Real Deals: Logan’s Roadhouse sold to Larry Crain for $2.8 million

by Paul Gatling (pgatling@nwabj.com) 747 views 

A 6,505-square-foot commercial building in Rogers’ Scottsdale Center development recently sold for $2.8 million. The purchase price equals $430.43 per square foot.

Crain Investments LP, led by Little Rock businessman Larry Crain, bought the single-story building at 530 N. 47th St. 2 Combs Enterprises Inc. of Missouri, led by Kendal Combs, was the seller. City Title & Closing LLC of Fayetteville was the title agent.

The building’s tenant, Logan’s Roadhouse, has 15 years left on its triple net lease term. The property has a cap rate of 6.49%. The single-story building was built in 2012 by Great South Construction Co. of Pelham, Ala., and appraised in 2016 for $1.65 million.

2 Combs bought the property in January 2015 for $2.92 million. National Retail Properties LP, a real estate management company based in Orlando, Florida, was the seller. National Retail Properties bought the 1.89-acre lot and vacant building, formerly Oscar’s Steakhouse, in September 2011 for $900,000. The building was demolished to make way for the new structure.

Holmes & Day Properties LLC of Tennessee, led by Dennis Day and Paul Holmes, was the previous owner of the property.

• Lowell Acquisition
A 5-acre commercial development along U.S. Highway 71 Business (North Bloomington Street) in Lowell recently sold for $2.2 million.

La Plaza Storage LLC, managed by William Wes Shelton, acquired the LA Plaza development at 320-326 N. Bloomington St. David and Jan Mabry were the sellers. Fayetteville-based Signature Bank of Arkansas backed the deal with a five-year mortgage of $1.2 million. Barry Graves with Weichert, Realtors —The Griffin Co. in Springdale was the listing agent.

The property includes a 106-unit mini-storage facility and a 28,000-square-foot office/retail center. The storage facility and multi-tenant office/retail center were both at 100% occupancy at the time of the sale.

• Centerton Sale-Leaseback
A new commercial development in Centerton has drawn investment dollars from California in a sale-leaseback deal worth $2 million.

Jaylene Moseley (35%) and Prism Realty Corp. (65%), as tenants-in-common, have acquired a 2,268-square-foot building at 1775 E. Centerton Blvd. K-MAC Enterprises of Fort Smith was the seller.

Taco Bell, which opened this past summer, is the building tenant. K-MAC, one of the largest Taco Bell franchisees in the country, has signed an initial lease term through 2042. K-MAC acquired the land (0.65 acres) in November 2016 for $450,000. The purchase price equaled $15.89 per square foot. Greenhouse Holdings LLC was the seller.

• Postal Property
Ownership of a building in Bella Vista leased to the U.S. Postal Service changed hands in a deal worth $1.37 million. McVest LLC, registered to P. Carolyn McCrary, bought the 2.21-acre property at 1750 Forest Hills Blvd. Cooper Realty Investments Inc. of Rogers was the seller.

The post office will continue to operate as usual. Cooper Realty had been leasing the 6,660-square-foot building to the USPS since September 1996. The USPS has about 25,000 leased spaces throughout the country.

Atlanta Postal Credit Union in Georgia backed McVest’s acquisition with a 10-year loan of $895,000. First National Title Co. in Bentonville was the title agent.
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Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at pgatling@nwabj.com. Please write “Real Deals” in the subject line.

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