Real Deals: Fayetteville’s Maple Manor Apartments sells for $7 million

by Paul Gatling (pgatling@nwabj.com) 429 views 

A 128-unit multifamily property in Fayetteville recently sold for $7 million. The purchase price equals $54,687 per unit.

Maple Manor Equities LLC, controlled by The Walden Group of New Jersey, bought the 12.5-acre Maple Manor Apartments at 3001 W. Wedington Drive. Fayetteville Apartments LP of Georgia, managed by James L. Dewar III, was the seller. Lenders Title Co. in Little Rock was the title agent. The deal was backed by a Fannie Mae mortgage secured through Berkadia Commercial Mortgage LLC in Pennsylvania valued at $5.66 million.

Maple Manor was built in 1984 and has units from 700 to 1,300 square feet large. Lease rates start at $675 per month.

Retail Sale
A vacant grocery store near downtown Fayetteville has sold for $3.6 million. Fayetteville co-op Ozark Natural Foods (ONF), a natural foods retailer, bought the 32,893-square-foot building at 380 N. College Ave. The building housed several grocery tenants through the years, most recently CV’s Family Foods. The business closed in the spring.

The Hubert Charles Agee family of Springdale was the seller. Searcy-based First Security Bank provided financing with a five-year loan of $3.7 million. City Title & Closing of Fayetteville was the title agent.

Sterling Hamilton, a commercial real estate broker with Sage Partners in Rogers, was the property’s listing agent. Hamilton said Ozark Natural Foods is planning to relocate its business from the Evelyn Hills Shopping Center.

ONF has been at that location since November 2000 when it relocated from Dickson Street in Fayetteville. It occupies a portion of a building that previously housed department store Montgomery Ward. ONF bought the building from the investor group that owned Evelyn Hills in 2008 for $2.2 million. Hamilton, who is marketing the Evelyn Hills property for ONF, said the hope is that retailer will be relocating within six to nine months, depending on construction and redesign of the CV’s building.

Car Wash Land
A limited liability company managed by Fayetteville commercial real estate firm The McLain Group has picked up a one-year, $2.5 million construction mortgage from Searcy-based First Security Bank.

The loan is tied to a 3.73-acre lot at 4280 W. Martin Luther King Jr. Blvd. in Fayetteville. ARFAY MLK SS LLC paid $570,000 for the property, a purchase price of $3.51 per square foot. William and Edith McAllister were the sellers. Tim Salmonsen with Keller Williams Market Pro Realty in Bentonville was the listing agent, and Waco Title Co. of Springdale was the title agent.

The McLain Group is the Arkansas development partner for Oklahoma-based car wash chain Speedy Splash, which recently opened its fifth location in Northwest Arkansas. Development plans for the MLK property include construction of an express tunnel carwash with an additional structure that will house self-serve wash bays.

Self-Storage Deal
A 375-unit storage facility in Fayetteville recently sold for $2.37 million. Marrone Self Storage LLC, led by Adam Marrone, bought the 4.7-acre property at 2650 S. City Lake Road.

C Quad Development LLC, managed by V. Claudette Cardwell and Candy Clark, was the seller. North Carolina-based Live Oak Banking Co. provided funding with a 25-year loan of $2.1 million. Lenders Title Co. of Fayetteville was the title agent.

The 46,300-square-foot development, known as All Around Storage, was built in 2008.

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