New York Investor Claims Crossmark for $6.45M

by Paul Gatling (pgatling@nwabj.com) 271 views 

A sale-leaseback deal involving an 18,500-SF office building in Bentonville registered $6.45 million.

Chester CM Bentonville DST, a Delaware statutory trust controlled by New York investor Lawrence Kadish of First Fiscal Fund, bought the Crossmark Center for Collaboration at 607 S.W. F St., near the Wal-Mart Stores Inc. headquarters.

Austin, Texas-based AIC Ventures was the seller.

Crossmark, a sales and marketing services company in the consumer goods industry, signed a long-term lease for the facility concurrent with AIC’s $6 million purchase of the building in March 2015. The company opened the collaboration center in July 2014.

Crossmark acquired the 1-acre lot in October 2011 for $700,000. The Marjorie L. Townsend Trust was the seller.

 

Centerton Storage

A Texas investor recently paid $3.82 million for a 5.67-acre industrial development in Centerton.

NWA Storage Group LP of Lubbock, led by Rodney Franklin, bought the Storage NWA facility at 1619 E. Centerton Blvd.

Charlotte Inc. of Springdale, led by Gerald Johnston, was the seller.

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

The deal was funded by a five-year, $3.06 million mortgage by Centennial Bank of Lubbock, Texas.

Bill Bellomy, Michael Johnson and John Arnold with Texas-based commercial real estate firm Bellomy & Co. represented the seller. John Owens with Texas-based Commercial Brokerage Firm represented the buyer.

The facility was built in 2006 and consists of 534 units and 80,250 net rentable SF. The property was 96 percent occupied at the time of the sale.

The development appraised earlier this year for $2.99 million.

Charlotte acquired the development in December 2008 from Trio Holdings of Springdale for $3.1 million.

Trio Holdings bought the storage facility in 2007 for $2.4 million from T Crow LLC.

Beverly Graham is the incorporator/organizer of Trio Holdings. Brandon Barber was the incorporator/organizer for T Crow LLC.

 

Kerelaw Claim

Fayetteville home builder Rausch Coleman Homes, through its RC Stoneburrow LLC, recently paid $2.81 million for 97 undeveloped lots in the Kerelaw Castle subdivision in west Bentonville. The purchase price equates to $29,000 per lot.

C Holdings LLC, an entity controlled by Danville-based lender Chambers Bank, was the seller.

Armstrong Bank in Fort Smith provided financing with a one-year mortgage of $2.33 million.

First National Title Co. of Fayetteville was the title agent.

Kerelaw Castle is a 153-lot, single-family subdivision near Town Vu Road, west of Tater Black Road, and adjacent to Stoneburrow subdivision.

Kerelaw Castle was developed by Palmco Properties LLC. John Alford of Fort Smith is the registered agent for Palmco Properties.

C Holdings acquired 129 lots in June 2008 for $4.58 million. Brandon Barber, through his Lynnkohn LLC, was the seller.

Barber bought 152 lots from Palmco in December 2005 for $5 million.

 

First Place Funding

Mejia Enterprises LLC, led by president Jay A. Mejia, recently picked up a one-year, $2.6 million funding agreement arranged through Ryan Crawford of Arvest Bank in downtown Bentonville.

The mortgage is tied to residential development in the First Place subdivision near the southeast corner of New Hope Road and First Street in Rogers.

Mejia is developing 10 single-family homes, each approximately 1,500 SF, that should be available by the end of 2016, with 10 more to follow.

 

Prestwick Property

A 7,135-SF home in Phase III of the Clear Creek neighborhood in Johnson recently sold for $1.28 million, a purchase price of $180.09 per SF.

Devin and Sheila Cole bought the Prestwick Circle residence from Labeed and Sanaa Diab.

Monireh Mya Adloo with Coldwell Banker Harris McHaney Faucette in Bentonville had the listing.

The five-bedroom home was built in 2004 on a 1-acre lot and has a most recent appraisal of $1.09 million.

Diab bought the home in May 2014 for $995,000. John and Karen Flake were the sellers. Flake bough the lot in October 2003 for $190,000.

 

Pinnacle Estate

A custom-built estate home with 6,470 SF in the gated Pinnacle subdivision of Rogers has a new owner after a sale worth $1.28 million.

Eric and Elda Scott sold the West Oxford Drive home to Joseph and Jacqui Canney.

Fayetteville-chartered Arvest Bank provided financing.

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

The home was built in 2006 and appraised earlier this year for $1.08 million.

Scott acquired the 0.76-acre lot in April 2005 from Lee and Linda Scott. Scott acquired the lot and two others in January 2005 from Tallchamps LLC for $287,000.

 

Office Space

A vacant, Class B office building in Bentonville’s Straube Business Park with 22,288 SF recently sold for $1.15 million, a purchase price of $51.59 per SF.

Kingman Land LLC, registered in Delaware and represented by Rogers attorney Josh Mostyn, bought the building at 5121 S.W. Runway Drive, across Arkansas Highway 12 from a Wal-Mart Distribution Center.

Summerwind Partners LLC, led by Bryan Hosto of Little Rock, was the seller.

The two-story building was built on 1.39 acres in 2005 and appraised earlier this year for $1.63 million.

 

Glenbrook Abode

A 5,370-SF home in Bentonville’s Glenbrook subdivision has a new owner after a sale worth $840,000, a purchase price of $156.42 per SF.

Leeth and Rebecca Harper bought the Mediterranean-style residence on Glenbrook Avenue from Michael and Renee Barriere.

Waco Title Co. of Springdale was the title agent.

Chuck Simmons with Coldwell Banker Harris McHaney Faucette in Rogers was the listing agent.

The five-bedroom home was built in 1995. It features a gunite pool with multilevel waterfalls as the focal point of a resort-like backyard.

Barriere bought the home in 2014 for $810,000. Lloyd and Dana Stone were the sellers.

Stone acquired the property in September 2010 for $585,000. Scott and Eve LeMaster were the sellers.  

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