Real Deals: Centerton land sold for 199-unit multifamily development

by Paul Gatling (pgatling@nwabj.com) 928 views 

Tennessee developer Vita Residential, led by president and CEO Steve Sisson, has picked up a 32-year mortgage of $21.78 million from Walker and Dunlop, a Maryland-based commercial real estate finance firm.

The funding agreement is tied to a 14.09-acre commercial lot at the southwest corner of Arkansas Highways 102 and 279 in Centerton. Vita paid $1.22 million ($2 per square foot) for the land in December. Centrex LLC, managed by Ramsay Ball and Kent Starr, was the seller. City Title & Closing LLC of Fayetteville was the title agent.

Vita’s development plans for the property include a 199-unit multifamily project called Center Pointe West. Bacar Constructors of Nashville, Tenn., is the general contractor, and construction will begin in the first quarter of 2018.

Class A Asset
The sale of a Class A office building in Bentonville tipped the scales at $8.85 million. The purchase price equals $287.06 per square foot.

An investment group assembled by National Asset Services of Los Angeles bought the 30,829-square-foot building at 2200 S.E. 28th St. Crossmar Vista 21 LLC, managed by Christopher Crossland, was the seller. Brian Shaw and Matt Imhoff with Sage Partners in Rogers brokered the sale.

The two-story building is triple-net leased to Clorox. The 10-year lease began Nov. 1, 2016.

Hotel Activity
A hospitality developer in Idaho plans to add to its holdings in Fayetteville after a recent land acquisition worth $1.5 million.

B&T Hospitality Management Inc. of Idaho Falls paid $4.75 per square foot for a 7.25-acre lot in the CMN Business Park II addition, just west of the intersection of Van Asche Drive and Mall Avenue. Samuel J. Pak, through his JJSJ Pak LLC, was the seller. Pak paid $1 million for the land in March 2015

B&T owns the four-story, 72,242-square-foot Courtyard by Marriott Fayetteville nearby at 600 Van Asche Drive. It acquired the 114-room property in December 2013 for $13.48 million.

Church Sale
A commercial sale of a former church property in Bentonville has been completed for $1.5 million.

Tulip Properties LLC, led by Shamsul Alam, bought the 5.82-acre property at 404 S.W. Regional Airport Blvd. The property is just east of the I Street intersection. Word of Life Fellowship Inc. was the seller. Arvest Bank of Fayetteville provided financing with a five-year loan of $1.5 million. City Title & Closing LLC of Fayetteville was the title agent. The District III team with Weichert, Realtors — The Griffin Co. in Bentonville was the listing agent.

The property includes a 7,000-square-foot building and a 3,000-square-foot building. The previous tenant was a church that had an active lease. The church tenant relocated to another building.

Section 8 Sale
A Section 8 (rental assistance) housing development in south Fayetteville has been sold for $1.45 million.

Emres Arkansas LLC, an entity controlled by Emet Capital Management of New York, acquired the 88-unit Southmont Apartments at 1101 S. Curtis Ave. The purchase price equals $16,477 per unit. Yaeger Architecture Inc. of Overland Park, Kan., was the seller.

The 11-building complex was built in 1975 and includes 16 one-bedroom units, 48 two-bedroom units and 24 three-bedroom units. Yaeger paid $3.22 million for the 6.6-acre development in October 2015.

Wilson Park Abode
A 4,592-square-foot custom home near Wilson Park in Fayetteville recently sold for the first time for $1.22 million. The purchase price equals $266.77 per square foot.

The Debra A. Sellers Revocable Trust bought the four-bedroom home on West Prospect Street. Park and Prospect LLC, managed by David Russell, was the seller. Waco Title Co. of Springdale was the title agent.

The home was built this year and was listed for $1.36 million by Phil Crabtree and Clay Morton with Collier & Associates of Fayetteville. The District III team with Weichert, Realtors — The Griffin Co. in Bentonville was the listing agent. Park and Prospect bought the 0.34-acre lot in June 2016 for $200,000.

DQ Deal
A $975,000 land sale at 2069 N. Crossover Road in east Fayetteville is kicking off a new retail development.

CT PM LLC, led by Dairy Queen franchisee Tom Smith of Lowell, paid $12.65 per square foot for 1.77 acres just north of the Mission and Crossover intersection. Lyndy Lindsey and Kathy Ball, through their Kantz Center LLC, were the sellers. Zack Kifer with Moses Tucker Real Estate in Fayetteville represented the buyer.

After a lot split, Smith plans to develop a Dairy Queen restaurant on the north lot. On the south lot, a 5,000-square-foot retail building will be built, with Northwest Arkansas-based Bolder Coffee — which is owned by Smith — taking 2,300 square feet. The remaining space is available for lease, Kifer said.

Both projects are expected to be complete by next summer.

Investment Drive Land
A commercial lot in Fayetteville just off Van Asche Drive has a new owner after a $736,134 sale.

Investment Drive Plaza LLC, led by Jeff Kemp, bought the 1.70-acre lot at 3732 N. Investment Drive. The purchase price equals $9.94 per square foot. Steele Crossing Investment III LLC, managed by Leonard Boen, was the seller. First State Bank in Russellville provided financing with a $1.47 million loan. Waco Title Co. of Springdale was the title agent.

Kemp is a broker with Commercial Realty LLC in Fayetteville. Development plans for the property include a 7,400-square-foot building. Commercial Realty will occupy half the building, with the remaining space available for lease. The building should be completed in the second quarter of 2018.
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Editor’s note: 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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