Local Investors Buy Rogers Townhomes for $4.29M (REAL DEALS)

by Paul Gatling (pgatling@nwabj.com) 209 views 

Ownership of 20 townhome units just south of the Rogers Police Department on South Dixieland Road in Rogers changed hands in a sale worth $4.29 million.

Humble Growth Partners LLC, led by Ryan and Christine Roughley of Gravette, acquired the units, totaling approximately 40,000 SF.

Three Oaks Place LLC, which includes members Gary S. Richardson Jr. and Joseph Stevens, was the previous owner.

The First National Bank of Fort Smith provided financing with a 10-year, $3 million loan.

The property was listed with Jordan Jeter, with Flake & Kelley Commercial in Springdale.

The development sits on approximately 20 acres, and all 20 units have long-term leases in place.

Three Oaks bought the land in January 2014 for $304,000. Crown Homes Inc. d/b/a Don Myers & Associates was the seller.

 

Wedington Property

An 8,100-SF retail strip center west of Interstate 49 in Fayetteville has a new owner after a recent sale worth $3.34 million.

California investors Joseph and Mary Daher and Tom and Romaine Daher bought the building at 3575 W. Wedington Drive.

JRN Investments LLC, which lists Robin Nix as managing member, was the seller.

Little Rock-based Bear State Bank N.A. provided financing with a seven-year mortgage of $2.25 million.

Joshua Brown with Haag Brown Commercial Real Estate of Jonesboro represented the seller.

Mason Lewis with Colliers International in Little Rock represented the buyer.

The single-story building was built in 2016 and is fully leased, with a cap rate of 6.5 percent. Tenants include AT&T and Belle Boutique.

JRN acquired the land in December 2014 for $1.02 million. Forest Hills Partners LLC, led by John D. Alford, was the seller.

 

Storage Expansion

Securecare Self Storage LLC, led by Buddy Vernetti, has picked up a five-year, $2.8 million mortgage arranged through Ryan Crawford of Arvest Bank in downtown Bentonville.

The funding agreement is tied to an expansion of the 450-unit Secure Care Self Storage facility at 13820 N. Highway 279 in Gravette.

The expansion will add 416 units to the facility. The units will range in size from 100 to 200 SF, and 90 of those will be climate controlled.

The facility, built in 2006 has a current occupancy rate of 97 percent.

 

Commercial Sale

A fully leased commercial building in Bentonville has a new owner after a $2.47 million sale.

The Mary Kay Shores Trust of Bentonville acquired the 15,000-SF Central Park Plaza at 2201 E. Central Blvd. The purchase price equals $165 per SF.

Vision Development LLC, led by Eldon Blackaby, was the seller.

Ted Viala and Mike Adams with Lindsey & Associates in Rogers represented the buyer. Viala also represented the seller.

City Title & Closing LLC was the title agent.

The building was constructed in 2005 on 1.17 acres and includes 10 office units.

 

I Street Land

Two lots totaling 13.64 acres in Bentonville that have recently been rezoned changed hands in a $1.79 million deal, a purchase price of $3.02 per SF.

BC Center LLC of Springfield, Missouri, led by John F. Youngblood, bought the property along Southwest I Street, in front of the Bentonville Community Center.

Clayton and Sheila Eversole were the sellers.

Springfield First Community Bank provided financing with a one-year mortgage of $1.44 million.

The property was listed with Ted Viala with Lindsey & Associates in Rogers.

Mike Adams with Lindsey & Associates represented the buyer.

The land was recently rezoned from agricultural to central commercial and high-density residential.

The new owners, who own approximately 2,000 apartment units in the Springfield area, are in the preliminary design phase of developing an upscale apartment community on the property.

 

Orchard Ownership

Ownership of 32.5 acres along Southwest I Street in Bentonville recently changed hands in two separate deals totaling $1.74 million.

Reach Church Inc. of Centerton sold two tracts totaling 21.3 acres for $1.17 million. Sara Lee Parnell sold an adjacent 11.21-acre lot for $570,000. The land is south of the Vintage Estates subdivision.

SullivanSquareBentonville LLC, an entity controlled by Orchard Properties of Fayetteville, was the buyer in both deals.

 

Restaurant Development

A Little Rock restaurant owner has purchased a vacant property at the Scottsdale Center shopping center in Rogers for $1.6 million.

Four Seasons Holdings LLC, led by Shangen “Jimmy” Zhang, Qujian Chen, Youdi Jiang and Junqi Zhang, paid $225.47 per SF for the 7,096-SF building at 401 N. 46th St. State Fair Restaurant was the most recent tenant.

Tom Hopper, through his CBS Hopper LLC, was the seller.

Centennial Bank in Little Rock financed the deal.

The building was built in 2003 and appraised earlier this year for $1.52 million.

The 1.6-acre property was marketed by Clinton Bennett and David Erstine with CBRE Northwest Arkansas in Fayetteville.

Zack Kifer with Moses Tucker Real Estate in Fayetteville represented the buyer.

Four Seasons owns Japanese buffet restaurant Tokyo House in west Little Rock and plans to develop a similar concept at the North 46th Street property in Rogers.

Hopper bought the building in April 2011 for $1 million. Tennessee-based O’Charley’s Inc. was the seller.

 

Elm Springs Land

The sale of bank-owned land involving two tracts near the Benton/Washington county line just west Arkansas Highway 112 in Elm Springs registered $1.4 million.

General R.E. LLC, led by Fadil Bayyari and W.R. McCullough, acquired 48 residential lots of the Elm Valley subdivision on Marchant Road in Benton County.

The purchase also included an undeveloped 5.31-acre tract on Elm Valley Lane in Washington County.

Bear State Bank N.A. was the seller.

Armstrong Bank in Springdale provided financing with a one-year loan of $1.4 million.

 

Rural Acreage

A 324-acre farm southwest of Prairie Grove in Washington County recently sold for $1.16 million.

Bernard and Brenda McLavey bought the property on Tyree Mountain Road from Kim and Corey Cruikshank.

Farm Credit Services of Western Arkansas in Russellville provided financing.

Waco Title Co. of Springdale was the title agent.

The property includes a three-bedroom, 2,248-SF home built in 2004, as well as a horse barn, hay barn and two chicken houses (one operational).  

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