Real Deals: Arizona REIT claims Red Lobster for $3.59 million

by Paul Gatling (pgatling@nwabj.com) 542 views 

A retail asset just east of Interstate 49 in Rogers has a new owner after a sale-leaseback deal worth $3.59 million.

NNN Properties LLC-1710 South 46th Street Series LLC of Missouri bought the 7,521-square-foot building at the same address. Arizona real estate investor Vereit Inc., through its ARCP RL Portfolio LLC, was the seller. Arvest Bank provided financing with a five-year loan of $2.7 million.

The single-story building was built in 2008 and appraised in 2017 for $2.3 million. The building is triple-net leased to Red Lobster, with an agreement in place through 2039. Vereit paid Darden Restaurants Inc. of Orlando, Fla., $2.72 million for the property in August 2014.

Dental Deal
A New Jersey REIT picked up a medical office asset in Rogers for $2.04 million.

Essential Properties Realty Trust, owner of a dozen properties in Arkansas, bought the 4,494-square-foot building at 2886 W. Walnut St. Professional Resource Development Inc. of Illinois was the seller. Citibank N.A. of New York provided financing.

The single-story building is leased to Family Dental Care of Rogers. Professional Resource Development paid $1.69 million for the property in April 2014.

Freddy’s Deal
A sale-leaseback deal involving a freestanding commercial building in Springdale was completed recently for $2.21 million.

Kevin and Traci Fuksa of Oklahoma and Because I Love Horses LLC bought the approximately 4,000-square-foot building at 6800 W. Sunset Ave. 3PRG Real Estate LLC, led by Jamie Rheem, was the seller. Rheem is president of 3 Pointe Restaurant Group LLC of Branson, Mo., and the Northwest Arkansas franchisee of Freddy’s Frozen Custards & Steakburgers, the building tenant.

Simmons Bank in Fayetteville provided financing with a 10-year, $1.14 million mortgage. City Title & Closing of Fayetteville was the title agent. Freddy’s acquired the land (3 acres) for the building in June 2016 for $1.56 million. NWA Holdings LLC, led by Blake Hanby, was the seller.

Freddy’s Deal II 
A sale-leaseback deal involving a freestanding commercial building in Fayetteville was completed recently for $2.03 million.

2002 White Family Trust of California, led by trustee Lynda White, bought the 3,675-square-foot building at 1049 N. Salem Road, at the intersection of Wedington Drive. 3PRG Real Estate LLC, led by Jamie Rheem, was the seller. Rheem is president of 3 Pointe Restaurant Group LLC of Branson, Mo., and the Northwest Arkansas franchisee of Freddy’s Frozen Custards & Steakburgers. Bear State Bank N.A. provided financing with a $1.15 million loan.

The single-story building was built in 2015 and is triple-net leased to Freddy’s. The property has a cap rate of 6.25%.

Stabil-Loc Sale
A 29,000-square-foot commercial building in Phase III of Springdale Industrial Park II came off the market recently in a sale worth $1.92 million. The purchase price equals $66.37 per square foot.

FPEC Corp., a Springdale equipment manufacturer for the poultry, beef, pork and processed foods industries, bought the building at 1948 Turnbow Ave. Stabil-Loc Holdings LLC, whose members include Steven and Lynn Patton, was the seller. Stabil-Loc Inc., a steel fabrication business, was the building tenant. Arvest Bank provided financing with a 20-year mortgage of $1.54 million. Waco Title Co. was the title agent.

Ginger DeMaris with Crye-Leike Realtors was the listing agent for the property. The two-story building was built in 2015. Stabil-Loc paid $130,350 for the land in March 2014.

DeMaris, a senior vice president with the company, said Stabil-Loc is vacating the building and relocating to Rogers. She said the company will be housed temporarily in a hangar at the Rogers Municipal Airport until its permanent headquarters is built.

Canterbury Claim
A 5,786-square-foot residence on 4.1 acres in east Fayetteville’s Fred Starr Estates neighborhood has a new owner after a sale worth $877,000.

Robert and Rachael Davenport bought the four-bedroom home on East Canterbury Circle from James and Sarah Madigan. Eagle Bank & Trust Co. of Little Rock backed the deal with a 20-year mortgage of $745,450. Waco Title Co. of Springdale was the title agent. Melanie Gabel with Lindsey & Associates of Fayetteville was the listing agent. The property last sold in July 2015 for $620,000.

Abbey Lane Abode
A 3,938-square-foot residence in the Abbey Lane subdivision in Goshen east of Fayetteville came off the market in a $625,000 deal.

Dustin and Laura Fry bought the 2-acre property on Abbey Lane from Darryl Spencer and April Gage. Arvest Bank of Fayetteville provided financing with a 30-year loan of $625,000. Lenders Title Co. in Fayetteville was the title agent. Spencer, a Realtor with Lindsey & Associates of Fayetteville, was the listing agent.

The four-bedroom home was built in 2013 by Riggins Construction of Fayetteville. Spencer and Gage paid $539,165 for the property in July 2014.

Casey’s Claim
Iowa-based Casey’s General Store is planning a new location in Fort Smith following a $625,000 land acquisition.

The company paid $14.34 per square foot for the 1.95-acre lot at 12003 Old Highway 71, near the Riley Park Drive intersection. Beau Harlan was the seller. Waco Title Co. of Springdale was the title agent. Harlan paid $210,000 for the land in January 2000.

A Casey’s spokesman said the company is planning to develop the site for a third Fort Smith location, with an opening later this fall. The company also has stores at 9102 Rogers Ave. and 8800 Jenny Lind Road. Casey’s has 43 stores in Arkansas and just over 2,000 stores in 16 states throughout the U.S.

Washington-Willow District
A 2,051-square-foot residence in the Washington-Willow Historic District of Fayetteville recently sold for $430,000. The purchase price equals $209.65 per square foot.

Fayetteville developer Mark Zweig, through his eponymous company, bought the two-story residence on North Willow Street. Zack and Kelsey Roth were the sellers. Waco Title Co. of Springdale was the title agent, and The Bank of Fayetteville provided financing with a one-year loan of $431,460.

Roth paid $368,000 for the property in July 2012. The home was built in 1895 and last renovated a decade ago. Zweig, who owns a residential property across North Willow Street, said he has plans for additional renovations to the property.
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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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