Real Deals: Bentonville hotel near I-49 changes hands for $11 million

by Paul Gatling (pgatling@nwabj.com) 1,396 views 

A 90-room hotel near the intersection of Interstate 49 and Highway 72 in Bentonville is under new ownership after an $11 million sale. The purchase price equals $122,222 per unit.

SMC Hotels Group of Louisiana, through its NWA Hotel Opportunity LLC, acquired the Courtyard by Marriott at 1001 McClain Road, next to the River Grille Steakhouse. Iowa-based Hawkeye Hotels led by Ravi Patel, was the seller. Goldman Sachs Mortgage Co. of New York provided financing with a $9.2 million loan.

The 2.49-acre development appraised earlier this year for $6.04 million. The three-story hotel was constructed in 1996 and contains 49,077 square feet. Wally Hospitality bought the property out of receivership in November 2011 for $4.6 million. Lodgian Inc. of Atlanta was the previous owner.

Joyce Plaza Deal
A 33,882-square-foot Fayetteville retail center has a new owner after a recent sale worth $4 million. The purchase price equals $118.06 per square foot.

Joyce Plaza Fayetteville LLC, led by An Wei Feng, bought the single-story Joyce Plaza development at 32 W. Joyce Blvd. Zheng Lin LLC, led by Ethan Lin, was the seller. Arvest Bank of Fayetteville provided financing with a five-year, $3.2 million mortgage. Waco Title Co. of Springdale was the title agent.

Zheng Lin paid $3.69 million ($111.87 per square foot) for the 3.77-acre property in April 2017. Party City is a primary tenant of the Class B building, which also includes Fuzzy’s Taco Shop and Mr. Tux.

Interstate Acreage
A 10-acre property along the southbound lane of Interstate 49 in Rogers just north of the Pleasant Grove Road exit recently sold in an all-cash deal for $2.5 million. The purchase price equals $5.74 per square foot.

S. 28th Street LLC, an Oklahoma group representing a separate end user, bought the land in the Southern Hills Business Park. Ken Nguyen of Springdale, through his JK Properties of NWA LLC, was the seller. Waco Title Co. of Springdale was the title agent.
Susan Gleghorn with NAI Capstone in Rogers was the listing agent.

Nguyen paid $1.23 million for a 21-acre tract ($1.34 per square foot) in December 2015. It was foreclosed upon by Great Southern Bank in December 2010. The land previously belonged to developer Bill Schwyhart, who acquired the property in 2007 from Arthur Osowski for $6.05 million.

Rural Acreage
A 78-acre parcel in rural Benton County west of Bentonville changed hands recently for $1.45 million. The purchase price equals 43 cents per square foot.

TB Walnut Grove Properties LLC, registered to Little Rock attorney Mark Riable, bought the land from DEB Farm Adventures Inc., led by Jeffrey Kuhlman. The property is situated at the northeast corner of Barron and Piercy roads, west of the High Meadows subdivision. The land is zoned R-1 (Residential). PCI Advance Title LLC in Rogers was the title agent.

Faith, Hope & Grace Properties LLC of Cave Springs, led by Mark Snyder, is listed as the property developer, and has submitted a subdivision plat that includes five phases and 342 single-family lots.

OREO Unloaded
Danville-based Chambers Bank lightened its OREO portfolio recently by selling 8.34 acres west of Interstate 49 in Springdale for $1.1 million.

Sprout Holdings LLC, controlled by Orchard Properties of Fayetteville, bought the six lots in phases I and II of the Westlake Village addition, just north of the intersection of Jones Road and U.S. Highway 412. The purchase price equals $3.03 per square foot. City Title & Closing LLC of Fayetteville was the title agent.

The land is in close proximity to Towne Park at Har-Ber, a multifamily development owned by Orchard Properties.

Glen Arbor Grab
A Bentonville home builder recently purchased 18.5 acres in Benton County for $830,457. The purchase price equals $1.03 per square foot.

GlenArborPRD LLC, managed by Bill Burckart, president of Burckart Construction Inc., bought the land at the corner of Featherston and Glen roads in Bentonville. Martin Elzey was the seller. Waco Title Co. of Springdale was the title agent and The First National Bank of Fort Smith provided financing with a three-month loan of $705,000.

DDB Deal
Three parcels totaling 15.7 acres along the southbound lanes of Interstate 49 in Fayetteville has changed hands for $675,000. The purchase price equals 99 cents per square foot.

DDB Investments LLC, managed by Brad Smith, bought the undeveloped land from Missouri-based Great Southern Bank. The property is situated south of North Shiloh Drive. Generations Bank in Rogers provided financing with a loan of $573,750. Waco Title Co. of Springdale was the title agent.

Smith is owner and CEO of Kimbel Mechanical Systems, which relocated from Springdale to a new building nearby at 1936 N. Shiloh Drive, a building once occupied by e-commerce company Acumen Brands.

Buffington Buy
A 1.28-acre commercial lot in the Millennium Place commercial subdivision on Joyce Boulevard in Fayetteville has a new owner after a sale worth $650,000.

Fayetteville homebuilder Buffington Homes of Arkansas, led by Clay Carlton and Mike Lamberth, paid $11.66 per square foot for the land. Gary Head and Kirk Elsass, through their Millennium LLC, were the sellers. Arvest Bank of Fayetteville provided financing with a 15-year loan of $1.35 million.

The lot sits adjacent to Buffington Homes’ headquarters and design center. Carlton said the property will be used primarily for parking, with possible commercial development in the future.
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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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