Real Deals: Three acquisitions in downtown Bentonville total $9.23 million

by Paul Gatling (pgatling@nwabj.com) 1,751 views 

A trio of eponymous limited liability companies (LLC) completed property acquisitions in downtown Bentonville last month for a combined $9.23 million.

One LLC, 1002 and 1010 SE C, bought two parcels totaling 4.38 acres at the southwest corner of Southeast 10th and Southeast C streets for $5.37 million. It is adjacent to the 30-acre campus of Thaden School, a Walton Family Foundation-supported private school for middle and high school students that opened in temporary classroom space last year. The campus’ main buildings are under construction on a 14.8-acre site north of the 1002 and 1010 SE C site.

A second LLC, 202 SE 2nd and 203 SE A, paid $1.81 million for two lots totaling 1.08 acres at the southeast corner of Southeast Second and A streets next to Haxton Road Studios. A third LLC, 211, 213, 215 NW A, paid $2.05 million for three lots totaling 1.26 acres on Northwest A Street west of the three-story Midtown Center, developed by the Walton family holding company, Walton Enterprises. The three LLCs are all registered in Delaware.

The Sanders family of Bentonville, owner of a commercial and residential property management firm called Sanders Properties, was the seller in all three deals. Waco Title Co. of Springdale was the title agent.

Rod Sanders, a family spokesman, said the new owner is a “developer who is interested in downtown Bentonville.” Sanders said properties involved in the three deals contain a combined 52 rental units, all of them occupied.

Capital Assets Claim
An Oklahoma apartment ownership and management company recently acquired a downtown Bentonville property for $8.25 million.

Capital Assets Inc. of Tulsa bought the 50,644-square-foot Thrive Bentonville mixed-use development at 401 S.W. A St. The purchase price equals $162.90 per square foot. A limited liability company owned by Rogers firm ERC Companies, led by Rob Coleman, was the seller. Missouri-based Great Southern Bank provided financing with a five-year loan of $6.56 million.

Construction of the three-story building was completed in 2015. The 0.7-acre development has 62 one- and two-bedroom residential units and two commercial tenants on the ground floor — Bentonville Baking Co. and The Nines. The building is 94% occupied.

Class A Sale
A 23,882-square-foot commercial building in Bentonville has a new owner after a sale worth $2.6 million. The purchase price equals $108.86 per square foot.

A limited liability company owned by Rogers developer Matt Sitton purchased the vacant Class A office building at the northwest corner of the Highway 102/Southwest I Street intersection. An LLC controlled by Johnelle Hunt, chairman of Hunt Ventures, was the seller.

Legacy National Bank of Springdale provided financing with a five-year loan of $2.12 million. Tom Allen with Sage Partners in Rogers was the listing agent. City Title & Closing of Fayetteville was the title agent.

The two-story building was built in 2002 and formerly housed vendor offices for Newell Rubbermaid.

Habberton Land
A large commercial tract measuring 151.37 acres in Springdale has changed hands for $1.8 million. The purchase price equals 27 cents per square foot.

A limited liability company owned by Robert Norman and Duane Rhodes bought the property on Habberton Road, near the Springdale/Fayetteville border. Curtis Griggs and Berline Kings were the sellers.

Armstrong Bank in Springdale backed the deal with an 18-month mortgage of $1.65 million. Liberty Title & Escrow in Fayetteville was the title agent. Daniel Hawes with Landmark Real Estate & Investment in Fayetteville represented both buyer and seller.

The owners plan to split the property into multiple tracts.

Retail Sale
A 3.63-acre commercial retail center in Bella Vista has a new owner after a recent sale worth $1.71 million.

A limited liability company managed by Aaron Burkes, John Moore and Justin Moore bought the 24,335-square-foot Highlander Plaza at 1701-1739 Forest Hills Blvd. The purchase price for the two buildings equals $70.27 per square foot. Rod Dennett, through his Den-Fred Enterprises, was the seller. First Western Bank in Rogers provided financing with a seven-year, $1.45 million mortgage. City Title & Closing of Fayetteville was the title agent.

Sandy Bates with Coldwell Banker Harris McHaney Faucette in Bentonville was the listing agent. Daniel Hawes with Landmark Real Estate & Investment in Fayetteville was the selling agent.

The two buildings were built in 2006 and are approximately 85% occupied by multiple long-term tenants including El Pueblito Mexican Restaurant, Edward Jones, Audrey’s Home of Hope and Bella Vista Beauty Salon.

Riverwood Purchase
A Fayetteville home builder has purchased 62.5 acres in Centerton for $1.4 million. The purchase price equals 52 cents per square foot.

Riverwood Homes, led by Mark Marquess, bought the land at the northeast corner of the intersection of Kimmel and Womack roads, south of Arkansas Highway 102. A limited liability company managed by Johnelle Hunt was the seller. Springdale-based United Bank backed the deal with a one-year loan of $1.40 million. City Title & Closing of Fayetteville was the title agent.

Bridgewater Buy
A 6,122-square-foot estate home in east Fayetteville’s Bridgewater Estates neighborhood changed hands in a $945,000 deal.

William and Candace Thurman bought the 7.5-acre residence on East Bridgewater Lane. Don Elliott Jr. and his wife, Mona, were the sellers. CrossFirst Bank in Leawood, Kan., provided financing with a 15-year loan of $756,000. Waco Title Co. of Springdale was the title agent. Bassett Mix & Associates of Fayetteville was the listing agency.

Elliott bought the land in February 1991 for $93,000, which equaled 28 cents per square foot. The four-bedroom home was built in 1993 and remodeled in 2007.

Downtown Condo
A 2,314-square-foot condominium in downtown Fayetteville’s three-story, 24,000-square-foot Campbell-Bell building recently sold for $925,000. The purchase price equals $399.74 per square foot.

Rod Damon bought the unit on South Block Street. Tim and Carla Spainhour were the sellers. Searcy-chartered First Security Bank provided financing. City Title & Closing of Fayetteville was the title agent. George Niblock Jr. represented the buyer through his Fayetteville Investment Group LLC.

Spainhour paid $850,000 for the residence in November 2014. Ted and Leslie Belden were the sellers. There are six condo units in the building, all of them occupied.
––––––––––––––––––
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.

Comments

comments