REAL DEALS: Simmons Bank backs Sullivan Square plans in Bentonville

by Paul Gatling (pgatling@nwabj.com) 222 views 

SullivanSquareBentonville LLC of Fayetteville, an entity controlled by Orchard Properties of Fayetteville, recently secured a five-year construction loan from Simmons Bank in Rogers for $20.27 million.

The mortgage is tied to a 24.5-acre site north of Southwest Regional Airport Boulevard and just off of Southwest I Street. Orchard Properties completed separate land deals to acquire 32.5 acres for $1.74 million earlier this year.

Development plans include construction of a 474-unit multifamily property called Sullivan Square. Phase I will include 20 buildings totaling 258 units and a clubhouse facility. Phase II will consist of 15 buildings and 216 units. The site will include 945 parking spaces.

The development will include townhouses with garages, townhouses without garages, one- and two-bedroom apartment buildings and two-bedroom apartment buildings.

CVS Claim
A Michigan investor has claimed a 2.69-acre retail development in Springdale in a sale-leaseback deal worth $4.56 million.

RX Springdale AR LLC, registered to Dan Weiss of Detroit, bought the 13,275-square-foot building at 2001 S. Thompson St., at the intersection of West Robinson Avenue.

CVS Caremark Corp., through its DBD NOCIGS 2 LLC, was the seller. CVS is the building tenant.

Symetra Financial Corp. of Seattle, Wash., provided financing with a 24-year mortgage of $2.95 million.

The free-standing building was built in 2015 by CR Crawford Construction of Fayetteville and has a cap rate of 5%. The property has a new 25-year triple-net lease in place with no landlord responsibilities.

CVS assembled the land in July 2014 in two separate deals totaling $1.3 million. The company paid First Security Bank $1.06 million for the vacant Sunrise Inn (2.44 acres) development at 2001 S. Thompson St. It also acquired an adjacent 0.25-acre used car lot at 2003 S. Thompson St. for $300,000 from The James R. Duggar & Michelle A. Duggar Revocable Living Trust.

Trampoline Land
NWA Trampoline LLC of Little Rock, led by Haitham K. Alley, has picked up a seven-year, $3.64 million mortgage from First Security Bank of Searcy.

The mortgage is tied to a 3.2-acre lot on East Van Asche Drive, next to Courtyard by Marriott hotel in Fayetteville.

NWA Trampoline bought the land in November for $1.01 million, a purchase price of $7.26 per square foot.

Nanchar Inc. and MSB Properties were the previous owners of the property.

Jim Irwin with Irwin Partners represented the sellers. Alex Blass with Sage Partners and Brandon Rogers with Colliers International represented the buyers.

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

Development plans for the property include a 28,000-square-foot building. Altitude Trampoline Park will be the tenant.

VCC Construction of Little Rock will be the contractor. Roger Boskus of Miller Boskus Lack Architects P.A. of Fayetteville designed the building. Crafton Tull of Rogers is the engineering subcontractor.

Razorback Road Home
A 3,476-square-foot residence near the University of Arkansas campus in Fayetteville has a new owner after a sale worth $775,000, a purchase price of $222.95 per square foot.

Charles and Marybeth Mayfield bought the four-bedroom home on North Razorback Road from James and Jacqui Lefler.

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

Ginger DeMaris with Crye-Leike Realtors was the listing agent.

The two-story home was built in 1996 and the Leflers were conveyed the property by the UA in 2008. 

Downtown Residence
A 4,280-SF home two blocks east of the downtown square in Bentonville has a new owner after a $750,000 sale, a purchase price of $175.23 per square foot.

Ed and Layla Cyster bought the home on Northeast Second Street from C Street Properties LLC, a Delaware corporation controlled by the Walton family.

Arvest Bank of Fayetteville provided financing with a three-year, $600,000 mortgage.

Waco Title Co. of Springdale was the title agent.

The three-bedroom home was built in 1951 on a 1.38-acre lot. It appraised this year for $618,700.

C Street Properties acquired the home in February for $750,000. Galen and Debi Havner were the sellers.

Havner paid $75,000 for the property in May 1994.

Walton Property
A $625,000 sale of a single-story, vacant office building in Bentonville has kick started a new retail development.

Randy and Theresa Burleson, through their Burly Inc., bought the 4,346-square-foot building at 1301 S. Walton Blvd.

Patricia Schmieding Williams and Suzanne Schmieding Lauber were the sellers.

Arvest Bank provided financing with a one-year mortgage of $500,000.

Burleson, owner of Joplin, Mo.-based Club Tan Inc. tanning salon, has received approval from city planners to renovate the building for a new Club Tan location.

Multifamily Purchase
A 12-unit apartment building in east Springdale recently sold for $550,000, equal to $45,833 per unit.

Treadstone Properties, led by Roger Cunningham and David Savage Jr., bought the Texas Lane Apartments at 315 Texas Lane.

Rayado Properties, led by Jim Bryan, was the seller.

RCB Bank in Claremore, Okla., provided financing with a 20-year, $428,000 mortgage.

Daniel Hawes with Landmark Real Estate & Investment LLC in Fayetteville was the listing agent.

The 1.31-acre development consists of 10 two-bedroom units and two three-bedroom units and is 100% leased.

Rayado bought the two-story building in November 2010 for $265,000. Printz Ltd. of Texas, led by Darren Printz, was the seller

Savanna Sale
A 4,166-square-foot residence in Phase IV of Fayetteville’s Savanna Estates neighborhood recently sold for $497,000, a purchase price of $119.29 per square foot.

Joseph and Denise Soignet bought the Natchez Trace property from James and Linda Myers.

Centennial Bank in Fayetteville provided financing.

Waco Title Co. was the title agent.

Lindsey & Associates in Fayetteville had the listing. Clark Partners Realty Group in Fayetteville represented the seller.
Myers bought the home, built in 1998, in April 2008 for $520,000. Peter and Joy Colwell were the sellers. 

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