Real Deals: Vacant bank branch in Fayetteville sold for $2.2 million

by Paul Gatling ([email protected]) 906 views 

A vacant commercial building on Wedington Drive in Fayetteville has a new owner after a recent sale worth $2.2 million. Batesville-chartered The Citizens Bank acquired the 3,442-square-foot building at 3971 W. Wedington Drive, west of Interstate 49.

Simmons Bank of Pine Bluff was the seller. Simmons took ownership after acquiring Metropolitan National Bank in November 2013. The property totals 2.15 acres. T.J. Lefler with commercial real estate firm Sage Partners represented Simmons Bank in the deal.

Doug Lynch, Citizens Bank’s market president in Northwest Arkansas, said the building will eventually be the bank’s second full-service branch in Fayetteville. It’s scheduled to open in the last quarter of 2017.

• Van Asche Transaction
A 7,328-square-foot medical office building in the Twin Creeks Village addition of Fayetteville has sold for $1.37 million, a purchase price of $187.63 per square foot. One Sixty One Holdings LLC, registered to Fayetteville attorney Monte Sharits, bought the building at 161 W. Van Asche Drive.

NWA Investors LLC, led by Leonard Boen of Little Rock, was the seller. Generations Bank in Fayetteville provided financing with a mortgage of $1.41 million. Shoulder Center of Arkansas is the tenant of the building, which was built in 2010.

• Pasture Property
Pastureland totaling 85.5 acres on the western edge of the Bentonville city limits recently sold for $1.27 million, a purchase price of $3.42 per square foot.

Cynthia Coughlin, through her Highland LLC, acquired the property at 4800 S. Vaughn Road. The land is bordered by Arkansas Highway 279 to the east and Motley Road to the north. The Weldon and Edwina Peters Revocable Trust was the seller. First National Title Co. of Bentonville was the title agent.

• Animal Acquisition
A New York-based investment firm recently purchased a 1.48-commercial development in Fayetteville for $1 million. ZBS Capital, through its ZBS Wedington Real Estate LLC, acquired the 9,800-square-foot building at 4363 W. Wedington Drive.

North College Animal Hospital Inc. led by Jack Herring, was the seller. Waco Title Co. of Springdale was the title agent.

Herring is the owner of Wedington Animal Hospital, the building tenant. He said the business will continue normal operations, and he is now an investor in the property’s new ownership group. The hospital has seven full-time doctors, 50 staff members and is on track to collect revenue of $5 million this year.

Herring acquired the single-story building in May 2001 for $280,000. Randy West, through his West Holdings LLC, was the seller.

• Nottingham Abode
A 5,176-square-foot residence in Phase IV of the gated Pinnacle Country Club neighborhood of Rogers recently sold for $975,000, a purchase price of $188.36 per square foot.

Terry and Teresa Marquardt bought the five-bedroom home on West Nottingham Lane from Gerald and Lisa Dennis. Sirva Mortgage financed the deal with a 30-year loan of $780,000. Brandy Pool with Portfolio Luxury Real Estate of Rogers was the listing agent.

The home was built in 2007 and appraised last year for $932,700.

Dennis bought the home and 0.51-acre lot in February 2012 from Christian and Gynetta Demaria-Thompson for $688,000. Thompson bought the home from First Federal Bank in April 2010 for $667,000. The bank took ownership in May 2009. James and Kristy Myers bought the home from Adam and Brooke Daily in November 2007 for $895,000. Daily bought the lot and one other from Tallchamps LLC in July 2005 for $230,000.

• Beaver Lake Residence
A 5,245-square-foot custom home in the gated South Mountain Estates neighborhood on Beaver Lake in Lowell has changed hands for $615,000, a purchase price of $117.25 per square foot.

Shawn and Jennifer Nerenberg bought the four-bedroom home on South Mountain Road from Rahman Afrasiabi and Zahra Hemmati. Arvest Bank in Lowell provided financing with a 30-year mortgage of $492,000. City Title & Closing LLC of Fayetteville was the title agent. Keller Williams Market Pro Realty in Fayetteville was the listing agent.

The home was built in 2004 on 2.09 acres and appraised in 2016 for $538,300. Afrasiabi bought the land in April 2003 for $65,000.

• Cawood Claim
A 7,200-square-foot commercial building in Springdale changed owners in a $600,000 deal, a purchase price of $83.33 per square foot. 3972 Cawood LLC, led by Clinton Bennett, bought the vacant property at 3972 Cawood Lane, at the intersection of South 40th Street.

Jerry and Joan White were the sellers. Bear State Bank in Fayetteville provided financing with a 15-year mortgage of $510,000.

Brad’s Tire & Automotive was the previous tenant. The building includes two private offices, a large reception area, break room and three overhead doors into a mechanic area.

Maaco, the country’s largest franchise for paint and collision repair, has signed a lease for the building and is expected to open this summer. The company has two central Arkansas locations in Little Rock and Sherwood. Maaco’s Springdale lease is for seven years with options to extend.

• Beaver Lake Residence II
A remodeled Beaver Lake residence in the Panorama Park addition in Rogers has a new owner after a sale worth $595,000. Johnny and Angela Hughes acquired the 2,920-square-foot home ($203.77 per square foot) from First Paragould Bankshares Inc.

Arvest Bank in Lowell provided financing with a 30-year, $179,000 mortgage.

Fred Johnson and Janice Smith with Lindsey & Associates in Rogers had the listing. Ginger Harrell with Coldwell Banker Harris McHaney Faucette in Rogers was the selling agent.

The four-bedroom home was built in 1996. First Paragould Bankshares paid $425,000 for the 1.18-acre property in July 2015. The estate of Woodrow W. Smith was the previous owner.

• Sundowner Sale
Residential lots in Phase III of the Sundowner subdivision in Prairie Grove sold recently for $525,000.

Cox Development LLC, led by Kent Cox, purchased 21 lots from Heritage Heights American Group LLC, led by Keith Marrs. Arvest Bank in Lowell provided financing with a three-year mortgage of $315,000.

The buyer plans to build single-family homes on the lots.