Real Deals: Commercial deal in Rogers for ‘Cane’s,’ coffee tops $5 million

by Paul Gatling (pgatling@nwabj.com) 1,529 views 

A 1.56-acre commercial development in Rogers featuring two free-standing retail buildings recently sold for $5.01 million.

Tempe Terrace Apartments LLC of Arizona bought the property at 4200 W. Walnut St.

LG West Walnut and I-49 LLC of Texas was the seller.

U.S. Bank N.A. provided financing. Lenders Title Co. in Little Rock was the title agent.

The property includes a 2,700-square-foot building built in 2016 and occupied by Raising Cane’s on a 15-year absolute net lease. Also included is a 1,300-square-foot building built in 2017 and occupied by 7 Brew Coffee on a 10-year absolute net ground lease.

Cap rate for the property is 6.5%.

DHS DEAL
A 4.62-acre commercial property in Bentonville has a new owner after a recent sale worth $3.5 million.

Mathias Shopping Center Inc., led by Sam Mathias, bought a 22,476-square-foot building at 900 S.E. 13th Court, just off Southeast J Street. The deal also included an adjacent 1.26-acre lot that has not been developed.

J Street Development Inc., led by Robert L. Laman, was the seller.

First National Title Co. in Fayetteville was the title agent.

The Arkansas Department of Human Services is the building tenant. The single-story building was built in 1995.

LINDSEY ACQUISITION
A 12.47-acre land sale in Fayetteville tipped the scales at $2.6 million. The purchase price equals $4.78 per square foot.

The Trails at Paradise Valley Apartments LP, organized by Lyndy Lindsey, bought the property at the northwest corner of Joyce Boulevard and Old Missouri Road. Ferrell Enterprises LP, led by Bobby Ferrell, was the seller. The property is currently zoned for agriculture use.

Lindsey Investments LP provided financing with a three-year mortgage of $2.6 million. Realty Title & Closing Services of Rogers was the title agent, and Bob Hopmann of Lindsey & Associates in Fayetteville was the listing agent.

Lyndy Lindsey is the CEO of Fayetteville-based Lindsey Management Co., a third-party property management company.

Scott Rogerson, the company’s chief financial officer, said there is no definite time frame for development of the property. It has been rezoned for residential multifamily and commercial service uses.

DOLLAR GENERAL PICKUP
New commercial construction in Springdale recently sold for $1.48 million.

Marmon Commercial IV LLC of Kansas bought the building at 3365 S. Old Missouri Road. PB General Holdings LLC, managed by Leonard Boen, was the seller.

The single-story building was built this year and is triple-net leased for 15 years to retail chain Dollar General Corp. The property has a cap rate of 6.6%.

Matthews Real Estate Investment Services was the listing agency.

PB General Holdings paid $250,000 for the 1.41-acre lot in March. Don and Belinda Stohldrier were the sellers.

NORTH COLLEGE SALE
A 3,934-square-foot building in downtown Fayetteville has a new owner after a sale worth $800,000. The purchase price equals $203.35 per square foot.

Terra Firma Project LLC, whose members include Billy C. Collins Jr., bought the building at 208 N. College Ave.

Boston Mountain Holdings LLC, led by Christopher Hamaker, and Homestead Inc., led by Robert Ryan Russell, were the sellers.

Waco Title Co. of Springdale was the title agent. Grand Savings Bank provided financing with a loan of $875,000.

The two-story building was originally built in the 1930s and was recently renovated. The property last changed hands in April for $625,000.

DOWNUM REAL ESTATE
A gated residence on 18.8 acres in Springdale has a new owner after a recent sale worth $765,000.

Linda Beyer and Jason Beyer bought the East Downum Road property from the Jack B. McCutcheon Trust.

Waco Title Co. of Springdale was the title agent, and Keller William Market Pro Realty in Fayetteville was the listing agency. Simmons Bank of Pine Bluff provided financing with a 30-year loan of $500,000.

The primary residence was built in 2006 and includes two bedrooms and 3,733 square feet. A two-bedroom guest house includes 2,193 square feet. The property also includes a heated swimming pool and a climate-controlled workshop.

HOTEL POTENTIAL
A 1.75-acre commercial lot in Rogers has sold for $686,070. The purchase price equals $9 per square foot.

Newgen Hotels LLC of Van Buren, managed by Shailesh Gopal, bought the lot at the northwest corner of South 45th and West Poplar streets. The land is east of Outback Stackhouse near Interstate 49.

Steven and Kellye Smith were the sellers.

Arvest Bank financed the deal with a one-year loan of $400,000. City Title & Closing was the title agent.

Smith paid $1.31 million for the original 6.49-acre lot in March 2018.

CHAMPIONS RESIDENCE
New residential construction inside the gated Pinnacle Country Club neighborhood in Rogers recently sold for $595,000.

Greg and Elva Marrufo bought the 3,136-square-foot home on West Champions Boulevard. The purchase price equals $189.73 per square foot. Bentonville homebuilder Homes By Roth, through its Roth Family Inc., was the seller.

Waco Title Co. of Springdale was the title agent, and Lindsey & Associates in Rogers was the listing agency.

Navy Federal Credit Union of Virginia provided financing.

Homes by Roth built the single-level home in 2018.

DOWNTOWN MULTIFAMILY
A multifamily property near Bentonville’s downtown square recently sold for $475,000.

Bhana Prakash Borra bought the 3,700-square-foot fourplex at 503 S.E. A St. The purchase price equals $128.37 per square foot.

Montero Properties of NWA LLC, whose members include Christopher Groves and Reyna Gamez Montero, was the seller.

Waco Title Co. of Springdale was the title agent. United Bank of Springdale helped finance the deal with a five-year loan of $380,000. Robert Henry of Simplicity Real Estate Solutions in Fayetteville was the listing agent.

The 0.39-acre property last changed hands in June 2018 for $305,000.

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