Real Deals: 38 acres on Fayetteville’s Van Asche Drive sells for $6.74M

A central Arkansas real estate developer recently closed a land acquisition in Fayetteville for $6.74 million.

Richardson Properties of North Little Rock, led by Keith Richardson, bought 38.7 acres at the southwest corner of West Van Asche Drive and North Gregg Avenue. The tract is north of the Fulbright Expressway. The purchase price equals $4 per square foot.

WG Land Co. LP, led by Gerald Jones, was the seller.

Conway-based Centennial Bank provided financing with a two-year loan of $4.72 million. City Title & Closing of Fayetteville was the title agent.

Richardson’s company has developed several multifamily properties throughout the state under the “Pointe” brand. That includes The Pointe at Bentonville near the intersection of I Street and Southwest Regional Airport Boulevard. The 170-unit development opened in 2016.

Earlier this year, Richardson Properties sold River Pointe Apartments in North Little Rock to a Connecticut private equity investment company for $40 million, according to Pulaski County property records.

BELLVIEW CONSTRUCTION
Little Rock-based contractor VCC recently paid the city of Rogers for three building permits with a combined value of $4.13 million.

The permits are being used to build Bellview Urban Center, an approximately 35,000-square-foot office/warehouse building and associated storage and parking. The 9.6-acre site is at 2225 S. Bellview Road, east of Pinnacle Hills Promenade. The land is owned by a limited liability company controlled by Johnelle Hunt.

HFA (Harrison French & Associates) of Bentonville is the architect and engineer. BancorpSouth is financing the construction.

Alex Blass, a partner at Rogers commercial real estate firm Cushman & Wakefield/Sage Partners, is the developer.

Bellview Urban Center’s primary tenant will be NWA Ground Services. Blass and Nathan Fairchild, a building contractor, bought the Bentonville landscaping business — then known as Rodden Landscape Co. — late last year. The purchase price was not disclosed. Ross Rodden was the seller.

Fairchild will also relocate his business, Fairchild Construction, from Bentonville to the new office building. VCC will also relocate its Fayetteville office to the new Rogers building.

MAIN STREET BUILDING
A 4,056-square-foot commercial building one block south of Bentonville’s downtown square has sold for $1.37 million. The purchase price equals $338.14 per square foot.

Grace & Grey Designs LLC, led by Ronnie Robinson, bought the vacant single-story office building at 201 S. Main St. Arend LLC, led by Debi Havner, was the seller.

Arvest Bank provided financing with a one-year loan of $1.13 million. Ed Belto with Newmark Moses Tucker Partners in Bentonville was the listing agent. Waco Title Co. in Springdale was the title agency.

The Elkins Agency, a marketing and advertising company, was the building’s most recent tenant.

VOC DEAL
A 7,688-square-foot commercial building in the Village on the Creeks development near Interstate 49 in Rogers recently sold for $1.1 million. The purchase price equals $143.08 per square foot.

Village Creek Holdings LLC, registered to Fayetteville attorney Brad Lushbaugh, bought the two-story building at 2107 S. 54th St. Hudson & Associates LLC, registered to Michael T. Hudson, was the seller.

City Title & Closing of Fayetteville was the title agent. Roger Wingert with Crye-Leike Realtors in Rogers was the listing agent. Steven Lane with Colliers International in Rogers was the selling agent.

The previous owner occupied the building, which has 12 offices and three conference rooms. The building last changed hands in August 1998 for $810,000.

STARBUCKS DEVELOPMENT
A commercial land sale in Benton County is paving the way for a new company-owned Starbucks store near the Bentonville/Bella Vista border.

Real estate firm Haag Brown Commercial in Jonesboro paid $900,000 for the lot at 3811 U.S. Highway 71. The 0.88-acre site is at the intersection of Peach Orchard Road, just north of a McDonald’s restaurant. The purchase price equals $23.47 per square foot.

Walmart Inc. was the seller.

Haag Brown will develop a 2,100-square-foot store on the site. Haag Brown has worked with Starbucks to develop approximately a dozen locations throughout Arkansas during the past six years, including in both Benton and Washington counties.

Bentonville planners have approved the development plan.

Stonebridge Construction of Jonesboro is the general contractor and Ozark Civil Engineering in Bentonville is the engineer. Arch + Craft of Fayetteville is the architect.

Encore Bank of Jonesboro is backing construction with a $1.42 million loan.

FRONTAGE BUILDING
The sale of a commercial building in Fayetteville recently closed for $810,000.

4000 Frontage LLC, led by brothers Alan Dickinson and Kevin Dickinson, bought the 6,032-square-foot building at 4000 N. Frontage Road. Jeff Earhart and Ron McMaster were the sellers.

City Title & Closing of Fayetteville was the title agent. Alan W. Cole of Colliers International in Rogers was the seller’s agent. Luke Terrell with Cignus Real Estate in Bentonville was the buyer’s agent.

The First National Bank of Fort Smith backed the deal with a 10-year loan of $1.07 million.

The two-story building was built in 1980. The 0.45-acre property last changed hands in August 2011 for $400,000.

The Dickinson brothers own Preferred Office Technologies, a network and IT services provider based in Fort Smith and Fayetteville. They plan to remodel the building and relocate their Fayetteville office.