Bentonville Plaza, adjacent land sells for $56.8 million (REAL DEALS)

An Oklahoma-based investor recently paid $56.8 million to acquire the nine-story Bentonville Plaza office building and 16 additional acres.

Square Deal Capital Inc. purchased the multi-tenant building at 609 S.W. Eighth St. and surrounding land in two separate deals, which both closed Nov. 10.

The 275,000-square-foot Bentonville Plaza (3.18 acres) and contiguous land totaling 7.51 acres sold for $54.8 million.

For $2 million, Square Deal bought an adjacent 8.68 acres to the south along U.S. Highway 71 Business, property that once included the George Nunnally Chevrolet auto dealership.

The seller in both deals was FBE Limited LLC of New York, a privately held real estate and capital management company.

Waco Title Co. of Springdale was the title agent.

Grady Mathews with Sage Partners, a commercial real estate management firm headquartered in Fayetteville, brokered the deal. Sage will continue to provide full-service management and brokerage services for Bentonville Plaza, which is about 98% occupied.

Simmons Bank of Pine Bluff partially financed the purchase with a $36 million mortgage.

Construction on Bentonville Plaza began in May 2003 and the building opened to tenants the following year. The property includes the IDK Café restaurant with indoor and outdoor seating, as well as a fitness center with key card access.

The building has 34 tenants.

Paschal Plans
3LB Ventures LLC of Springdale, led by Paschal Heat, Air & Geothermal President Charley Boyce, has picked up a 10-year, $4.25 million funding agreement from Fayetteville-charted Arvest Bank.

The mortgage is tied to 9.32 acres near the intersection of U.S. Highway 412 and Arkansas Highway 112 in Tontitown. The site is north of Orscheln Farm & Home.

3LB bought the property in May for $475,000, a purchase price of $1.13 per square foot. Southwest Cattleman’s Corp., an OREO holding company of Arvest Bank, was the seller.

Development plans include construction of a 45,000-square-foot facility that will serve as Paschal’s headquarters, now at 287 W. County Line Road in Springdale.

The project is expected to be complete by the summer of 2017.

East Harding Construction in Springdale is the contractor and deMx Architecture in Fayetteville is the designer. 

Vacant Office
A vacant office building in Bentonville totaling 31,240 square feet has a new owner after a sale worth $2.97 million, which equals $95.32 per square foot.

Siraj and Anis Khoja bought the building at 2401 S.E. C St. ProCon Inc., led by Bob Burckart, was the seller.

PCI Advance Title LLC was the title agent.

The owners are seeking triple-net lease agreements starting at $18 per square foot. The property was built for up to eight tenants with room to expand by 10,100 square feet if necessary.

The building was built in 2006 on a 3.06-acre lot. 

Talamore Residence
A 3.9-acre residential estate in Phase IV of Bentonville’s Talamore subdivision has a new owner after a recent sale worth $1.23 million.

Andy and Rebecca Morris bought the 8,253-square-foot residence on Talamore Boulevard, a purchase price of $149.94 per square foot. Brian and Julie Werner were the sellers.

Maria Fairchild with Lindsey & Associates in Rogers had the listing at $1.29 million. Lisa Durham, also with Lindsey & Associates, was the selling agent.

Realty Title & Closing Services LLC of Springdale was the title agent.

The five-bedroom home was built in 2006 and appraised this year for $1.14 million. The property also includes a swimming pool and a 730-square-foot guesthouse.

Talamore is on Arkansas Highway 72, four miles west of Bentonville.

Werner bought the property from Brian and Martha Cornell in April 2012 for $1.12 million.

Cornell bought the home from David and Charlyn Porter in 2009 for $1.5 million. Porter purchased the land in 2002 from 3-Putz LLC for $90,000. 

Executive Property
A 13,422-square-foot office building in Bentonville tipped the scales at $1.2 million, a purchase price of $89.40 per square foot.

Executive Drive 105 LLC, led by Chris Spivey, purchased the single-story building at 105 S.E. Executive Drive, south of Southeast 22nd Street.

Lisa Stassi, through her Caughlin Crossing Investor LLC, was the seller.

Community First Bank in Pea Ridge provided financing with a five-year, $1 million mortgage.

Lenders Title Co. in Bentonville was the title agent.

The 1.37-acre development, approximately 85 percent occupied at the time of sale, was built in 2004 and appraised this year for $1.36 million.

Stassi bought the building in September 2006 for $1.7 million. 

Caerleon Claim
A 6,091-square-foot residence in the St. Valery Downs neighborhood of Cave Springs recently sold for $1.1 million, a purchase price of $180.59 per square foot.

Adam Maris, through his AEM Holdings LLC, acquired the five-bedroom home on Caerleon Circle.

The Melton Family Trust, led by Mark and Diana Melton, was the seller.

Farm Credit Services of Arkansas in Russellville provided financing with a 30-year, $880,000 mortgage.

First National Title Co. in Bentonville was the title agent.

Melton acquired the 1.06-acre lot in December 2012 for $75,000. The Mawby Family Trust was the seller. Mark Melton Construction Inc. of Bentonville built the home in 2014.

Carlene Clendenen with Coldwell Banker Harris McHaney & Faucette in Bentonville was the listing agent. 

Mission Market
Construction is underway on a $1.1 million commercial development in Fayetteville at 2558 E. Mission Boulevard, just west of the intersection with Crossover Road.

Mission Plaza LLC, led by Clay Morton and Stuart Collier, is leading development of an 8,000-square-foot building called Mission Market. Construction is scheduled for completion in January.

Mission Contractors is the general contractor, and Henry Architecture is handling the design work. Geoff Bates with Bates & Associates is the civil engineer. All are Fayetteville firms.

Mission Plaza bought the 0.53-acre lot in December 2015 for $80,000.

First National Bank of Wynne is providing financing.

Core Brewing & Distilling Co. of Springdale will lease half the space. The remaining space is available starting at $19 per square foot.

Collier, principal broker with Collier & Associates Realty of Fayetteville, is handling the leasing.

Pinnacle Abode
A 4,270-square-foot home in Phase IV of the gated Pinnacle subdivision in Rogers recently sold for $795,000, a purchase price of $186.18 per square foot.

Nabil Kawas and Silvia Azrai, trustees of the Kawas and Azrai Family Revocable Trust, acquired the West Buckingham Drive property from Greg and Deborah Wedding.

Legacy National Bank of Springdale provided financing with a 30-year, $417,000 mortgage.

The home was built in 2006 and appraised in 2014 for $749,400. Wedding bought the home in August 2013 from Lester and Jane Brucker for $775,000. Brucker bought the home in March 2006 from Lee and Laura Daily or $669,000. Daily bought the 0.51-acre lot from Tallchamps LLC in May 2005 for $108,000. 

Bank Construction
C.R. Crawford Construction of Fayetteville recently purchased a building permit from the city of Fayetteville valued at $1.53 million.

The permit is being used to build a 4,600-square-foot, single-story building at 3665 N. Investment Drive, just off Van Asche Drive.

Generations Bank will be the tenant. The bank bought the 1.28-acre lot for $694,757, a purchase price of $12.46 per square foot.

Steele Crossing Investment III LLC, an entity controlled by Little Rock developer Leonard Boen, was the seller.

The architect for the project is Bates Architects in Rogers, and the building should open in the first quarter of 2017.

Subcontractors working on the project include Professional Air Systems LLC of Springdale, AWJ Electric Co. LLC of Fayetteville, NWA Steel Co. of Springdale and RGC Glass Inc. of Fayetteville. 

Apartment Acquisition
A 16-unit apartment complex just east of the University of Arkansas in Fayetteville recently sold for $790,000, a purchase price of $49,375 per unit.

Ted and Leslie Belden, through their Nettleship Properties LLC, are the new owners of the Nettleship Apartments development at 1540 W. Nettleship St.

Niblock Ventures, led by George Niblock Jr., was the seller.

Centennial Bank in Fayetteville provided financing with a $1.91 million mortgage.

Waco Title Co. of Springdale was the title agent.

The two-building development was built in 1970 and has an appraisal of $731,650.

Walter and Marjorie Niblock acquired the development in February 1976 for $80,000. 

Heritage Hills Residence
A 6,834-square-foot residence in Springdale’s Heritage Hills neighborhood has a new owner after a recent sale worth $723,500, a purchase price of $105.86 per square foot.

Glenn and Kellie Strickholm bought the Legacy Drive property from Kirsten Blowers.

Truity Federal Credit Union in Bartlesville, Okla., provided financing with a 30-year loan of $325,000.

Waco Title Co. of Springdale was the title agent.

T.J. Mohler with Flyer Homes of Fayetteville was the listing agent.

The four-bedroom home last sold in June 2015 for $610,000.

Riggins Construction Inc. bought the lot in March 2014 for $65,000.

Downtown Dwelling
New residential construction near downtown Bentonville sold for $207.02 per square foot.

Hannibal and Cristina Blocker acquired the 3,275-square-foot residence on Southwest Third Street for $678,000.

MEP Enterprises LLC, led by Margaret Peterson, was the seller.

Nicky Dou with Keller Williams Market Pro Realty in Bentonville was the listing agent.

The home was built in 2015 by Dave Marrs.

Tontitown Warehouse
A 9,000-square-foot commercial building in the Tontitown Business Park changed ownership for $625,000, a purchase price of $69.44 per square foot.

J&R Northwest Holdings LLC, which lists Jonathan Rogers as registered agent, acquired the 2.57-acre warehouse development at 500 Jean Mary Drive. TKT Properties LLC, managed by Ken Turner and Todd Turner, was the seller.

Waco Title Co. was the title agent.

David Erstine and Clinton Bennett with CBRE Northwest Arkansas in Fayetteville were the listing agents.

The building was built in 2000 and is vacant. TKT bought the property in August 2005 for $650,000. 

Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.