Real Deals: Medical office building in Johnson sells for $8.6 million

by Paul Gatling (pgatling@nwabj.com) 339 views 

A Class A medical office building just off southbound Interstate 49 in Johnson has a new owner after a recent sale worth $8.6 million. Florida-based Catalyst Healthcare Real Estate bought the 38,160-square-foot Willow Creek Medical Office Building at 5501 Willow Creek Drive.

The purchase price equals $225.37 per square foot. IberiaBank backed the deal with a five-year loan of $6.75 million. The LaFrance family of Little Rock was the seller. Matthew Dearnley with Flake & Kelley Commercial Real Estate in Springdale represented the buyer. Isaac Smith with Colliers International in Little Rock represented the seller.

The two-story building is 89% occupied with 4,152 square feet available. Current tenants include NWA Breast Imaging and Maternal Fetal Medicine. Colliers International will continue to provide property management services for the building.

Warehouse Development
A 10.5-acre industrial complex in Centerton changed hands recently for $1.02 million. 0806 Investments LLC, managed by Michael and Melodie Hodges, bought the property at 2260 W. Centerton Blvd.

Darrell and Mary Jeanene Weiland were the sellers. Legacy National Bank of Springdale provided financing with a five-year, $766,817 loan. Waco Title Co. of Springdale was the title agent. The warehouse complex includes four buildings totaling 31,500 square feet.

Parkway Plan
A land deal involving the sale of 15.8 acres west of Interstate 49 in Springdale closed recently for $960,000.

Parkway Boulevard LLC, registered to Springdale attorney Marcus Van Pelt, bought the property from Neely Homes Inc., led by Connie Neely. The purchase price equals $1.39 per square foot. Realty Title & Closing of Springdale was the title agent.

The property is south of the roundabout at Gene George Boulevard and Don Tyson Parkway. Neely Homes paid $429,000 for the land in January 2004 in a deal that involved 17 acres.

Universal Sale
A 9,480-square-foot multitenant office building in Rogers recently sold for $851,500. The purchase price equals $89.82 per square foot.

JRC Commercial Management LLC, managed by Derrick Calhoun, bought the Universal Plaza building at 201 S. 20th St., near the intersection of South Dixieland Road and Walnut Street. Kies Properties LLC, managed by Daniel Kies, was the seller. The Bank of Fayetteville provided financing with a three-year loan of $723,775. Josh Shelley with NAI Capstone was the listing agent.

The property was 93% occupied at the time of the sale and had a cap rate of 9.86%. The 2.89-acre development was built in 1978 and renovated last year. Kies paid $390,000 for the building in September 2016.

Versailles Abode
A new custom home on a 2.75-acre lot in Centerton’s Versailles neighborhood recently sold for $842,000.

David and Nicole Trudo bought the 4,741-square-foot residence on Le Chesnay Drive. The purchase price equals $177.60 per square foot. David and Crystal Barlow were the sellers.

Arvest Bank provided financing with a 30-year mortgage of $715,700. Lori Brittain with Weichert, Realtors-The Griffin Co. in Bentonville was the listing agent. The Duley Group with Keller Williams Market Pro Realty in Bentonville was the selling agent.

The five-bedroom home was built last year and includes a saltwater pool and home theater. Barlow purchased the property in January for $799,000. Shannon and Pearl McElfish were the sellers.

Car Wash Development
A commercial lot just off northbound Interstate 49 in Bentonville has a new owner after a sale worth $725,000.

LaRose Fields LLC paid $13.64 per square foot for the 1.22-acre lot, at the southwest corner of Southeast Eagle Way and Southeast 14th Street across from NorthWest Arkansas Community College. BV Commons LLC, led by Rogers developer Matt Sitton, was the seller. City Title & Closing LLC of Fayetteville was the title agent.

Sitton acquired the land from Arvest Bank in December for $1.35 million. The deal, with a purchase price of $3.21 per square foot, involved eight parcels totaling 9.65 acres. The new owner plans to develop the lot into a car wash called Diamond Wash. Daniel Patillo is the majority owner of Diamond Wash, which is also planning to open full-service locations in 2019 on South Walton Boulevard in Bentonville and Martin Luther King Jr. Boulevard in Fayetteville.

Chapel View Residence
A 4,002-square-foot residence in Fayetteville’s Chapel View neighborhood has a new owner after a recent sale worth $639,000.

Lauren Wilkins and Lance Stokes sold the home on Chapel View Drive to JHMC Property Investments LLC, led by Michael Chung. Legacy National Bank of Springdale provided financing with a five-year loan of $511,200.

Chung is also manager of LJ Apparel LLC, a newly formed company that acquired the assets of Fayetteville apparel company Lauren James Enterprises via foreclosure sale in August. Wilkins and Stokes were the previous owners of Lauren James. Wilkins and Stokes paid $610,842 for the Chapel View home in October 2016. Riggins Construction Inc. of Fayetteville was the seller.
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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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