Real Deals: Arizona REIT buys Rogers retail asset for $8.41 million

A 59,748-square-foot retail building in Rogers recently sold for $8.41 million. The purchase price equals $140.84 per square foot.

Vereit Real Estate LP of Phoenix, managed by real estate investment trust Vereit Inc., bought the single-story building at 4325 S. Pleasant Crossing Blvd. PC-SGP LLC, managed by Matt Sitton, Triple T Properties LLC, managed by Timothy D. Mason, and John Michael Forbis were the sellers.

Burlington Coat Factory is the tenant of the 3.86-acre development, situated in the 300,000-square-foot Pleasant Crossing Commons shopping center, with an initial lease term that expires in 2030.

Multifamily Funding
A Rogers developer has picked up a five-year, $5.34 million funding agreement arranged through Rob Woods at Arvest Bank in Rogers.

The mortgage is backing development of a 50-unit multifamily property at 6584 S. Bellview Road in Rogers. Lawson-Mardis Investments Inc., led by Tommy Mardis, is the developer. The project is called Summer Ridge Townhomes and includes six five-plex buildings and five four-plex buildings.

Sagely Construction of Rogers is the builder, Burris Architecture of Bentonville is the architect and Swope Consulting of Rogers is the engineer. Johnny Johnson of Rogers is handling the dirt work. Lawson-Mardis Investments acquired the land, 8.15 acres, in September 2005 for $638,000, which equals $1.80 per square foot.

The project was approved by city planners March 6, and Mardis said the development should be completed in late August.

Duplex Deal
A multifamily portfolio of 27 duplexes in Siloam Springs has changed hands for $5.15 million.

CYARK Siloam LLC, managed by Elizabeth Young, bought the single-story homes in the Eastern Hills addition on Thompson Street, south of U.S. Highway 412. BEB Properties LLC, led by Brent Lacefield, was the seller. City Title & Closing LLC of Fayetteville was the title agent. United Bank of Springdale provided financing with a 10-year loan of $4.32 million.

Each building is approximately 2,500 square feet and each unit has three bedrooms. BEB paid $162,000 for the 27 lots, each about 0.25 acres, in December 2013. Robert and Francis Hensley were the sellers.

Northeast J Property
A 4.4-acre residential development near Crystal Bridges Museum of American Art in Bentonville has sold to a Walton-related entity for $2.75 million.

Dogwood Acres LLC bought the property and 4,667-square-foot residence on Northeast J Street, just north of First Presbyterian Church of Bentonville. Manuel and Priscilla Barnes sold the property. It’s adjacent to a 2,552-square-foot ranch-style home on 2.47 acres Dogwood Acres acquired in November 2016 for $1 million. Waco Title Co. was the title agent.

Dogwood Acres is a Delaware-registered company affiliated with Walton Enterprises LLC, the holding company owned by heirs of Walmart Inc. founder Sam Walton. Kiki McLean, a spokeswoman for the family, declined to comment on the deal. Barnes bought the land in 1991 for $34,000.

Mid-Cities Building
A 13,728-square-foot office building in Bentonville’s Mid-Cities Crossing addition recently sold for $1.32 million. The purchase price equals $96.51 per square foot.

Saturn Intelligence LTD, which lists Judy Lee as organizer, bought the single-story building at 1201 S.E. 30th St. Ironhead Enterprises LLC, led by John Robinson, was the seller. Waco Title Co. of Springdale was the title agent. Steve Fineberg & Associates of Bentonville was the listing agent.

The property includes 21 offices, two multipurpose rooms, break room, conference room and reception area. Ironhead bought the building in February 2014 for $800,000. Brass Eagle LLC was the seller.

Remington Place Sale
A 5,559-square-foot office building in Fayetteville’s Remington Place development north of Joyce Boulevard has a new owner after an $850,000 sale.

3KB Partnership, managed by Kathy Ball, acquired the single-story building at 4038 N. Remington Drive. Bob and Cheryl Hopmann were the sellers. Realty Title & Closing LLC of Rogers was the title agent.

The building was built in 1995. Hopmann bought the property in January 1997 for $665,000. The building is 100% occupied by two tenants.

Loch Lomond Residence
A 5,016-square-foot custom home on Loch Lomond Lake in Bella Vista’s Inverness subdivision has a new owner after a sale worth $850,000. The purchase price equals $169.45 per square foot.

Steven and Sandi Brown acquired the Daviot Lane property from the Wendell W. Reed Revocable Trust. Grand Savings Bank of Grove, Okla. provided financing with a 15-year, $453,000 mortgage. Waco Title Co. of Springdale was the title agent. Brenda Parker with RE/MAX Real Estate Results in Bentonville was the listing agent.

The three-bedroom home was built in 2009 and appraised in 2016 for $665,200. Reed bought the land (0.50 acres) in May 2008 for $235,000.

Office Construction
Boen-Kemp Construction of Fayetteville, led by Eric Boen and Jeff Kemp, recently paid the city of Fayetteville for a building permit valued at $767,886.

The permit is being used to build a 7,400-square-foot building at 3680 N. Investment Drive in Fayetteville.

Investment Drive Plaza LLC, led by Kemp, is the developer. Kemp bought the 1.70-acre lot in December for $736,124. The purchase price equals $9.94 per square foot. Steele Crossing Investment III LLC, managed by Leonard Boen, was the seller. Kemp is also principal broker of commercial real estate and development firm Commercial Realty LLC, which will relocate its Fayetteville office and occupy half the building. The remaining space will be available for lease.

The building should be completed in the second quarter of 2018.

Kinco Claim
A Springdale commercial building is now tenant-owned after a $500,000 sale.

Little Rock-based contractor Kinco Constructors bought the 4,800-square-foot building at 3803 Kelley Ave. Kinco’s Springdale office is the building tenant. ACG Properties LLC, which lists Curtis Arnold as authorized agent, was the seller. Regions Bank in Little Rock provided financing with a 10-year, $400,000 mortgage.

Myers Ranch Land
A 1.40-acre commercial lot in the Myers Ranch addition of Rogers recently sold for $385,000. The purchase price equals $6.42 per square foot.

R Squared Commercial LLC, led by Inggit and Mini Rianto, bought the lot at 301 S. Dodson Road, south of Walmart Pickup Grocery.

CJ Land Investments LLC, managed by Carroll Myer, was the seller. City Title & Closing LLC of Fayetteville was the title agent. Jeff Pederson with Lindsey & Associates represented the buyer. Jacci Perry with Simplicity Real Estate Solutions represented the seller.

The buyer has filed a large-scale development plan for the property called R Squared Commercial Center, which includes a 4,650-square-foot building.
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