Bentonville self-storage property sells for $10.55 million

by Paul Gatling (pgatling@nwabj.com) 1,340 views 

A Pennsylvania-based self-storage operator has sold one of its six Arkansas assets for $10.55 million.

Self Storage Capital Partners (SSCP), a Philadelphia-based self-storage firm that uses the brand name of Snapbox Self Storage, sold its property at 804 S.E. J St. in Bentonville.

The new owner is North Star J LLC, a Delaware-registered entity. Fayetteville attorney Terry Pool represented North Star J in the deal.

City Title & Closing of Fayetteville was the title agent.

After the sale, SSCP owns five self-storage properties in Arkansas in Little Rock (2), Rogers (2) and Bentonville.

CONDO FUNDING
A real estate developer has picked up a three-year, $3.85 million funding agreement from Fayetteville-chartered Arvest Bank.

The loan is backing the development of a 42-unit condominium development at 609 D St. near downtown Bentonville.

Art Condos LLC, managed by Jay Howard, is the developer. The project is called Art Park Condos, and the 1.14-acre lot is situated a half block to the south of the city-owned Austin-Baggett Park.

Design plans include three four-story buildings. Kansas City, Mo.-based design firm Huftt, which has an office in Bentonville, is the designer. Corco Construction of Little Rock is the general contractor.

Each of the units will be available for sale, and the project will be governed by a property owners association.

The site is one block from the former Kraft Cheese plant at 507 S.E. E St. that’s being redeveloped into the Momentary, a visual and performing arts venue near the 8th Street Market.

SALE-LEASEBACK
A 1.46-acre car wash development in Springdale has changed ownership in a sale-leaseback deal worth $3.32 million.

Essential Properties Realty Trust of New Jersey bought the property in the Butterfield Coach Retail Park commercial subdivision at 3515 E. Robinson Ave. (U.S. Highway 412).

A limited liability company (LLC) controlled by Fayetteville real estate development firm The McLain Group was the seller.

City Title & Closing of Fayetteville was the title agent.

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 November 2018. The land last changed hands in June 2018 for $700,000. Mathews Investments LLC was the seller.

Butterfield Development Group LLC, managed by Charles G. Palmer, was the seller.

A STREET ACQUISITION
A commercial sale in downtown Bentonville tipped the scales at $3.17 million.

Bville A Street LLC, a local group of investors that includes T.J. Lefler and Aaron Marshall, is the new owner of the multitenant, Class A office building at 502 S.W. A St., situated in the city’s Arts District and immediately south of Pedaler’s Pub and Bike Rack Brewing Co.

502 SW A LLC, led by Paul Esterer along with partners Dale Brunk and Patrick Sbarra, was the seller.

HNB Bank in Marion backed the deal with a seven-year loan of $2.34 million.

City Title & Closing in Fayetteville was the title agent.

The property — three parcels totaling 0.86 acres — includes two buildings (9,094 square feet and 2,166 square feet), as well as an undeveloped 0.24-acre lot for future development.

The previous owners paid $2.43 million for the property in November 2017.

Tenants of the larger building include Missouri-based design firm BatesForum and Rock Solid Retail, an international retail technology software company operating in 10 countries, and headquartered in Bentonville. Octagon, a global sports marketing agency that owns and manages the annual LPGA Tour event at Pinnacle Country Club in Rogers, maintains a satellite office in the smaller building.

Lefler said there are plans to build on the undeveloped lot “as soon as we can.”

SOUTHERN HILLS SALE
A Class B office building in the Southern Hills Business Park of Rogers recently sold for $2.07 million.

Tailor Family Development One LLC, which lists David Bordovsky of Springdale as the registered agent, bought the single-story building at 3608 W. Southern Hills Blvd., just off the Pleasant Grove Road exit west of Interstate 49.

3PRG Real Estate LLC, managed by Jamie Rheem, was the seller.

Clinton Bennett with Fayetteville commercial real estate firm CBRE in Fayetteville represented the seller and Sean Morris with Fayetteville-based Coldwell Banker Harris McHaney Faucette represented the buyer.

The building is fully-leased, and the tenants are 3Pointe Restaurant Group and Sargento Foods. The 1.11-acre development was built in 2006 and last appraised in 2016 for $1.29 million.

3PRG paid Simmons Bank $1.29 million for the property in December 2015.

WALNUT CREEK LAND
A Missouri real estate developer has completed a $1.2 million land purchase of 4.24 acres in the Walnut Creek commercial subdivision in Rogers.

Sam Coryell, the founder of TLC Properties of Springfield, paid $6.49 per square foot for the property at the southwest corner of South Promenade Boulevard and West Walnut Creek Parkway.

Margaret Molleston of Texas, through her EF Capital AR LLC, was the seller.

City Title & Closing LLC of Fayetteville was the title agent. Rogers developer Hunter Haynes represented the seller.

The land has been rezoned to allow for the development of Promenade Commons, a four-story, 128-unit multifamily property for tenants 55 and older. The site is directly south of a 176-unit multifamily development called the Watermark on Walnut Creek, a market rate property with one-, two- and three-bedroom units.

CEI Engineering Associates of Bentonville and H Design Group LLC of Springfield, Mo., are working on the project.

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