Real Deals: Tulsa developer leading Bentonville hotel project

by Paul Gatling (pgatling@nwabj.com) 1,187 views 

A commercial building permit valued at $5.64 million is being used to build a new hotel in Bentonville.

Tulsa-based developer Hi-Tech Hospitality is developing the 96-room Avid by IHG at 3402 Medlin Lane. The 1.6-acre site is just off Walton Boulevard. It’s directly behind two other hotels — Holiday Inn Express & Suites and Super 8 by Wyndham.

Continental Capital LLC paid $88,000 for the land in May 2018.

Avid is the 13th and newest brand under the InterContinental Hotels Group (NYSE: IHG) umbrella. IHG, headquartered domestically in Georgia, is reportedly planning to open 130 Avid hotels over the next three to five years in the U.S., Canada and Mexico. The first, with 87 rooms, opened in August 2018 in Oklahoma City.

John Sanford Architects of Tulsa is designing the Bentonville hotel.

DECISION POINT SOLD
A 71,000-square-foot healthcare facility in Bentonville has sold for $4.96 million.

North Walton Boulevard LLC, an entity registered in Delaware, bought the 64-bed Decision Point facility at 602 N. Walton Blvd.

Missouri-based healthcare nonprofit Preferred Family Healthcare Inc. (PFH) was the seller.

Waco Title Co. of Springdale was the title agent.

Decision Point is an adult residential treatment center for substance abuse. Hot Springs-based nonprofit Quapaw House Inc. struck a deal to acquire the business and assets from PFH last fall, minus the real estate holdings. PFH lost its Medicaid certification and all of its Arkansas contracts last year due to a fraud and bribery scandal.

Meredith Switzer, the chief legal counsel for Quapaw House, did not comment on the identity of the new building owner. She said there will be no change to the business’ operations.

KUM & GO CLAIM
A 5,000-square-foot convenience store in Springdale has a new owner after a $4 million sale.

Ron Ward of Nixa, Mo., bought the 1.18-acre Kum & Go development at 500 S. Thompson St.

Iowa-based Kum & Go was the seller.

Oakstar Bank in Springfield, Mo., provided financing with a two-week loan of $2.35 million.

Waco Title Co. was the title agent.

Kum & Go paid Mathews Investments LLC $1.3 million for the land in July 2013, and it opened in December that year. The store was designed, constructed and submitted for LEED (Leadership in Energy and Environmental Design) certification.

SPRINGDALE STORAGE
A fully-leased warehouse/storage facility in Springdale has a new owner after a sale worth $1.37 million.

McDonnell Cattle Co. LLC, led by John McDonnell, bought the 29,796-square-foot property at 3824 Cawood Lane. The purchase price equals $45.97 per square foot.

ICJ LLC, whose members include John Carney, was the seller.

City Title & Closing of Fayetteville was the title agent.

Carney, with Third Street Realty Services in Rogers, was the listing agent.

The 1.65-acre development was built in 2006.

INDUSTRIAL PROPERTY
A 7-acre commercial property in Rogers changed hands for $1.27 million.

Directline Logistics LLC, managed by Steven Barrett, bought the vacant industrial warehouse facility at 2259 N. Second St.

Dylan Properties LLC, managed by Shelly Morrison, was the seller.

Eden Bivin with Crye-Leike Realtors in Springdale was the listing agent.

The 17,800-square-foot building was built in 2003, and the property appraised in 2017 for $1.15 million.

The building includes three loading docks, two oversized garage doors for semi-truck drive-thru on each side of the shop and 2,000 square feet of office space.

FOUNTAIN PLAZA LAND
A 1.6-acre commercial lot in Bentonville’s Fountain Plaza development recently sold for $700,000. The purchase price equals $10.04 per square foot.

Tar & Dok Development LLC, led by Tim Oelke, bought the lot on Southeast Plaza Avenue, at the intersection of Southeast Fountain Boulevard.

Hansaben Bhakta and Ken Mourton were the sellers.

The First National Bank of Fort Smith backed the deal with a five-year loan of $340,000.

City Title & Closing of Fayetteville was the title agent.

CHAPEL VIEW ABODE
A 4,497-square-foot residence in the Chapel View neighborhood in Fayetteville recently sold for $650,000. The purchase price equals $144.54 per square foot.

Brandon and Lindsey Harpestad bought the five-bedroom residence on Chapel View Drive from Brandon and Brandi Adams.

Rogers-chartered Generations Bank provided financing.

Waco Title Co. of Springdale was the title agent.

Jackson Williams with Weichert, Realtors-The Griffin Co. in Springdale was the listing agent.

The two-bedroom home was built on 1 acre in 2015. Adams paid $615,000 for the residence in November 2018. Emmitt and Ethlyn Henderson were the sellers.

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