Real Deals: P&G-occupied building in Fayetteville sells for $12.2 million

by Paul Gatling (pgatling@nwabj.com) 803 views 

A 61,017-square-foot office building in Fayetteville recently sold for $12.2 million. The purchase price equals $199.94 per square foot.

Cole PG Fayetteville AR LLC, managed by Phoenix-based real estate investment trust Vereit Inc., bought the two-story, Class A office building at 1303 E. Joyce Blvd. TRT 1303 Joyce Blvd LLC, a Delaware-registered entity, was the seller. Holliday Fenoglio Fowler listed and sold the property on behalf of the seller.

The 8.26-acre development is triple-net leased to Procter & Gamble Distributing LLC, a wholly owned subsidiary of Procter & Gamble. The building was a build-to-suit project for P&G in 2007 and was designed specifically to support distribution and logistics for P&G’s $10 billion account with Walmart.

The tenant recently extended its lease for an additional 10 years, through August 2027.

Fayetteville Land
RLP Holdings LLC of Bentonville, led by homebuilder Russ Plumley, has picked up a two-year mortgage of $2.47 million from The First National Bank of Fort Smith.

The funding agreement is tied to a 12.5-acre site in Fayettevile on West Moore Lane, east of Deane Solomon Road. RLP paid $455,773 ($0.84 per square foot) for the land in April. Fowler Foods Inc. of Jonesboro, led by Wallace Fowler, was the seller.

Bank Buy
A Fayetteville bank branch changed hands recently for $2.27 million. Lonoke-based First State Bank acquired the 5,428-square-foot building at 2125 E. Joyce Blvd. 700 Jones Road LLC, managed by John H. Duke III and David Estes, was the seller. City Title & Closing LLC was the title agent. First State Bank is the building tenant.

Jones Road paid $1.6 million for the 0.95-acre commercial development in April 2009.

Self-Storage Sale
A 28,000-square-foot commercial property in Springdale has a new owner after a recent sale worth $1.4 million. The purchase price equals $50 per square foot.

Royal Real Estate Holdings LLC, led by Tyler Royal, bought a self-storage facility at 1711 Ford Ave. Royal is a Realtor with Prime Real Estate & Development in Fayetteville. Robert Hensley was the seller. The First National Bank of Fort Smith provided financing with a five-year loan of $1.05 million. Kings River Title in Fayetteville was the title agent.

The 1.93-acre property was built in 2004. It includes four buildings with six storage units per building. Hensley paid $1.3 million for the property in October 2008. James and Joy Mathias were the sellers.

North College Commercial
Two vacant commercial buildings totaling 12,550 square feet in Fayetteville recently sold for $990,000. The purchase price equals $78.88 per square foot.

Bob and Cheryl Hopmann bought the 1.69-acre property at 2333-2341 N. College Ave. McIlroy Investments LTD, led by Hayden McIlroy, was the seller. The Bank of Fayetteville partially funded the deal with a three-year loan of $155,000. Alan Cole with Colliers International in Rogers was the listing agent and represented the seller. Realty Title & Closing Services LLC in Rogers was the title agent.

The empty retail building is 10,150 square feet. Duck Club Gallery and C&E Lock & Safe were recent tenants. The former convenience store building is 2,400 square feet.

Blessings Residence
A 5,233-square-foot residence in Phase III of the gated Blessings neighborhood in Johnson changed hands recently for $825,000. The purchase price equals $157.65 per square foot.

Jason and Jennifer Shaw bought the home from Randal and Elizabeth Scholma. Waco Title Co. of Springdale was the title agent. Angela Kestner of Coldwell Banker Harris McHaney Faucette of Fayetteville was the listing agent.

The home was built in 2011 and appraised recently for $718,750. Scholma paid $650,000 for the three-story home in June 2012.

Cedar Ridge Sale
A 32-acre event venue just west of Bentonville on Arkansas Highway 72 changed hands for $600,000.

Cedaridge Conference Center LLC, owned by Scott James of Fort Smith, sold the Cedar Ridge Event Center at 10889 Highway 72 West in Centerton. JMDH LLC, which includes James, Nick and Samantha Daniels and Joey and Stacy Marrone, are the new owners. Arvest Bank provided financing with a five-year loan of $704,000.

Daniels and Marrone are the owners of an event and wedding venue in Mulberry called the Kindred Barn. It was established in 2016. After a renovation, JMDH will reopen the Cedar Ridge property as a sister venue to Kindred Barn, called Kindred North.

Lease Activity
Main Street Crossings, a new retail center at the intersection of Highway 102 and Main Street in Bentonville, has leased its first tenants, fast-casual restaurant chains Freshii and Which Wich.

Freshii signed a lease March 22 for 1,200 square feet and plans to open June 1. It’s the company’s first Arkansas location. Darryl Napolitano with Colliers International in Rogers represented the tenant.

Which Wich will relocate its existing Bentonville location to a 1,875-square-foot space in Main Street Crossings. The new location also has a drive-through window. Alan Cole with Colliers International in Rogers represented the tenant. Lease terms and rates were not disclosed.

Main Street Crossings is owned by Sitton Group of Rogers. Randy Crossno with NAI Capstone of Rogers represented the building owner in the lease agreements.

Lease Activity II
A new 7,650-square-foot retail center in Bentonville is now fully leased.

The Shoppes at Uptown Village is at 3316 S.W. I St., adjacent to a Walmart Neighborhood Market. It features two national franchises new to Arkansas — Jersey Mike’s Subs (1,563 square feet) and Earthwise Pet Supply (3,011 square feet). Other tenants are Bloom Flowers and Gifts (1,602 square feet) and Luminous Nail & Spa (1,444 square feet). Each lease term is for five years, with rates for the first year between $20.50 and $22 per square foot. Bloom is already open. The other businesses will open later this year.

Matt Strom with Flake & Kelley Commercial in Springdale was the leasing agent. The building was built by Clinard Construction and designed by Burris Architecture, both of Bentonville. Heath Nicholas and Russ Dietz, through their Nicholas Dietz Holdings LLC, is the property owner.
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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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