Real Deals: Commercial land in Bentonville sells for $4.99 million, Steele Boulevard lot garners $1.42 million

by Paul Gatling (pgatling@nwabj.com) 335 views 

Three commercial lots in Bentonville totaling 22.61 acres recently sold for a combined $4.99 million. The purchase price equals $5.07 per square foot.

8th & Melissa LLC, a Delaware-registered company from Springfield, Mo., bought the land in the Hardcastle Estates addition at the intersection of Eighth Street and Melissa Drive, west of Walton Boulevard. The Phillip E. Lee Trust and the Christina D. Lee Trust were the sellers. Waco Title Co. of Springdale was the title agent.

• Riverwood Purchase
A Fayetteville home builder closed a deal recently to purchase 73 single-family lots for $2.62 million. The purchase price equals $36,000 per lot.

Riverwood Homes, led by president Mark Marquess, bought the lots in Phase II of the Chelsea Point subdivision of Rogers. The neighborhood is east of Highway 71 B at the intersection of West Laurel Avenue. Arkansas Development Services Inc., led by president William Kim Fugitt, was the seller.

First Western Bank in Rogers provided financing with a two-year loan of $2.62 million. Lenders Title Co. in Fayetteville was the title agent.

• Signature Deal
A 45,659-square-foot retail center situated on 5.77 acres in Springdale recently sold for $2.5 million. The purchase price equals $54.75 per square foot.

Wenjing Xu and Signature Square Springdale LLC, whose members include Xu and An Wei Geng, bought the three-building Signature Square development at 1327 E. Robinson Ave. Mathias Shopping Centers Inc., led by Sam Mathias, was the seller.

Anchor tenants include Mazzio’s Pizza, Shipley Do-Nuts and a large day care facility.
Arvest Bank in Rogers provided financing with a five-year mortgage of $2 million. Daniel Hawes and Rick Hawes with Landmark Real Estate & Investment LLC of Fayetteville were the listing agents. Joel Treat with Weichert, Realtors — The Griffin Co., was the selling agent.

Occupancy was approximately 65% at the time of the sale.

• Steele Boulevard Land
A 4.08-acre commercial lot in north Fayetteville tipped the scales at $1.42 million. The purchase price equals $8 per square foot.

FAYMJET LLC, led by Fayetteville restaurateur Jody Thornton, bought the land on North Steele Boulevard. Nanchar Inc. (Charlotte Steele) and MSB Properties (Marjorie Brooks) were the previous owners of the property. The Bank of Fayetteville provided financing with a one-year loan of $1.42 million. City Title & Closing LLC of Fayetteville was the title agent.

The land is adjacent to JJ’s Beer Garden & Brewing Co. (JBGB), which is owned by Thornton. The 12,000-square-foot building includes a brewery, restaurant and JJ’s corporate offices.

• Denny’s Deal
A 0.93-acre commercial development near Interstate 49 in Fayetteville has a new owner after a sale worth $1.15 million.

HC 2589MLK LLC, led by Hunter Boelte, bought vacant the property at 2589 W. Martin Luther King Blvd. Mitchell Family Properties LLC, whose members include Steve Mitchell, Linda Mitchell and Michael Mitchell, was the seller.

The 4,892-square-foot restaurant was previously occupied by a Denny’s restaurant.
Waco Title Co. of Springdale is the title agent. Kirkpatrick Bank in Edmond, Okla., provided financing with a seven-year, $920,000 mortgage.

• Chapel View Abode
New residential construction in east Fayetteville’s Chapel View neighborhood recently sold for $644,276.

Tomeka and Derrick Williams paid $171.99 per square foot for the 3,746-square-foot residence. Riggins Construction Inc. of Fayetteville, led by president Kevin Riggins, was the seller.

U.S. Bank N.A. in Owensboro, Ky., provided financing with a 30-year loan of $515,420. Kendall Riggins with Lindsey & Associates in Fayetteville was the listing agent. Arlene Urquizu & Associates with Coldwell Banker Harris McHaney Faucette in Fayetteville was the selling agent. Realty Title & Closing Services LLC in Rogers was the title agent.

Riggins acquired the lot in 2014 in a $1.40 million deal that purchased 17 lots. Gary Brandon Sewell, through his GBS Development Inc., was the seller.

• Block Buy
A 4,399-square-foot commercial property in downtown Fayetteville has a new owner after a recent sale worth $565,600. The purchase price equals $128.57 per square foot.

Block Street Development Co. LLC, registered to Fayetteville attorney Richard Arens, bought the building at 106-116 Block Ave. Remington Place Inc., led by Mike Parker, was the seller. Generations Bank in Fayetteville provided financing with a three-year loan of $565,600. Parker, owner of Prime Real Estate & Development in Fayetteville, was the listing agent.

The building is 100% occupied. Tenants include Dark Star Visuals, Good Things Boutique, Little Bread Co. and U of A Style Shop.

• Concrete Quarters
A vacant one-acre commercial property in Springdale has sold for $550,000. Concrete Services of Northwest Arkansas Inc., led by president Skip McLeod, purchased the 7,680-square-foot building at 3857-3885 Elm Springs Road, just east of the North 40th Street intersection. Rex Cook and Tina Rottman were the sellers.

The Bank of Fayetteville provided financing with a five-year loan of $675,000. The building will be renovated and serve as the new headquarters for Concrete Services, currently at 5336 Hailey Avenue in Springdale.

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