Real Deals: Specialized Real Estate Group flips downtown Bentonville land to new investors
by June 7, 2019 9:34 am 1,807 views
A site in downtown Bentonville once envisioned for a mixed-use development by Fayetteville-based Specialized Real Estate Group (SREG) has changed hands for $2.51 million.
Trailside Partners LLC bought four parcels totaling 1.34 acres on Southeast Second Street, just east of the downtown square. Spurgeon LLC was the seller.
Trailside includes multiple investors including Ray Osment, Randy Woodard and Ted Herget of Jonesboro and Jake Newell of Bentonville.
Encore Bank in Little Rock provided financing with a $2 million loan.
Spurgeon is led by Springdale businessman Tom Lundstrum, one of SREG’s capital partners on a project that was called Park Central, which included construction of 25, two-story townhomes, each with one or two bedrooms set above garages.
“We had an offer to sell the land and decided to take it instead of developing it ourselves,” SREG CEO Jeremy Hudson said. “The timing just made more sense for us.”
Spurgeon assembled the property in three separate deals totaling $1.79 million in January 2017. The site includes two older residential structures.
RETAIL SALE
An 8,155-square-foot retail center in Springdale has changed hands for $891,000. The purchase price equals $109.25 per square foot.
Lazarks LLC, whose members include Gary and Jeanene Volmert, bought the single-story building at 5204 S. Thompson St. Zheng Lin LLC, whose members include Jianfei Lin and Tianquan Zheng, was the seller.
First Security Bank provided financing with a three-year loan of $741,000.
Waco Title Co. of Springdale was the title agent.
Susan Gleghorn with Keller Williams Market Pro Realty in Fayetteville was the listing agent.
The 1-acre property, known as Casa Villa Shopping Center, was built in 1982. Subway is an anchor tenant. A 1,200-square-foot space was the only vacant space in the building at the time of the sale.
DOWNTOWN RESIDENCE
A renovated ranch style home just a few blocks north of the downtown square in Bentonville has a new owner after a $775,760 sale.
William and Emily Kilgroe bought the 2,735-square-foot residence on Northwest Seventh Street. The purchase price equals $283.44 per square foot.
Lamplighter Restorations of Bentonville was the seller.
Fayetteville-chartered Arvest Bank provided financing. Waco Title Co. of Springdale was the title agent.
The original home was built in 1990. Lamplighter paid $235,000 for the property in November 2017.
SOUTH THOMPSON RETAIL
A 6,579 retail building in Springdale recently sold for $720,000. The purchase price equals $109.43 per square foot.
SSRA Holdings LLC, managed by Kamal Attwall, bought the single-story Park Place building at 700 S. Thompson St. Hillcrest Holdings LLC, managed by Gary Nichols, was the seller.
Kansas-based lender Equity Bank provided financing with a five-year loan of $663,348.
Tim Salmonsen, commercial director with Keller Williams Market Pro Realty in Fayetteville, was the listing agent.
The class C building was built in 1992 and is fully leased with an 8% cap rate.
Hillcrest Holdings paid $575,000 for the property in March 2014.