Real Deals: $7.9 million deal gives Bentonville townhomes new owners

by Paul Gatling (pgatling@nwabj.com) 1,229 views 

A Los Angeles-based real estate investment and advisory firm and its Arkansas-based partner have added to their holdings in the state with a $7.9 million acquisition in Bentonville.

AndMark Management Co., led by Mark Mosch, and Trinity Multifamily of Fort Smith, led by Dave Pinson, bought the 99-unit Castlewood Townhomes property at 201 Rose Garden Lane. The purchase price equals $79,797 per unit.

Stoneybrook Townhomes LLC, led by Mark Peterson, was the seller.

The new owners rebranded the asset to Town Square Apartments. The development includes 12 buildings and was 94% leased at the time of the sale.

The 21-parcel property last changed hands in November 2005 for $4.95 million.

CATO SPRINGS CLAIM
The nonprofit Razorback Foundation Inc. has cashed in on a gift made to the organization nearly five years ago by Dallas Cowboys owner Jerry Jones.

The private fundraising arm of the University of Arkansas athletics department completed a $6 million land deal Sept. 4 to sell roughly 235 acres. The land is west of the Cato Springs Road exit, just off the Interstate 49 interchange in south Fayetteville.

A limited liability company that includes Fayetteville businessman Ashton McCombs is the new owner. Generations Bank of Rogers provided financing.

McCombs could not be reached for comment.

Jones, who attended the UA and was a member of the school’s 1964 national championship football team, bought the land for $7.3 million in late December 2014. The deal involved 11 parcels totaling 265 acres. All of that property was then deeded for $0 to the Razorback Foundation, according to a deed filed Jan. 2, 2015, at the Washington County Courthouse.

Jones bought the land from Danville-based Chambers Bank. The lender recovered the land in August 2010 from the previous owner, South Pass Development Co. LLC, which was led by developers John Nock, Mitchell Massey and Richard Alexander.

INDUSTRIAL SALE
The sale of a vacant Springdale industrial property tipped the scales at $3.45 million.

Business Solutions Inc. of Springdale, led by president Phil Daniel, bought the 4.7-acre property at 4720 W. Sunset Ave. in Springdale, just off Interstate 49.

Truck dealer Murphy-Hoffman Co (MHC) of Leawood, Kan., was the seller.

Conway-based Centennial Bank provided financing with two one-year loans totaling $3.09 million. Waco Title Co. of Springdale was the title agent.

MHC was the previous tenant. The property features a 30,244-square-foot building that includes office, warehouse and shop space.

Clinton Bennett, David Erstine and Joe Orscheln with CBRE were the listing agents.

KUM & GO DEVELOPMENT
A national retail chain is planning a new development along U.S. Highway 71B following a real estate deal worth $1.65 million.

In two separate deals, Iowa-based Kum & Go bought 2.4 acres at the southeast corner of Wagon Wheel Road and Highway 71B. The company paid $1.3 million for an existing 1.7-acre convenience store, plus an adjacent 1.3-acre lot that’s vacant. The purchase price of the land was $359,604.

Global Brothers Investment Inc., led by Saroj Sigdel, sold the store. Commercial Computer Services Inc., led by Gene Housley, sold the land.

David Erstine with CBRE in Fayetteville represented the buyer. Waco Title Co. was the title agent.

According to a preliminary site plan, Kum & Go plans to tear down the existing structure and build a 5,975-square-foot convenience store.

HIGHWAY 102 FRONTAGE
Two commercial tracts totaling 1.58 acres in Bentonville sold recently for $850,000. The purchase price equals $12.35 per square foot.

B & 3rd Street LLC, a Delaware-registered company, bought the property at 602-606 S.W. 14th St. (Arkansas Highway 102).

Steven Barrett was the seller. Waco Title Co. of Springdale was the title agent. Melanie Chambers with

RE/MAX Associates in Fayetteville was the listing agent.

The property includes two buildings totaling approximately 8,228 square feet. The land is zoned C-2. One tract is vacant. One is occupied.

MULTIFAMILY SALE
A four-plex apartment building in downtown Fayetteville sold recently for $750,000.

Malik and Fatima Syed Sadiq bought the 4,300-square-foot property on South Church Avenue from Jerry and Elizabeth Sparks. The purchase price equals $174.41 per square foot.

Bank of America provided financing with a 30-year loan of $487,500.

Sparks paid $697,000 for the property in July 2015.

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

The building includes two 650-square-foot units, a 1,200-square-foot unit and a 1,800-square-foot unit.

FIDDLESTICKS RESIDENCE
A 4,004-square-foot residence in the gated Pinnacle Country Club neighborhood sold recently for $680,000. The purchase price equals $169.83 per square foot.

Scott and Holly Lar bought the five-bedroom home on South Fiddlesticks Trail from Al and Sancy Thomas.

Searcy-based First Security Bank provided financing with a 30-year loan of $612,000. City Title & Closing of Fayetteville was the title agent.

Riggins Construction & Development of Fayetteville built the home in 2005. The 0.47-acre property also includes a heated saltwater pool.

Thomas bought the home in March 2018 for $640,000.

DOWNTOWN FAYETTEVILLE
A multitenant commercial building in downtown Fayetteville recently sold for $530,000.

Ted and Leslie Belden, through their Fayetteville Square Properties LLC, bought the two-story, 5,340-square-foot building at 28 E. Center St. The purchase price equals $99.25 per square foot. George Niblock Jr. was the seller.

Simmons Bank of Pine Bluff backed the deal with a three-year loan of $535,000. City Title & Closing of Fayetteville was the title agent.

Cask and Grove and SCM Architects are tenants of the building.

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