Real Deals: Meek’s Lumber properties change hands for $7.18 million

A trio of building supply developments in Benton and Washington counties recently sold for a combined $7.18 million.

STORE Capital Corp. of Scottsdale, Ariz., through its Store Master Funding XV LLC, bought the retail/warehouse properties at the following locations:
• 4446 W. Sunset Ave. in Springdale ($3.17 million)
• 2401 N. Gregg Ave. in Fayetteville ($2.56 million)
• 630 W. New Hope Road in Rogers ($1.45 million)

Entities controlled by Springfield, Mo.-based Meek’s Lumber Co. were the seller of all three properties. The acquisition is part of a larger sale-leaseback deal that included the purchase of 41 Meek’s properties totaling more than 2 million square feet across California, Nevada, Missouri and Arkansas. Other Arkansas properties are in Berryville, Harrison and Mountain Home. Citibank N.A. provided financing. Real estate brokerage firm HFF represented the seller.

STORE Capital has entered into triple-net lease agreements in the Northwest Arkansas properties through 2033 with Angeles Equity Partners LLC and Clearlake Capital Group LP. The California-based private equity firms formed American Construction Source to acquire Meek’s last month for an undisclosed amount.

Car Wash Sale
A sale-leaseback deal of a new car wash development in Springdale was recorded recently for $4.5 million. Essential Properties Realty Trust of New Jersey bought the 1.78-acre property at 820 N. 45th St.

A limited liability company (LLC) controlled by Fayetteville real estate development firm The McLain Group was the seller. The McLain Group is the development partner of Oklahoma-based car wash chain Speedy Splash, the tenant. The company, owned by Tony and Lori Fitch, signed a lease for the property through 2037.

The car wash opened in September. The land last changed hands in November 2017 for $1 million. Mathews Investments LLC was the seller.

E. Fay Acquisition
A 4,048-square-foot Fayetteville residence designed by E. Fay Jones came off the market in a deal worth $770,000. TBB Land Holdings LLC, registered to Fayetteville attorney T. Craig Jones, bought the 2.05-acre property on East Rockwood Trail.

Butterfire LLC, managed by Chris Hamaker and Ryan Russell, was the seller.
Ryan Russell with Equity Partners Realty in Springdale was the listing agent.
City Title & Closing LLC was the title agent.

The residence, known as the Butterfly House, was built in 1961 for W.D. Harral, after being commissioned by the family in 1958. Butterfire acquired the property from the Harral family earlier this year for $750,000.

Burger King Buy
A fast-food restaurant chain is adding a new store just off Pleasant Grove Road in Rogers following a $725,000 land sale.

Cantaloupe LLC of Springdale, controlled by Springdale-based L.W. Clark Inc., bought the 1.87-acre lot on South 26th Street, in front of Academy Sports+Outdoors. The purchase price equals $8.90 per square foot.

Danville-based Chambers Bank was the seller. The deal was backed by a $1.38 million construction mortgage from BOKF NA d/b/a Bank of Arkansas.
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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.