Real Deals: Bayyari leads Rainbow Road project with $7.3M permit

Bayyari Construction Inc. of Fayetteville recently paid the city of Rogers for three building permits with a combined value of $7.3 million.

The permits are being used to build Legends Soccer Complex at 1307-1309 S. Rainbow Road. It will include a 27,720-square-foot building and a 10,560-square-foot building.

LEM 3 Real Estate LLC, led by John Westling Jr. of Bentonville, is the project owner. The facility will be the headquarters of the Northwest Arkansas Legends Soccer club. It will also have additional office space.

HFA in Bentonville is handling the project design and civil engineering.

VILLAGE INN DEAL
A portfolio of four Village Inn restaurants has changed franchise owners in a deal worth a combined $7.19 million.

Florida-based Dow Sherwood Corp., a family-owned and operated restaurant management company, bought the properties in Bentonville, Fayetteville, Fort Smith and Quincy, Ill.

George Babb, through his Hospitality Specialists LLC, was the seller. Babb owned the restaurants since the mid-1990s.

Tom Reed and Katie Hampton of Colliers International in Rogers represented the buyer and seller. Kings River Title in Fayetteville was the title agent.

The restaurants will continue to operate as Village Inn. The casual dining restaurant chain was founded in 1959 and operates more than 200 stores across the country.

“Our intention is to keep George [Babb] and his team in place, while we take notes on their ‘best practices,’ which we also intend to incorporate in our own Florida Village Inns,” said Dow Sherwood Corp. President Paul Walker.

ONF REMODEL
Nabholz Construction Corp. in Rogers recently paid the city of Fayetteville for a building permit valued at $4 million.

The permit is being used to renovate a 32,893-square-foot commercial building at 380 N. College Ave.

Natural foods retailer Ozark Natural Foods (ONF) of Fayetteville is the building owner. The co-op bought the building — previously a grocery store — in October 2018 for $3.6 million. When renovations are complete, ONF will relocate from its existing location in Evelyn Hills Shopping Center.

Fayetteville design firms BLKBOX and Modus Studio are handling the building redesign.

MEDICAL OFFICE DEAL
A commercial land sale along Interstate 49 in Springdale tipped the scales at $3.8 million.

Little Rock-based USAble Corp., a wholly owned subsidiary of Arkansas Blue Cross and Blue Shield, bought 8.81 acres near the northwest corner of the Don Tyson Parkway/Interstate 49 interchange. The purchase price equals $9.90 per square foot.

Florida-based Woerner Holdings Inc. (WHI), which has holdings in real estate, agriculture and financial securities investments, was the seller. Woerner, the parent company of H.C. Schmieding Produce Co., a wholesale distributor of fruits and vegetables, paid $2.25 million ($5.88 per square foot) for the property in March 2018.

Steve Lane and Alan Cole represented the seller, and Mark Bentley represented the buyer. All three work for Colliers International — Lane and Cole in Rogers and Bentley in Little Rock. City Title & Closing of Fayetteville was the title agent.

The land will be developed to support a growing Arkansas Blue Cross team of employees in Northwest Arkansas. Arkansas Blue Cross spokeswoman Max Greenwood said the company has roughly 40 employees in Northwest Arkansas.

Details for the office building are still are being finalized. Groundbreaking is expected in the spring of 2020.

Arkansas Blue Cross is the largest health insurance provider in the state. The company headquarters will remain in Little Rock, with additional retail and regional locations in Fort Smith, Hot Springs, Jonesboro, Little Rock, Pine Bluff and Texarkana.

LINDSEY ACQUISITION
Two Bentonville parcels totaling 21.8 acres recently changed hands for a combined $3.72 million. The purchase price equals $3.90 per square foot.

J Street of Bentonville, organized by Lyndy Lindsey, bought the property on Southeast J Street, north of Walton Boulevard.

The Patsy E. Holland McKenzie Charitable Remainder Unitrust sold 20 acres for $3.4 million. The Harold Dean Brewer and Audrey L. Brewer Irrevocable Trust sold an adjacent 1.88-acre tract for $321,300.

Realty Title & Closing Services was the title agent. Clay Porter with Lindsey & Associates of 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 to R-4, which allows up to 24 units per acre.

VANTAGE DRIVE ACTIVITY
NAPA Construction of Fayetteville, led by Kyle Naples, recently paid the city of Fayetteville for a building permit valued at $2.7 million.

The permit is backing construction of a 14,226-square-foot building at 1580 E. Stearns St., north of the Vantage Drive/Joyce Boulevard intersection.

The building is in the Vantage Drive Office Park. The development is a partnership between NAPA and Fayetteville real estate firm CBRE.

The building will be leased entirely by Little Rock-based McClelland Consulting Engineers Inc. The building, designed by Bentonville architect Dave Burris, will replace the company’s existing Fayetteville office at 1810 N. North College Ave., where 53 people are employed.

DICKSON STREET REMODEL
Commerce Construction in Springdale recently paid the city of Fayetteville for a building permit valued at $1.4 million.

Commerce is using the permit to renovate a vacant 13,672-square-foot commercial building at 430 W. Dickson St.

Three House LLC, led by Mark King of Fayetteville, bought the building last year in an all-cash deal worth $3.17 million. Hog Haus Brewing Co., a restaurant and brew pub, was the most recent tenant. Its last day in business after 14 years was Oct. 28, 2018.

The two-story building was originally built in 1910. Fayetteville architectural firm Modus Studio is leading the redesign.

Future use of the space or tenants have not been determined.