Real Deals: $14 million nets 873 acres for Simmons Foods complex (Correction)

by Paul Gatling (pgatling@nwabj.com) 795 views 

Editor’s Note: This story has been corrected to note that Simmons Foods paid $14 million for 873 acres of land along with 475,000 square feet of poultry barns and two residential homes. Talk Business & Politics sincerely apologizes for the error.

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A land acquisition totaling 873 acres in western Benton County tipped the scales at $14 million.

Siloam Springs-based Simmons Foods bought the property, situated approximately 2 miles north of Gentry on Arkansas Highway 59. Gum Springs LLC, managed by Johnny Ray Williams, was the seller. The deal also included 475,000 square feet of poultry houses and two residential houses.

Simmons Foods is planning to develop the land for a $300 million poultry processing complex that is expected to add 1,500 jobs. The plant will be an estimated 315,000 square feet. The complex for Simmons Prepared Foods, a Simmons Foods subsidiary, is designed to provide chicken for retailers and restaurants with capacity to sell approximately 850 million pounds of poultry meat annually at full production. Simmons Prepared Foods is a farm to fork poultry producer.

Gum Springs paid $4.25 million for the land in November 2016. The Kuiper Family Trust was the seller.

Canyon View Claim
A California multifamily investor has added to its Arkansas real estate portfolio with an asset purchase in Fayetteville worth $2.65 million. The purchase price equals $36,805 per unit.

Canyon View Capital Inc. of Santa Cruz has acquired the 72-unit Wedington Place Senior Apartments, an affordable housing community at 3130 W. Telluride Drive. Wedington Place-Senior Apartments LLLP of Illinois was the seller. Legacy National Bank of Springdale provided funding for the deal with a $1.5 million mortgage.

The 71,678-square-foot property was built in 2002 on 3.83 acres. Canyon View also owns properties in Fayetteville, Fort Smith, Rogers, Conway, Searcy and Hot Springs.

MedExpress Movement
A 1.11-acre healthcare development in Bentonville recently sold in a sale-leaseback deal worth $2.05 million.

California-based Salient Properties, led by Justyn Winner, bought the 4,937-square-foot MedExpress Urgent Care facility at 1005 S.E. Walton Blvd. The facility opened Aug. 27, 2014. STORE Capital Corp. of Scottsdale, Ariz., through its Store Master Funding VII LLC, was the seller. Wells Fargo Bank provided financing with a 10-year, $897,000 mortgage.

STORE Capital acquired the building in October 2014 for $1.72 million. MedExpress, through its LQ3-Bentonville LLC, was the seller. MedExpress bought the 1.12-acre lot for $625,000 in April 2014. Williams & Dame Development of Oregon, through its CAP REO 1 LLC, was the seller. Williams & Dame acquired two lots totaling 3.2 acres for $211,000 in September 2010. ANB Venture LLC was the seller.

Clear Creek Residence
A 4,350-square-foot home in Phase II of the Clear Creek neighborhood of Johnson has a new owner after a sale worth $1.3 million. The purchase price equals $298.85 per square foot.

The CHAT Trust, led by trustees Amy Tu and Christian Hasenoehrl, acquired the Clear Creek Boulevard property from The SMC Revocable Trust, led by trustee Stephen Ray McClanahan.

Arvest Bank provided financing with a 15-year loan of $1.04 million. Waco Title Co. of Springdale was the title agent. The property was listed and sold by Mary Bassett, executive broker and owner of Bassett Mix & Associates of Fayetteville.

The home was built in 2007. McClanahan bought the 1-acre lot in January 2006 for $200,000.

Razorback Real Estate
A 27-unit motel in Rogers has changed hands for $945,000. The purchase price equals $35,000 per unit.

Rudra Hotels LLC, led by Ashok Desai, acquired the Razorback Inn at 2931 W. Walnut St. Devangsinh Parmar and Mayurl Rathod were the sellers. Muskogee, Okla.-based Armstrong Bank provided financing with a 20-year loan of $767,500. City Title & Closing LLC of Fayetteville was the title agent.

The 10,504-square-foot building is single-story and was built in 1997. It appraised in 2016 for $1.05 million. The property last changed hands in June 2008 for $900,000.

Downtown Deal
An historic property north of the downtown square in Bentonville changed hands recently for $750,000.

Moro Development Co. LLC, led by Jim Walton, acquired the 6,700-square-foot building ($52.17 per square foot) at 212 N. Main St. Arvest Bank was the seller. Waco Title Co. was the title agent.

The two-story building was built in 1911 to house the jail. It was in use until the late 1970s, according to the Bentonville History Museum, at which time a new jail was built behind the courthouse. Arvest Bank was deeded the property in 2010. It’s used for storage and as an administrative office for the museum.

Small Biz Sale
A Siloam Springs small business is under new ownership following a transaction worth $625,000.

Quality MD Properties LLC, led by Matt Dudley of Oklahoma, acquired the former Fagan’s Crossroads Outdoor Power, an outdoor equipment store, and changed the name to Right Choice Outdoor Products.

The price does not include the cost of the business, only the real estate at 1521 E. Main St., which includes two parcels totaling 2.36 acres and a 24,700-square-foot retail/warehouse building.

Lloyd and Barbara Fagan were the previous owners. They established the business in 1977 and recently retired. The business has been situated at the Main Street address since 2003, when Fagan bought the property for $478,000. BancFirst Corp. of Oklahoma provided financing with a $500,000 loan.

Dudley said Right Choice has nine employees.

Industrial Property
A 2.65-acre industrial property in Springdale changed hands for $500,000.

Summit Road Ventures LLC, led by John Charles Boyce Jr., bought the property at 287 W. County Line Road, east of U.S. Highway 71B. Kimrey Properties LLC, led by Harold Kimrey, was the seller.

The site includes a 15,710-square-foot warehouse built in 1990 with security gate.
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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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