Real Deals: LA investor spends $8.3 million on Springdale building

A 27,465-square-foot commercial building recently built along Interstate 49 in Springdale has a new owner after a sale worth $8.3 million.

Los Angeles-based commercial real estate firm NAS Investment Solutions (NASIS) bought the single-tenant, industrial office building at 2708 S. 48th St. The purchase price equals $302.20 per square foot.

Commercial real estate firm Cushman & Wakefield/Sage Partners of Rogers was the seller. Sage Partners, through its BNSF Office 2 LLC, purchased the land in November 2018 from Ozark Guidance Center Foundation of Springdale for $1.22 million, according to Washington County real estate records.

BNSF Logistics occupies the building. It’s adjacent to BNSF’s existing 30,339-square-foot building, built in 2015. The two buildings serve as the company’s U.S. headquarters.

NASIS owns both buildings. It bought the first BNSF building from Sage Partners earlier this year for $8.17 million. The purchase price equals $269.29 per square foot.

National Asset Services (NAS) is the property manager of both buildings.

EQUITY STORAGE
Wil-Shar Steel of Rogers recently paid the city of Rogers for a building permit valued at $7.8 million.

The company is using the permit to build a self-storage and business center facility on 5.71 acres on West Ajax Road.

Chris Wyrick of Rogers is the developer of the project, called Equity Storage. It will include roughly 73,000 square feet of storage space and an adjoining 16,000-square-foot business and conference center, dubbed the J. Conrad Business Center.

Wyrick bought the land through a limited liability company earlier this year for $1.35 million.

Bentonville architect Dave Burris is leading the design. It will feature two stories of approximately 200 climate-controlled units of varying sizes and drive-in access for interior loading and unloading.

Generations Bank of Rogers is providing financing with a 10-year construction mortgage worth $4.05 million.

GENTRY INVESTMENT
A 30,573-square-foot commercial development in Gentry has a new owner after a sale worth $3.59 million. The purchase price equals $117.71 per square foot.

Realty Income, a San Diego-based real estate investment trust (REIT), bought the 4.62-acre property at 300 S. Gentry Blvd. Arizona real estate investor Vereit Inc., through its Cole GS Gentry AR LLC, was the seller.

City Title & Closing of Fayetteville was the title agent.

Two tenants lease the property. Harps Food Stores occupies about 23,500 square feet of the building. The remainder is occupied by O’Reilly Auto Parts.

Vereit paid $3.17 million for the property in October 2017.

COTTONWOOD CLAIM
A three-building office complex totaling 24,294 square feet in Bentonville’s Cottonwood Village development recently sold for $3.15 million. The purchase price equals $129.66 per square foot.

12M Commercial Partners LLC of Oklahoma, led by Raymond Merrill, purchased the buildings at 901, 903 and 905 S.E. Village Loop. The complex is known as the Heritage Business Center. KNDW Investments LLC, managed by Keith Naples, was the seller.

The First National Bank of Fort Smith backed the acquisition with an eight-year loan of $2.67 million.

Butch Gurganus of Colliers International in Rogers represented the seller. Philip Schmidt of Flake & Kelley Commercial in Springdale represented the buyer.

The 4.80-acre office complex is 100% leased. The majority of tenants are Walmart suppliers or related businesses serving the suppliers.

The three buildings were built in 2009. They last sold in May 2014 for $2.97 million.

CROSSMAR CLAIM
A commercial land sale in Bentonville tipped the scales at $3.1 million.

Crossmar Industrial North 100 LLC, led by Christopher Crossland and Phillip Martz, bought roughly 71 acres on Arkansas Highway 12, at the intersection of Southwest Rainbow Farm Road. The purchase price equals $1 per square foot.

David Glass, through his Glass Investments LLC, was the seller.

Signature Bank of Arkansas provided financing with a one-year loan of $3.11 million. City Title & Closing was the title agent.

Glass acquired the land in September 2004 in a $5.67 million deal that netted $148.36. The purchase price equaled 88 cents per square foot. Gary Brandon Enterprises Inc. was the seller.

TALAMORE RESIDENCE
A 3.16-acre residence in Phase III of the Talamore neighborhood recently sold for $921,000.

Agnieszka and Troy Mack bought the custom home on Timarron Drive from John and Obliageli Okwebanego.

Gateway First Bank of Oklahoma provided financing. Waco Title Co. was the title agent. Maria Fairchild with Lindsey & Associates in Rogers was the listing agent. Arlene Urquizu with Collier & Associates of Fayetteville was the buyer’s agent.

The property includes a 5,275 residence and 648-square-foot guest home. Combined, the purchase price equals $155.49 per square foot.

The home was built in 2015. Okwebanego bought the land in June 2013 for $110,000. Brian Flach was the seller.

VERSAILLES RESIDENCE
New residential construction on 1 acre in Centerton’s Versailles neighborhood recently sold for $770,000.

Phillip and Denise Pesek bought the 4,950-square-foot home on Le Chesnay Drive from RB Homes & Construction. The purchase price equals $155.55 per square foot.

Bank of America provided financing and Waco Title Co. was the title agent. Joseph Hayes & Associates with Keller Williams Market Pro Realty in Bentonville was the listing agent.

The five-bedroom home was built this year. RB Homes bought the land in July 2018 for $90,000. J.R. Campbell Trust and Carolynn G. Campbell Trust were the sellers.

LEASE ACTIVITY
USAble Mutual Insurance Co. of Little Rock, d/b/a Arkansas Blue Cross Blue Shield, has signed a lease for 4,100 square feet at 4602 W. Walnut St. in Rogers. Arkansas’ largest health insurance provider plans to open a retail store.

W&M Properties LLC, led by Mick Wagner, is the building owner. Atlanta Bread Co. was the most recent tenant.

Alan W. Cole of Colliers International in Rogers represented the landlord in the lease transaction. Mark Bentley of Colliers International in Little Rock represented the tenant.