Real Deals: Fayetteville retail center attracts buyer for $3.69 million

by Paul Gatling (pgatling@nwabj.com) 317 views 

A 32,984-square-foot retail center in Fayetteville’s CMN Business Park has a new owner after a recent sale worth $3.69 million, a purchase price of $111.87 per square foot.

Zheng Lin LLC, led by Ethan Lin, bought the single-story Joyce Plaza building at 32 W. Joyce Blvd. Joyce Plaza LLC, an entity controlled by commercial real estate firm Rector Phillips Morse Inc. of Little Rock, was the seller. Waco Title Co. of Springdale was the title agent. Arvest Bank of Fayetteville provided financing with a five-year mortgage of $2.95 million.

Party City is a primary tenant of the building, which also includes Fuzzy’s Taco Shop and Mr. Tux. The building has about 6,900 square feet of vacant space. The 3.7-acre development’s most recent appraisal was $3.45 million, according to county records. The building was built in 2002.

• Apartment Acquisition
A 72-unit apartment complex in Centerton changed hands recently in a $3.3 million deal. Graystone and Pomeroy LLC, led by Luis and Misty Velez, acquired the Pomeroy Place Apartments at 113 Sadie Lane. Pomeroy Residential Group LLC, an affiliate of Trinity Multifamily of Fort Smith, was the seller.

The acquisition was supported by a 20-year, $2.64 million mortgage arranged through David Ward at Diamond Bank in Russellville. Realty Title & Closing Services LLC of Springdale was the title agent. Trinity Multifamily brokered the deal and company president Dave Pinson represented both sides as an agent.

Pomeroy Place was constructed in 2004. It includes six buildings with 12 units per building. It includes 48 two-bedroom units (1,104 SF each) and 24 one-bedroom units (652 SF each).

Trinity acquired the 4.02-acre development in June 2012 for $2.15 million. U.S. Bank N.A. was the seller. At the time of the sale, there were approximately 20 unrentable units that have since been restored. Also, one of the buildings has been completely rebuilt after it was destroyed by a fire two years ago. The property’s current occupancy rate is 99%.

• Springdale Retail
A new multitenant retail center in Springdale has a new owner after a sale worth $2.72 million. Mark and Kimberly Dake, through their Bradford Square of Arkansas LLC, bought the 5,938-square-foot building at 4224 W. Sunset Ave. (Highway 412).

Haag-Brown Development LLC of Jonesboro, managed by Josh Brown and Greg Haag, was the previous owner. Springfield First Community Bank in Missouri helped fund the deal with a 20-year $2.18 million mortgage.

The property has a cap rate of 6.5% and is occupied by Starbucks and Arkansas Dentistry and Braces. Both tenants are on 10-year lease terms that expire in 2026. Haag-Brown bought the one-acre site in October 2015 for $950,000. The site included a fire-damaged building that previously housed Joe’s Italian Grill.

• Landmarc Acquisition
Landmarc Custom Homes of Springdale, owned by Tim Boudrey and Chris Bradley, recently paid $2.51 million for 43 single-family lots in the Woodhaven Manor subdivision in Rogers.

A.R.C. Construction & Development Inc. of Centerton, led by Carl Walker, was the seller. Arvest Bank of Fayetteville provided financing with a two-year mortgage of $2.05 million. Waco Title Co. of Springdale was the title agent.

Woodhaven Manor is on Mount Hebron Road, south of Pinnacle Memorial Gardens. The neighborhood was platted in May 2016 with 55 lots. Landmarc will build out the neighborhood with floor plans starting at 2,900 square feet. List prices will begin at $130 per square foot. The neighborhood will include a swimming pool and clubhouse.

Doug Gibson with Crye-Leike Realtors in Rogers represents Landmarc.

• Blew Buy
A vacant commercial building in Fayetteville changed ownership recently for $1.97 million. Cajakajo Holdings Inc., managed by Buckley Blew of Fayetteville, bought the building at 3825 N. Shiloh Drive. J&B Properties LLC, led by Lyndy Lindsey, was the seller.

The deal was funded by a $2.96 million loan from Paragould-based First National Bank.
Realty Title & Closing Services LLC of Springdale was the title agent. Blew is the owner of Blew & Associates P.A., a civil engineering and surveying firm at 524 W. Sycamore St. in Fayetteville. He plans to remodel the Shiloh Drive property into the company’s new headquarters.

Dave Burris of Bentonville is the architect. Kyle Naples with Napa Construction LLC of Fayetteville is the contractor.

• Balmoral Abode
A 4,688-square-foot remodeled home in Phase VII of the gated Shadow Valley neighborhood of Rogers recently sold for $774,000, a purchase price of $165.10 per square foot.

Aimee Zana bought the West Balmoral residence from Jason and Kristin Wood.
IberiaBank provided financing with a 30-year mortgage of $619,200. Lenders Title Co. in Bentonville was the title agent. Eileen Isola with Berkshire Hathaway HomeServices Solutions of Bentonville was the listing agent.

The four-bedroom home was built in 2008 and appraised last year for $638,900. Wood bought the home in March 2015 from Jeffrey and Nicole Tassani for $645,000. Tassani bought the home in April 2008 for $757,000. Kurt Puttkammer Homes Inc. of Rogers was the seller.

• Ridgemonte Residence
A 4,370-square-foot home in Fayetteville’s Ridgemonte Estates neighborhood has a new owner after a sale worth $587,000, a purchase price of $134.32 per square foot.
Nathan and Shannon Bowers bought the property on East Churchill Drive. Former University of Arkansas women’s basketball coach Tom Collen and his wife Nicki were the sellers.

Fayetteville-based Signature Bank of Arkansas provided financing with a 30-year mortgage of $320,000. Advantage Title & Escrow of Fayetteville was the title agent. Collen bought the home in 2007 for $675,000. Paul and Helen Bynum were the sellers.

• Virginia Hills Home
A 2,408-square-foot residence in the Virginia Hills addition of Fayetteville has a new owner after a recent sale worth $415,000, a purchase price of $172.34.

John and Megan Coger bought the Kings Drive residence from Pete Estes Jr. Financing was provided with a 30-year, $332,000 mortgage originated by Chandra Beach with Cornerstone Home Lending in Rogers.

Vernon Tarver with Coldwell Banker Harris McHaney Faucette in Fayetteville represented both buyer and seller. Mercury Title LLC in Fayetteville was the title agent.

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