Real Deals: I-49 acreage in Lowell tips scales at $1.65 million

by Paul Gatling (pgatling@nwabj.com) 462 views 

Benton County acreage with Interstate 49 frontage changed ownership recently in two separate deals for a combined $1.65 million.

IDO Arkansas LLC of Tulsa, Okla., led by Robert D. Stephens, bought two parcels totaling 18.03 acres at 407 N. Goad Springs Road in Lowell, north of Metro Appliances & More. The purchase price equals $2.10 per square foot.

Directline Logistics LLC, led by Steven C. Barrett, sold 5.01 acres, and the estate of Edna Robbins sold 13.02 acres. Fayetteville-chartered Arvest Bank provided financing with a two-year mortgage of $1.40 million. Waco Title Co. of Springdale was the title agent.

Directline acquired its parcel in October 2011 for $202,333. The Bank of Fayetteville was the seller. IDO Arkansas is partnering with Sage Partners of Rogers to develop the site with multiple speculative buildings of industrial/flex space. Sage Partners is handling the leasing and marketing of the buildings and will also manage the properties. Sage Partners President Marshall Saviers said the site will likely have “three or four” buildings, and construction will begin early in 2018.

“What we are trying to do is have a place that will be appealing to [businesses] on the old Highway 71 corridor who want to be closer to the interstate and have a little more visibility, sort of like Metro Appliances,” he said. “The logic is that more folks will want to congregate there.”

• Commercial Lot
A commercial lot in uptown Fayetteville’s Steele Crossing development recently sold for $975,000.

Hawgeye LLC, led by Chad Betts, acquired the 2.05-acre lot on Steele Boulevard, situated between UARK Federal Credit Union and One Steele Plaza office building. The purchase price equals $10.92 per square foot.

Betts bought the land from five LLCs who organized a tenants in common partnership. They include Irwin Real Estate Investors LLC (13.73% interest), led by Jim Irwin, CMB Properties LLC (13.73%), led by Robyn Ziperski, CNRK LLC (25.91%), led by Cloud Knight Keys, Davis-Steele Plaza LLC (10.36%), led by John Davis, and LLEJ VII (36.27%), led by Leonard Boen.

First Security Bank in Fayetteville backed the deal with a one-year loan of $975,000. Waco Title Co. was the title agent. Betts is an ophthalmologist and the owner of McDonald Eye Associates in Fayetteville.

• Talamore Abode
A 6,680-square-foot home on 4.11 acres in Phase II of the Talamore subdivision west of Bentonville changed hands recently for $900,000.

Ross and Melissa DeVol bought the home on Talamore Boulevard from Patrick and Sara Travis. Fayetteville-chartered Arvest Bank provided financing with a 30-year loan of $810,000. Meza Harris with Lindsey & Associates in Rogers was the listing agent.

The two-story home has five bedrooms and was built in 2003. It appraised this year for $1 million. Travis bought the property in August 2006 from Cendant Mobility Financial Corp. for $1.32 million. Cendant bought the home in August 2006 from Forward Progress for $1.44 million. Forward Progress bought the home in April 2004 from Howard Lee for $1.35 million. Lee bought the lot in December 2003 from 3-Putz LLC for $76,000.

• Cottonwood Asset
A 5,040-square-foot office building in Phase II of the Cottonwood Village development in Bentonville has a new owner after a recent sale worth $863,000. The purchase price equals $171.23 per square foot.

ACD LLC, led by Donald and Amy Coenen, bought the single-story building at 2403 S.E. Cottonwood St., near the intersection of Southeast 22nd and Southeast J streets. Tar & Dok Development LLC, led by Tim Oelke, was the seller. Arvest Bank provided financing with a five-year mortgage of $729,000. City Title & Closing LLC of Fayetteville was the title agent.

The building was built last year by Oelke Construction of Springdale and appraised this year for $750,750. Tenants include Dye CPAs and Advisors (DCA PLLC), Allan Taylor & Co. and Primm Risk Solutions.

• Mount Sequoyah Sale
A 4,144-square foot residence on Mount Sequoyah in Fayetteville has a new owner after a recent sale worth $750,000. The purchase price equals $180.98 per square foot. David Rose bought the mid-century estate on North Williams Drive from the Whicker Revocable Trust, managed by Gary and Deborah Whicker.

Anthony Clark with Keller Williams Market Pro Realty in Fayetteville was the listing agent. Suzanne Hobbs with Crye-Leike Realtors was the selling agent. Waco Title Co. of Springdale was the title agent.

The home was built in 1965 and designed by Ernie Jacks. Whicker acquired the property in March 2004 for $465,000. Herschel and Barbara Sandefur were the sellers.

• Ridgewood Residence
A 3,562-square-foot residence in Cave Springs’ Ridgewood subdivision recently sold for $594,425. The purchase price equals $166.87 per square foot.

Walter and Judith Cox bought the four-bedroom home on Autumn Ridge Way from Hector and Diane Sanabria.

Fayetteville-chartered Arvest Bank provided financing with a 30-year loan of $419,000. Waco Title Co. of Springdale was the title agent. The home was built in 2008 and appraised this year for $456,700. Sanabria paid $65,000 for the 0.68-acre lot in July 2006.

• Old Missouri Purchase
A bank-owned commercial building in Springdale recently sold for $512,500.

265 Business Park LLC, registered to Fayetteville attorney Jeb Joyce, bought the 6,883-square-foot building at 2013 N. Old Missouri Road. Fayetteville-chartered Arvest Bank was the seller. Paragould-based First National Bank provided financing.

The 8.03-acre property had been bank-owned since April. Raymond and Sarah Berryman were the previous owners. The single-story building was built in 2000, and is 80% warehouse and 20% office space. Joyce said the buyers are investors making a speculative purchase, with no set development plans in place.

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