million.
Local businessmen Matt Mawby and Dean Eisma, through their Metro West LLC, bought at auction the 30,000-SF building at 2501 S.E. Otis Corley Drive, just off Southeast 28th Street.
The purchase price equals $58.45 per SF.
Colliers International in Bentonville was the listing broker, and online real estate auction house Ten-X handled the auction.
U.S. Bank N.A. foreclosed on the property in November 2015.
California investor Scott A. Walchek bought the property for $3.15 million in August 2007. MAD Development LLC, led Mark Marquess and Dan Dykema, was the seller.
The single-tenant building, 85 percent warehouse and 15 percent office space, was built on 3.07 acres in 2007. The original tenant was 3M.
Chinese textile conglomerate Chinatex Oriental Inc. is the current tenant, operating on a three-year lease that started in June 2015.
Grand Savings Grab
A former bank branch in Rogers will soon be active again following a $1.6 million purchase.
Oklahoma-based Grand Bancorp Inc., holding company of Grand Savings Bank, paid $450.45 per SF for the 3,552-SF building at 4201 Pleasant Crossing Parkway in Rogers, at the corner of Dixieland Road. It was previously a Metropolitan National Bank branch, but has been vacant since 2014.
Simmons Bank of Pine Bluff was the seller, taking ownership after acquiring MNB in November 2013.
The single-story building was built in 2006 and appraised in 2015 for $2.1 million.
Grand Savings CEO Guy Cable said the bank plans to establish a branch there, once approved by bank regulators. If approved, a south Rogers location would join existing offices in Siloam Springs, Gentry, Decatur, Bentonville and a Rogers branch on the north side of town.
A commercial land sale along U.S. Highway 412 west of Interstate 49 in Springdale tipped the scales at $1.56 million.
3PRG Real Estate LLC, led by Michael O’Shaughnessy, bought two parcels totaling 3 acres ($11.97 per SF) at the northwest corner of Founders Park Drive and Highway 412, next to Buffalo Wild Wings.
NWA Holdings LLC, led by Blake Hanby, was the seller.
Brian Shaw with Sage Partners of Fayetteville represented the seller in the transaction.
Clinton Bennett with CBRE-Northwest Arkansas of Fayetteville represented the buyer.
O’Shaughnessy is a co-founder of 3 Pointe Restaurant Group LLC of Branson, Missouri, and the Northwest Arkansas franchisee of Freddy’s Frozen Custards and Steakburgers.
3PRG plans to develop an approximately 4,000-SF Freddy’s restaurant, along with other ancillary retail development. This will be Freddy’s third Arkansas location and first in Springdale.
The others are in Rogers and Fayetteville.
A 26,035-SF industrial property just off Wagon Wheel Road in Springdale has a new owner after a $1.2 million sale, a purchase price of $46.09 per SF.
SJCO-Bethel Heights Arkansas LLC, led by Jeffrey Cox, bought the vacant warehouse building at 5191 N. Oak St.
Cox is executive managing director of commercial real estate firm Stan Johnson Co. of Tulsa.
James Family Properties LLP, managed by Judith Scherer, was the seller.
Arvest Bank of Fayetteville backed the deal with a five-year mortgage of $945,000.
An undisclosed Fortune 1000 tenant signed a long-term lease to occupy the building.
The building was built in 2004 on 4.23 acres and was appraised in 2012 at $1.22 million.
James acquired the land in June 2002 for $200,000.
Shadow Valley Residence
A 5,682-SF estate home in Phase V of the Shadow Valley subdivision in Rogers rang up a $978,000 sale, a purchase price of $172.12 per SF.
Robert and Maria Chinchar bought the four-bedroom home on Valley View Road from Walter and Melanie Gallagher of California.
Arvest Bank of Fayetteville provided financing with a 30-year mortgage of $782,400.
Waco Title Co. of Springdale was the title agent.
Sheryl Carman with Coldwell Banker Harris McHaney Faucette in Bentonville had the listing.
The two-story home was built in 2005 and appraised in 2015 for $961,800.
Gallagher bought the property from Johnnie and Dianna Dobbs in May 2011 for $850,000.
Dobbs bought the 0.61-acre lot in June 2004 from Charles Reaves for $150,000.
Car Wash Claim
A potential car wash development on Walton Boulevard in Bentonville is underway after a recent land sale worth $975,000.
Tony and Lori Fitch of Oklahoma bought the 1.5-acre parcel at 108 S.E. Walton Blvd., a purchase price of $14.92 per SF. The purchase was made in the name of Speedy Splash Car Wash Arkansas LLC.
Arvest Bank of Fayetteville was the seller. The land is situated between Walton Boulevard and Guess Who liquor store and gas station.
Randy Crossno, principal broker with Capstone Commercial Advisors of Rogers, had the listing at $975,000.
Arvest is financed the deal with a one-year mortgage of $2.5 million.
Fitch said development plans have not yet been submitted to the city of Bentonville for approval. Fitch currently owns four car washes in Oklahoma.
A custom built horse ranch on 123 acres in western Benton County has a new owner after a sale worth $850,000.
Brent and Ronda Butler of Siloam Springs acquired the property, known as the Twin Springs Equestrian Center, at the intersection of Bill Young and Fairmount roads.
Today’s Bank of Huntsville was the seller.
Fayetteville-chartered Arvest Bank provided financing with a 20-year mortgage of $680,000.
Delton Williams with Crye-Leike Realtors in Siloam Springs had the listing.
Today’s Bank foreclosed on the property in March. Tim Layman and Kelly Layman were the previous owners.
A 5,607-SF home in Bentonville’s Avignon neighborhood recently sold for $745,000, which equals $132.86 per SF.
Kirk Starr bought the property on Northwest Provence Place from Robby and Lori Gehring.
Iberiabank in Little Rock backed the deal with a 30-year mortgage of $417,000.
Berkshire Hathaway HomeServices Solutions in Bentonville had the listing.
Mercury Title LLC in Fayetteville was the title agent.
The five-bedroom home was built in 2010 and appraised in 2012 for $702,550.
Gehring paid $805,000 for the property in October 2011. Joseph and Sheila Huston were the sellers.
A commercial land sale of 12.79 acres on U.S. Highway 412 in Springdale was recorded for $706,238, a purchase price of $1.27 per SF.
3E Development LLC, led by Gregory Edwards, bought the land at 1253 W. Henri De Tonti Blvd.
David Bersi and The Gemma Bersi Revocable Trust were the sellers.
Centennial Bank in Tontitown provided financing with a $594,770 loan.
Tim Salmonsen, executive broker with Keller Williams Market Pro Realty in Bentonville, represented both sides in the transaction.
PCI Advance Title LLC in Rogers was the title agent.
The buyer plans to develop commercial warehouse space to lease.