Real Deals: Upchurch Electrical properties sold for $2.1 million

by Paul Gatling (pgatling@nwabj.com) 130 views 

A pair of commercial buildings in Rogers and Fayetteville changed ownership in a deal worth $2.1 million.

Double DMc Holdings, led by David McConnell, acquired the 3.65-acre development at 2355 W. Gregg Ave. in Fayetteville, and a 1.83-acre development at 1224 W. Hudson Road in Rogers.

Jeff Koenig, through his KMW Holdings, was the seller.

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

Fayetteville-chartered Signature Bank of Arkansas backed the deal with a five-year loan of $1.72 million.

Upchurch Electrical Supply Co. is the tenant of both properties. McConnell is the president, CEO and sole owner of the company. Koenig retired as president and CEO in January 2007. He acquired the two properties in September 2005 for $2.02 million.

The Gregg Street property includes a 22,304-square-foot building and a 2,400-square-foot building. The Hudson Road property includes a 10,024-square-foot building.

Duplex Deal
The sale of seven duplex units in Rogers was recently completed for $1.15 million, a purchase price of $164,285 per unit.

Diplomate Holdings LLC, led by William Wes Shelton, bought the buildings on South Ninth Street in the Indian Creek subdivision. Another LLC, managed by Rob Husong and Loren Shackelford, was the seller.

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

Fayetteville-chartered Signature Bank of Arkansas provided financing with a five-year loan of $977,500.

The single-story buildings were built in 2006. Another LLC assembled the land in March 2005 for $456,000. The purchase included 12 lots. Mitchell Massey, through his Massey Holdings development company, was the seller.

Walnut Land
Vacant land along West Walnut Street in Rogers has a new owner after a sale worth $850,000, a purchase price of $2.42 per square foot.

1603 West Walnut LLC, which lists John Schmelzle as registered agent, purchased two parcels totaling 8.06 acres at the same address. Forrest Pointe LLC, managed by Dave Pinson, was the seller. The land is zoned for multifamily.

Capital Abstract & Title Co. of Rogers was the closing agent.

A large-scale development, a 128-unit multifamily project, has been conditionally approved for the property.

Forrest Pointe acquired the land from Mitkell Properties of Arkansas LLC in August 2016 for $525,000. The land appraised earlier this year for $700,050. 

Meadow Property
A 4,289-square-foot commercial property near downtown Fayetteville has a new owner after a sale worth $732,500, a purchase price of $170.78 per square foot.

Ice Queen LLC, which lists Brandon Lacy and Megan Henry as members, bought the two-story office building at 202 W. Meadow St. Lacy and Henry are northeast Arkansas attorneys based in Jonesboro and will use the building to expand their law practices – Henry Law Firm and Lacy Law Firm – to Northwest Arkansas in 2017.

Hourglass Holdings LLC, which lists Jackson Williams and Pierce Osborne II as members, was the seller.

The property was listed by Jackson Williams with Weichert, Realtors – The Griffin Co.

IberiaBank in Jonesboro provided financing with a three-year mortgage of $390,700.

Advance Title & Escrow in Fayetteville was the title agent.

The two-story building was built in 1949. It also includes a basement that is used as a residential rental unit. It’s under an 18-month lease.

Hourglass Holdings paid SBS Properties LLC $650,937 for the property in May.

 

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