Self Storage Capital Partners (SSCP), a real estate investment and management company based in Philadelphia, has acquired four self-storage properties in Northwest Arkansas for a combined $22.75 million.
SSCP purchased StorMart at 2610 N. Storage Parkway in Rogers for $8.05 million, Bentonville Storage at 2113 E. Central Ave. for $5.22 million, A&A Stor It at 804 S.E. J St. in Bentonville for $4.06 million and A&A Stor It at 104 N. 24th St. in Rogers for $5.42 million.
Virtus Real Estate Capital, a real estate private equity firm based in Austin, Texas, was the seller in all four deals, in a joint venture partnership with Absolute Storage Management, a storage owner/operator based in Memphis, Tenn.
Loans to back the acquisitions were obtained from Citigroup Global Markets Realty Corp.
The StorMart facility sits on approximately 10 acres. It includes 195,000 square feet with 700 units and 100 outdoor lots. Virtus bought the property in May 2015 for $4.93 million.
Virtus acquired the Central Avenue development in May 2014 for $3.17 million. The 3.95-acre development includes nine buildings and 398 units. It was originally built in 2002.
The A&A facilities have a combined 800 units. In March 2014, Virtus paid $2.17 million for the facility in Rogers and $1.62 million for the development in Bentonville.
Separate deals totaling $10.1 million culminated in a sale leaseback deal of a 49,670-square-foot retail asset in the Pleasant Crossing area of Rogers.
Dufresne Spencer Group of Memphis, through its DSG Realty LLC, bought the single-tenant building at 4323 S. Pleasant Crossing Blvd. for $3.5 million. Covington Realty LP of Springfield, Mo., led by Andrew Covington, was the seller.
Covington is a franchisee of Ashley Furniture Homestore, the building tenant. Dufresne Spencer Group is Ashley Furniture’s parent company.
The property then flipped to an Arizona investor in a sale-leaseback deal worth $6.61 million. STORE Capital Corp. of Scottsdale, Ariz., through its Store Master Funding XI LLC, acquired the building from DSG Realty, which entered into a new 12-year lease (triple-net) with the buyer.
Citibank N.A. in New York provided financing.
Covington paid Brentwood Arkansas Investors LLC $2.5 million for the property in November 2011. The single-story building was built in 2006 and appraised this year for $3.97 million.
Shash Goyal, through his Fayetteville Lodging LLC, recently secured a $7.2 million loan arranged through Clay Ramey of Little Rock-based Bear State Bank N.A.
Goyal is majority owner and CEO of Little Rock firm I Square Management. The loan is tied to a 4.39-acre site at 755 Van Asche Drive that is being developed into a four-story, 94-room hotel called Fairfield Inn & Suites by Marriott. Groundbreaking occurred in early December, and the property, which will have 1,000 square feet of meeting space, is scheduled to open in November 2017.
Central Construction Group of Little Rock is the contractor and Chasen B. Garrett Architects of Fort Smith is the designer. Swope Consulting of Bentonville is the engineer.
Goyal paid $864,893 for the land in May. Nanchar Inc. and MSB Properties LLC were the sellers.
I Square is also developing the four-story, 107-room Element Hotel by Westin near the southbound Interstate 49 exit at South Walton Boulevard in Bentonville, behind Cracker Barrel.
Legacy National Bank of Springdale has acquired 2 acres in Bentonville for $2 million, a purchase price of $22.96 per square foot.
LNB paid the Elizabeth A. Bolte Trust for the property at 2904 S. Walton Blvd.
City Title & Closing LLC of Fayetteville was the title agent.
LNB will officially take possession of the land, which is zoned residential, at the end of February, and will seek permission from the Office of the Comptroller of the Currency (OCC) to establish a new banking office at the location. LNB has banking centers in Springdale (3), Fayetteville and Rogers.
Fayetteville architectural firm Ken Shireman & Associates is working on the building design.
Ownership of nine rental homes in Phase 2A of Prairie Grove’s Sundowner subdivision changed hands in a $1.03 million deal, a purchase price of $114,444 per unit.
Bethel Blacktop Road LLC, managed by Tim and Lisa Boudrey, bought the homes, averaging approximately 1,150 square feet, on Battery Drive, Colonel Hawthorn Drive and Colonel Salomen Drive.
Eagle Holdings LLC, led by managing member Keith Marrs, was the seller.
Signature Bank of Arkansas in Fayetteville provided financing with a five-year mortgage of $757,350.
Waco Title Co. was the title agent.
Marrs acquired the properties in July in a deal worth $1.75 million, involving 23 homes, a purchase price of $76,086 per unit. Andrade Properties LLC was the seller.
The homes were built in 2007 and 2008.
N.E. J Residence
A 2,552-square-foot ranch-style home in Bentonville has a new owner after a $1 million sale.
Dogwood Acres LLC bought the 2.47-acre property on Northeast J Street, just north of First Presbyterian Church of Bentonville.
Dogwood Acres is a Delaware-registered company which has the same Bentonville mailing address as that of Walton Enterprises LLC, the holding company owned by heirs of Wal-Mart Stores Inc. founder Sam Walton.
Gary and Janet Wendike were the sellers.
Waco Title Co. of Springdale was the title agent.
Meza Harris with Lindsey & Associates in Rogers was the listing agent.
Wendike bought the four-bedroom home in March 2001 for $130,000. The single-story property was built in 1969 and had a 2016 valuation from Benton County appraisers of $235,450.
Retail on College
Springdale businessman Derek LaFargue recently paid the city of Fayetteville for a building permit valued at $846,557.
The permit is being used to build a 6,500-square-foot retail strip center at 1612 N. College Ave. The land is situated between Rush Running Co. and Tacos 4 Life.
Tenants will include Verizon and Gadget Grave, an electronics company specializing in iPhone and iPad repair. The business will relocate from its address on Joyce Boulevard when construction is complete next year.
Clinton Bennett with CBRE Northwest Arkansas and Scott Hill with Hilltown Commercial Realty, both of Fayetteville, handled the leasing.
LaFargue, through his LaFargue and Chandler LLC, paid Forrest Brooks LLC $191,255 for the 0.7-acre property in June. Arvest Bank of Fayetteville provided financing with a one-year, $800,000 mortgage.
The site was previously an E-Z Mart gas station and convenience store.
Kim Fugitt of Fayetteville is the architect. Redline Contractors of Lowell is also working on the project.