Real Deals: Sale, leaseback of Fayetteville flex space nears $6 million

by Paul Gatling (pgatling@nwabj.com) 1,116 views 

The sale and leaseback of a 4.5-acre commercial property along southbound Interstate 49 in Fayetteville registered $5.92 million.

A Colorado limited liability company controlled by Mark Middleton bought the 37,691-square-foot building at 3115 Technology Way.

Delta Arkansas Investors LLC was the seller.

The single-story flex building was developed and completed by the previous owner in 2012. New Mexico-based Delta Group Electronics, an electronics manufacturing services (EMS) provider, is the sole tenant. Delta Group has entered into an initial 10-year lease with the new owner.

Robert Guimbarda with Enhanced Value Strategies Inc. of St. Louis and Brian Shaw and Matt Imhoff with Cushman & Wakefield/Sage Partners of Rogers marketed the property with a list price of $6 million and cap rate of 7.5%.

WALMART PURCHASE
In two separate deals, Walmart Inc. assembled 7.49 acres in Bentonville for a combined $2.39 million. The purchase price equals $7.33 per square foot.

The company purchased the land from the Judith I. Basco Revocable Trust (2.36 acres; $716,344) and the Louise Bishop Revocable Trust (5.13 acres; $1.67 million). The land is situated near the southwest corner of the intersection at Southeast J and Southeast 28th streets.

Butch Gurganus with Colliers International in Rogers represented the buyer. Pat Morrison, also with Colliers, represented the sellers.

The property was recently rezoned to general commercial.

GULLEY ABODE
A 7.53-acre residential development in east Fayetteville has a new owner after a sale worth $1.54 million. The purchase price equals $230.97 per square foot.

Buckley and Kimberly Blew bought the 6,700-square-foot estate home on North Gulley Road from Brian and Melissa Reindl.

Paragould-based First National Bank backed the deal with a 21-year loan of $2 million.

City Title & Closing of Fayetteville was the title agent. Bassett Mix & Associates of Fayetteville was the listing agent.

Reindl bought the land in 1999 for $140,000. The four-bedroom home was built in 2000.

DOWNTOWN MULTIFAMILY
A 10-unit multifamily property near downtown Bentonville has a new owner after a sale worth $1.07 million. The purchase price equals $127.45 per square foot.

Ozark Trail Development LLC, whose members include Jay Howard and Chad Backsen, bought the fully-leased, 8,435-square-foot property at 421 S.E. A St.

Sears Residential Leasing LLC, led by William C. Sears, was the seller.

Central Bank of Branson in Missouri helped finance the acquisition. Waco Title Co. of Springdale was the title agent.

Robert Henry and Angela Thompson with Simplicity Real Estate Solutions in Fayetteville were the listing agents.

The development plans for the property are undetermined, according to the new owners.

VANTAGE LAND
A 2.17-acre commercial lot in Fayetteville’s developing Vantage Drive Office Park sold recently for $673,840. The purchase price equals $7.13 per square foot.

A limited liability company controlled by Dr. Katinka van der Merwe of Fayetteville bought the lot from Fayetteville contractor Kyle Naples.

Today’s Bank in Fayetteville backed the deal with a two-year loan of $505,380.

David Erstine with CBRE in Fayetteville represented the seller. Tommy Van Zandt with Cushman & Wakefield/Sage Partners in Rogers represented the buyer.

Van der Marwe is the owner of The Neurologic Relief Center in Fayetteville.

The lot is part of a 13-acre site situated east of North Vantage Drive, north of the U.S. Postal Service at 1590 E. Joyce Blvd. Naples paid $1.5 million ($2.65 per square foot) for the land last year.

HAR-BER ACREAGE
A commercial land sale with frontage along westbound U.S. Highway 412 west of Interstate 49 in Springdale registered $646,485.

EH Investments LLC, led by Drs. Don Ewing and Cheryl Hull, bought the 0.99-acre lot in the Har-Ber Meadows Phase XXIII addition. The property is situated between Crain Buick GMC of Springdale and Zips Car Wash. The purchase price equals $15 per square foot.

NWA Holdings III LLC, managed by Blake Hanby, was the seller.

City Title & Closing LLC of Fayetteville was the title agent.

Cushman & Wakefield/Sage Partners in Rogers marketed the property for the previous owner.

The land last changed hands in December 2004 for $4 per square foot (9.93 acres for $1.73 million).

ABSOLUTE PURCHASE
A 3,634-square-foot residence in Fayetteville’s Remington Estates neighborhood has a new owner after an all-cash purchase of $600,000. The purchase price equals $165.10 per square foot.

Lisa and Kevin Toller bought the property on East Absolute Street from Alexandra and Wayne Pearson.

Realty Title & Closing Services of Rogers was the title agent. Shannon Eldridge with Collier & Associates of Fayetteville was the selling agent. Melanie Gabel with Lindsey & Associates of Fayetteville was the listing agent.

The four-bedroom home was built in 2018. Pearson paid $620,000 for the property this past October.

PREMIER PROPERTY
A 2.05-acre commercial lot in Fayetteville’s developing Vantage Drive Office Park sold recently for $562,082. The purchase price equals $6.29 per square foot.

A limited liability company controlled by Drs. Missy Clifton and Kattie Allen bought the lot from Fayetteville contractor Kyle Naples.

Little Rock-based Bank OZK backed the deal with a three-year loan of $595,835.

CBRE in Fayetteville represented the buyer and seller.

Clifton and Allen are co-owners of Bentonville-based Premier Dermatology, which also has satellite offices in Bella Vista and Fayetteville. Allen said there are plans to build a new facility on Vantage Drive similar to the flagship Premier location in Bentonville.

The lot is part of a 13-acre site situated east of North Vantage Drive, north of the U.S. Postal Service at 1590 E. Joyce Blvd. Naples paid $1.5 million ($2.65 per square foot) for the land last year.

Before Naples took ownership, the property had been bank-owned for a decade. He bought the land from Pine Bluff-based Simmons Bank, which took ownership after acquiring Metropolitan National Bank of Little Rock in November 2013. MNB recovered the property in 2008 from the previous landowner, Brandon Barber.

LEASE ACTIVITY
Georgia-based Cotiviti Inc., a healthcare analytics company, has leased 7,178 square feet in Rogers’ Barrington Centre office complex at 901 N. 47th St., just off Interstate 49.

A limited liability company controlled by Cooper Realty Investments Inc. (CRI) is the building owner.

Butch Gurganus with Colliers International in Rogers represented CRI in the lease negotiation. Terms were not disclosed.

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