A commercial land sale along Interstate 49 in Lowell registered $4.2 million.
KMK Equity LLC, managed by Scott Dillard, bought 33.6 acres at the southwest intersection of I-49 and West Monroe Avenue (Arkansas Highway 264). Parker Northwest Properties LLC of Little Rock, whose members include Richard D. Parker, was the seller.
Waco Title Co. of Springdale was the title agent. David Erstine with commercial real estate firm CBRE in Fayetteville represented the buyer. Hank Kelley and Philip Schmidt with Flake & Kelley represented the seller.
Dillard is president and CEO of Lowell-based Central Research Inc. (CRI). The company was formed in 2002 and provides management and financial services to federal, state and commercial sectors. It employs approximately 300 people in Northwest Arkansas.
CRI is planning to build a 50,000-square-foot office building on the property and consolidate its Lowell and Springdale operations. Construction of the CRI building is expected to begin during the first half of 2020.
KMK Equity will develop the remainder of the property with a mixture of office, retail and hotel properties.
D STREET DEAL
A vacant commercial building near Bentonville’s municipal building recently changed hands in a $1.15 million deal.
Khair Partners LLC, managed by Shahid Sheikh, bought the 6,840-square-foot building at 2306 S.W. D St. The purchase price equals $168.12 per square foot.
Pyramid Partners LLC, led by Cathy Casto, was the seller.
Arvest Bank partially financed the deal with a five-year mortgage of $920,000. Realty Title & Closing of Rogers was the title agent. Brad Bruns with Lindsey & Associates in Fayetteville was the listing agent.
The single-story building was built in 2005 and last appraised in 2016 for $572,250.
Bright Beginnings, a preschool, was the most recent tenant. The business closed in August.
Sheikh and his wife own a Springdale childcare/preschool business, Little Martians Learning Center. They will open a second location for the business in the D Street property.
A commercial lot near the municipal airport in Bentonville has changed hands for $625,000.
Cherry Holdings LLC, led by Steve and Karen Cherry, bought the 3.17-acre lot on Southwest D Street. The purchase price equals $4.52 per square foot. John and Joyce Pak were the sellers.
Springdale-based Legacy National Bank provided financing. City Title & Closing of Fayetteville was the title agent. Alan W. Cole with Colliers International in Rogers was the listing agent. Grady Mathews with Cushman & Wakefield/Sage Partners in Rogers represented the buyer.
The Cherrys own Aspire Gymnastics Academy at 906 N.W. 13th St. in Bentonville. They are planning to build a 34,000-square-foot, two-story building on the Southwest D Street property and relocate the business. Clinard Construction Management in Bentonville will be the general contractor. The owners hope to break ground on the building before the end of the year.
Aspire was founded in 2004. The Cherrys bought the company in 2010. Aspire teaches an average of 900 students per week.