Real Deals: $7.28 million permit backs Lowell office construction along I-49

by Paul Gatling (pgatling@nwabj.com) 889 views 

The city of Lowell recently issued a commercial building permit valued at $7.28 million.

The permit is being used for the construction of an 84,565-square-foot building at 407 N. Goad Springs Road, north of the Lowell exit along southbound Interstate 49.

The land belongs to IDO Arkansas LLC of Tulsa, Okla., led by Robert D. Stephens. IDO bought two parcels totaling 18.03 acres for $1.65 million in September 2017. Directline Logistics LLC, led by Steven C. Barrett, sold 5.01 acres, and the estate of Edna Robbins sold 13.02 acres.

IDO is partnering with Cushman & Wakefield/Sage Partners in Rogers to develop the property with multiple speculative buildings of industrial/flex office space. The development is called Centergate Business Park.

C.R. Crawford Construction of Fayetteville is the contractor. GH2 Architects of Tulsa is the building designer.

SALE-LEASEBACK
A 4,958-square-foot retail building in Fayetteville sold recently in a sale-leaseback deal worth $3.9 million. The deal equals $786.60 per square foot.

A group of investors led by Murray Benton and Steve May of Jonesboro bought the 1.19-acre Kum & Go store at 2388 N. College Ave., at the corner of East Township Street.

Iowa-based convenience store operator Kum & Go was the seller. The company has entered into an initial 15-year lease (absolute net) with the new owner. Annual rent is $228,150. A 7.5% rent increase is effective every five years for the initial 15-year lease.

Tyler Dingel and David Erstine with CBRE were the listing agents.

Waco Title Co. of Springdale was the title agent.

CHILDCARE CONSTRUCTION
The city of Bentonville recently issued a commercial building permit valued at $3.21 million.

The permit is for the construction of an approximately 17,500-square-foot building at 2300 S.E. S St.

Sam’s Club, which operates as the warehouse club subsidiary of Walmart Inc., is the owner. The building will be used for an employer-sponsored child care facility, called Sam’s Club Kids’ Club.

Nabholz Corp. in Rogers is the building contractor. Page Southerland Page Inc. in Houston is the building designer.

The facility will hold about 170 children including infants, toddlers, 2-year-olds, pre-K and kindergarten prep.

Bright Horizons, a Watertown, Mass.-based corporate childcare provider, has been selected to manage the programs and provide staffing for the facility.

RETAIL CONSTRUCTION
The city of Rogers recently issued a commercial building permit valued at $1.36 million.

The permit is being used for the construction of an 8,192-square-foot retail building at 2401 W. Pleasant Grove Road.

National tire retailer Discount Tire Co. is the owner and tenant. The company paid $1.4 million for the 1.86-acre lot last year.

C.R. Crawford of Fayetteville is leading the construction.

PINNACLE ABODE
A 4,867-square-foot residence in Phase IV of the gated Pinnacle neighborhood in Rogers recently sold for $985,469. The purchase price equals $202.47 per square foot.

Nelson and Susan Peacock bought the West Oxford Drive residence from Tyler and Murray Austin, trustees of the Austin Trust Agreement.

Wells Fargo Bank backed the deal with a 30-year loan of $595,000.

Sherry Hardie with Coldwell Banker Harris McHaney Faucette was the listing agent.

Waco Title Co. of Springdale was the title agent.

The five-bedroom home was built in 2011 and was appraised in 2018 for $809,800. Austin bought the home and 0.51-acre lot in May 2013 from J. Taylor and Mindy Gordy for $810,000. Gordy bought the property in November 2010 from Mave Associates LP for $120,000.

Mave bought the lot and four others in May 2005 from Tallchamps LLC for $562,000.

HYLAND PARK PROPERTY
A 4,607-square-foot residence in Phase II of Fayetteville’s Hyland Park neighborhood has sold for $920,000. The purchase price equals $199.69 per square foot.

BSS LLC, directed by Sam Mathias, and Gina Maddox organized a tenants in common partnership to buy the 2-acre property on North Canterbury Road.

Elsie Sexton, widow of the late Dr. G.A. Sexton, was the seller.

Armstrong Bank in Springdale provided financing with an 18-month loan of $1 million.

Sexton paid $14,606 for the land in 1979. The residence was built in 1984.

INDUSTRIAL BUILDING
A 19,125-square-foot industrial building in Springdale’s Industrial Park Plaza has a new owner after a sale worth $850,000.

John and Patricia Kendrick bought the Class B warehouse at 1209 ESI Drive. Upside Down Cow LLC, whose members include Dustin Weber and Walter Wight, was the seller.

Lee Ward with Realty Concepts in Fayetteville was the listing agent.

The single-story building was built in 1979.

PARKING POTENTIAL
A 0.98-acre commercial lot in Fayetteville’s CMN Business Park addition recently sold for $341,504. The purchase price equals $8 per square foot.

South Dakota-based Black Hills Energy bought the lot from Trends LLC, managed by Fayetteville homebuilder Mark Marquess.

Lenders Title Co. in Fayetteville was the title agent.

The land is off North Plainview Avenue adjacent to a 50,708-square-foot office building at 655 E. Millsap Road. Black Hills, the building’s primary tenant, paid $8.4 million for the building this past November. Millsap Road Investments Co. LLC, led by a number of investors, including members of Little Rock-based Flake & Kelley Commercial real estate firm led by Hank Kelley and John Flake, was the seller.

A Black Hills spokesperson said the land was purchased for the potential development of additional parking.

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.

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