Real Deals: Self-storage investors claim Centerton asset for $6.5 million

by Paul Gatling (pgatling@nwabj.com) 665 views 

An 800-unit self-storage facility in Centerton sold recently for $6.5 million.

3B Storage, led by Patrick Byrd and Alex Baumeister, bought the Aspen Mini Storage development at 901 E. Centerton Blvd.  PLMR I LLC, led by Charles Palmer, was the seller.

Fayetteville-based Signature Bank of Arkansas provided financing with a five-year loan of $4.43 million.

City Title & Closing of Fayetteville was the title agent.

The 9.12-acre property contains approximately 800 units and 130,000 square feet. That includes a recent expansion project to add 45,000 square feet. Before that, occupancy was at 95%.

BELLA VISTA RESIDENCE
The sale of a wooded residential property in Bella Vista registered $4 million.

Dewitt Smith III and his wife, Cynthia, through their Smith Joint Revocable Trust, sold the property on Trout Farm Road. Trout Farm LLC, a Delaware-registered entity, was the buyer.

Waco Title Co. of Springdale was the title agent.

The deal includes a 4,575-square-foot residence built in 2005, 37 rugged acres, two lakes and Big Spring, which flows at about 1,800 gallons per minute (GPM).

The property is in dozens of parcels east of Sugar Creek Soccer Park and south of Dartmoor Road.

Smith, president and CEO of Devereaux Management Co. in Rogers, said he’s agreed to lease back the residence from the new owner for 18 months.

CAR WASH CLAIM
A 2.28-acre car wash development in Rogers has changed owners in a sale-leaseback deal worth $2.72 million.

Essential Properties Realty Trust of New Jersey bought the 3,038-square-foot property at 300 W. Hudson Road.

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 on Jan. 8.

CONDO PORTFOLIO
A portfolio of 16 condominium units in south Fayetteville recently sold for $2.28 million.

Robyn Sutton and Casee Moran bought the three buildings on Junction Street from Mark Zweig Inc.

Lenders Title Co. of Fayetteville was the title agent.

Construction of the buildings started in 2007 and was completed in 2008. All 16 units are leased. They average 1,540 square feet and have three bedrooms each.

INTERSTATE PROPERTY
A vacant convenience store and gas station just off northbound Interstate 49 in Benton County has a new owner after a sale worth $846,606.

Rose Development LLC, led by Larry Rose, bought the 1.34-acre development at 3000 S.E. 14th St. in Bentonville. An adjacent 0.91-acre lot was also included in the purchase.

Jason LaFrance of Little Rock, through his STAMJA-LP AR Properties LLC, was the seller.

First Western Bank backed the deal with a two-year loan of $875,571.

The property is a former Exxon gas station. The 1,547-square-foot building was built in 1995.

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