Real Deals: Hotel Massey building changes hands for $2.86 million

by Paul Gatling (pgatling@nwabj.com) 310 views 

A 25,229-square-foot commercial building in downtown Bentonville changed hands in a $2.86 million deal. The purchase price equals $113.47 per square foot.

Southwest 4&A LLC bought the three-story Hotel Massey building at 125 W. Central Ave. Massey Properties LLC was the seller. Both entities are tied to Walton Enterprises LLC, the holding company owned by heirs of Wal-Mart Stores Inc. founders Sam and Helen Walton. Waco Title Co. of Springdale was the title agent.

The building appraised this year for $3.27 million. It was built in 1910 to house the Hotel Massey, and was added to the National Register of Historic Places in 1979. The hotel closed in the 1970s following a fire, and the building has been owned by members of the Walton family for 40 years. The building housed the Bentonville Public Library from 1979 to 2006. Its current use is for office and retail tenants, including Phat Tire Bike Shop.

• Dollar General Deal
A 9,217-square-foot commercial property in Rogers recently sold for $1.12 million. The purchase price equals $121.66 per square foot.

Akshar 8 LLC, led by Shailesh C. Vora, bought the retail building at 1201 S. Eighth St. Yellow Store Holdings LLC, led by Kevin Huchingson, was the seller. Fayetteville-chartered Arvest Bank provided financing with a five-year mortgage of $897,088. Dollar General is the tenant. The building was built in 2012 and appraised earlier this year for $896,400.

Yellow Store paid $1.04 million for the building in August 2012. PB General Holdings LLC, led by Leonard Boen, was the seller. PB General bought the land (1.98 acres) from Arvest Bank in March 2012 for $158,000, which equals $1.83 per square foot.

• Buckingham Buy
A 5,243-square-foot home in Phase IV of the gated Pinnacle neighborhood in Rogers recently sold for $1.05 million. The purchase price equals $200.26 per square foot. Martin and Amber Bynum bought the five-bedroom home on West Buckingham Drive from Brian and Valerie Lynch.

First Financial Bank of El Dorado provided financing with a 30-year mortgage of $840,000. Lenders Title Co. of Bentonville was the title agent. Berkshire Hathaway HomeServices Solutions in Bentonville was the listing agency.

The home was built in 2014 by Randall Johnson Builders of Rogers and appraised in 2017 for $831,550. Lynch bought the home and 0.51-acre lot in December 2014 from RSJ Property Management Inc. for $953,000. RSJ bought the lot in December 2012 from Robert and Rachel Siever and Misty Siever for $124,000. Siever bought the lot in October 2005 from Tallchamps LLC for $107,000.

• South Hill Sale
A nine-unit multifamily property and an adjacent lot with a vacant residence in south Fayetteville recently sold for $975,000.

Creek Capital Partners, whose registered agent is Steve Creekmore IV, bought the Hill Avenue Cottages on South Hill Avenue. Niblock Ventures Inc., led by George Niblock Jr., was the seller. Waco Title Co. of Springdale was the title agent.

The multifamily property has one-, two- and three-bedroom units and has undergone a recent renovation.

• Greenway Grab
A 2,896-square-foot home just north of Bentonville’s downtown square has a new owner after a recent sale worth $875,000. The purchase price equals $302.14 per square foot. Bixby Properties LLC acquired the five-bedroom home on Northeast A Street from Fritz and Danette Thompson.

Robison Realty Group of Keller Williams Market Pro Realty in Bentonville was the listing agent.

The home was built on a 0.96-acre lot in 1997 and appraised this year for $814,750. Thompson acquired the home in May 2001 for $169,000. Scott Minor was the seller. The property is adjacent to the Black Apple pocket neighborhood and backs up to the Razorback Regional Greenway trail and Crystal Bridges Museum of American Art. It also include a separate mother-in-law suite or leasable apartment.

• Duplex Deal
Four duplex properties in Centerton’s Graystone subdivision recently sold for $779,000. The purchase equals $194,750 per unit.

Cornerstone LLC of Kansas, led by Tony K. Thomas, bought the properties on Graystone Circle. NWA Residential Holdings, led by Daniel W. Walker, was the seller. Hometown Bank N.A. in Neosho, Mo., provided financing.

The single-story buildings were built in 2005 on 0.2-acre lots and appraised this year for a combined $612,950.

• Artist Acquisition
A restored, turn-of-the-century home near downtown Bentonville has a new owner after a recent sale worth $675,000.

Troy Campbell and his wife, Michelle Harper, bought the 3,100-square-foot home on Southeast C Street, a block west of Austin-Baggett Park in the city’s Market District. The purchase price equals $217.74 per square foot. Danit and Maxfield Marquardt were the sellers.

Fayetteville-chartered Arvest Bank provided financing with a 30-year loan of $540,000.

The home was built in 1891. Marquardt bought the property in October 2012 for $200,000. Richard and Amy Prime were the sellers. Campbell will use the property as a second location of The House of Songs, an artist-in-residence program based in Austin, Texas.

• Lube Land
A Valvoline franchisee from Massachusetts has acquired a business in Rogers for $465,000. Bob Ladas, through his Ozark Lubes Realty LLC, acquired the Valvoline Instant Oil Change at 3501 W. Walnut St. Hudson & Associates Inc., led by Michael T. Hudson, was the seller. TD Bank N.A. provided financing.

The 1,992-square-foot building was built in 2003 and appraised in 2016 for $459,900. Hudson acquired the business in January 2007 for $468,000. Ashmore Stark Dental Depot LLC was the seller.
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Submit tips about lease activity, construction, transactions or upcoming projects valued at $500,000 or more to Paul Gatling at pgatling@nwabj.com. Please write ‘Real Deals’ in the subject line.

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