Real Deals: Crossland building $12 million layout center for Sam’s Club

Kansas-based Crossland Construction recently paid the city of Bentonville for a commercial building permit valued at $12.01 million.

The permit is being used to build a 140,000-square-foot building on a 10-acre site at 2400 S.E. S St., directly across from Sam’s Club headquarters. Sam’s West Inc., doing business as Sam’s Club, the warehouse club division of Walmart Inc., is the property owner. The company received approval for the project from the Bentonville Planning Commission in December.

The building will be used as a new layout center, replacing the existing 130,000-square-foot layout center in Springdale, inside a former Sam’s Club store at 2008 S. Thompson St. Nielsen Architecture of Bentonville is the project architect.

Walmart purchased the land in December 2011 for $2.1 million. A limited liability company led by Ivan E. Crossland Jr. and John Lawrence was the previous owner.

Parkway Property
A 42,784-square-foot office building in the Pinnacle Hills area of Rogers tipped the scales at $10.42 million. The purchase price equals $243.66 per square foot.

In a 1031 Exchange deal, a group of limited liability companies led by T.J. Lefler, Johnelle Hunt, Les Baledge and Andy Burnett acquired the three-story building at 3350 S. Pinnacle Hills Parkway.

The seller was a partnership that included The Infinity Group, a privately owned investment holding company in New York City, and local developer Dean Eisma. City Title & Closing of Fayetteville was the title agent. Citizens Bank of Batesville provided financing.

The buyers’ representatives were Lefler and Tom Allen of Rogers commercial real estate services firm Sage Partners, which will manage the property. Marshall Saviers, also with Sage Partners, represented the sellers.

The multitenant office building is 100% occupied. Tenants include Citizens Bank, Friday, Eldredge & Clark, Cameron Smith & Associates, Pabst Brewing Co., and Reckitt Benckiser.

Cadence Claim
A 15,293-square-foot commercial building east of the Pleasant Grove Road exit off Interstate 49 in Rogers recently changed hands for $3.96 million.

Wilmot Investments, a Nebraska limited liability company managed by Keith Wilmot, bought the single-story building at 3978 S. Concord St. The purchase price equals $259.27 per square foot. Orion Capital Partners, a development firm in Little Rock, was the seller. Great Lakes Credit Union of Illinois helped finance the deal with a 10-year loan of $2.66 million.

Cadence Education LLC, an Arizona-based early childhood education company, will continue to lease the building. It was built on 2.5 acres in 2014 by Little Rock-based Bailey Construction. Cadence Academy Preschool opened March 14, 2016.

Car Wash Funding
ARSPR Butterfield LLC, led by Christian Baldwin, has picked up a one-year construction loan of $2.12 million from Danville-based Chambers Bank.

The mortgage is tied to a 1.46-acre lot in the Butterfield Coach Retail Park commercial subdivision on East Robinson Avenue (U.S. Highway 412) in Springdale, just east of the Butterfield Coach Road intersection.

ARSPR paid $700,000 for the property, a purchase price of $11 per square foot. Butterfield Development Group LLC, managed by Charles G. Palmer, was the seller.
Baldwin and Scott McLain are the owners of Fayetteville commercial real estate firm The McLain Group.

Development plans for the property include construction of a new car wash for Oklahoma-based Speedy Splash Car Wash. The company already has three washes in Fayetteville and one in Bentonville. Another Springdale location is under construction just off the Elm Springs Road exit on Interstate 49.

Summersby Sale
A 7,068-square-foot custom home in Fayetteville’s Summersby subdivision has a new owner after a sale worth $1.2 million. The purchase price equals $169.77 per square foot.

Hunter and Jennifer Yurachek bought the four-bedroom home on North Montview Drive from Charles M. Russell. Searcy-based First Security Bank provided financing with a five-year loan of $1.08 million. Realty Title & Closing Services of Rogers was the title agent.

Melanie Gabel with Fayetteville-based Lindsey & Associates had the property at $1.32 million. Martha Haguewood with Lindsey & Associates was the selling agent. The home was built in 2009 and features an in-ground gunite pool and 1,500 square feet of outdoor living space. Russell paid $131,000 for the 1-acre lot in 2008.

Waffle House Development
A restaurant chain known for its breakfast fare and 24-hour, 365-days-a-year service purchased land for a store along Highway 102 in Centerton.

Georgia-based Waffle House paid $320,000 for a 0.71-acre site at 960 E. Centerton Blvd. (Highway 102). The purchase price equals $10.34 per square foot. The property is just west of the intersection of Highway 102 and Berkshire Road. Sarah Sparks Diebold and her brother, William Sparks, were the sellers, through their 3 States LLC.

Jordan Jeter with Flake & Kelley Commercial in Springdale brokered the deal. 3 States LLC paid $1.55 million ($4.80 per square foot) in June 2017 for seven commercial lots totaling 7.41 acres along Highway 102.

Pat Warner, Waffle House’s director of public relations, said construction should begin in July with an opening “hopefully” in early fall. The restaurant will be about 1,600 square feet and have seating for 38 customers.
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Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write “Real Deals” in the subject line.