Real Deals: Multitenant retail center in Fort Smith sells for $6.1 million

by Paul Gatling ([email protected]) 2,456 views 

Two multitenant retail buildings in Fort Smith totaling 103,509 square feet recently sold for $6.1 million. The purchase price equals $58.93 per square foot.

Spartan Adventure Park of Fort Smith LLC and Fort Smith Marketplace LLC, both organized by Fort Smith attorney Dalton Person, are the new owners of the single-story strip center at 7601-7613 Rogers Ave., known as Fort Smith Marketplace. The sellers were Movielounge of Fort Smith LLC and DHC Properties of Fort Smith LLC, registered to Dwight Curry.

Jerry Seiter with Nunlee and Wright Commercial Properties was the listing agent, and David Tyler with Ghan and Cooper Commercial Properties was the selling agent. Both firms are based in Fort Smith. Waco Title Co. of Springdale was the title agent.

The larger of the two buildings has 98,405 square feet with tenants that include New Spartan Adventure Park, Cavender’s, Dollar Tree, Jo-Ann Fabrics and La-Z-Boy Home Décor.

The unattached outparcel (5,104 square feet) has Smiths Donuts and Supercuts as tenants. The building has one vacant space.

SPRINGDALE MULTIFAMILY
A 20-unit multifamily property in Springdale changed hands recently for $1.25 million. The purchase price equals $62,500 per unit.

GrantG3 LLC, led by Nicholas Claude-Mason, bought the 1-acre development on Ewalt Avenue. Brick City Capital LLC, led by Ross Kephart, was the seller.

The Farmers & Merchants Bank in Bentonville backed the deal with a three-year loan worth $1.11 million.

The property is situated one block from the Razorback Regional Greenway in an opportunity zone-designated area, less than 1 mile south of downtown. It includes six buildings totaling 20,000 square feet.

A complete renovation was completed in 2016 with new cabinets, flooring, appliances, fixtures and new roofs for all six buildings.

Brick City Capital paid $345,000 for the property in December 2015, which equaled $17,250 per unit.

INDUSTRIAL SALE 
A vacant 3.5-acre industrial property in Rogers sold recently for $975,000.

CFKS Investments, registered to Cody Crawford, bought the 28,654-square-foot building at 416 W. Stribling Drive. Coco Revocable Trust was the seller.

Butch Gurganus with Colliers International in Rogers represented the seller. Clinton Bennett with CBRE in Fayetteville represented the buyer.

The building was built in 1997. Coco paid $900,000 for the property in 2012. The First National Bank of Rogers was the seller. The building consists of 8,816 square feet of office area on two floors and 19,748 square feet of warehouse space.

APPLE BLOSSOM ACQUISITION
A 5-acre gated estate in Springdale west of Interstate 49 has a new owner after a recent sale worth $745,000.

Jonathan and Karen Gean bought the 4,834-square-foot residence on Apple Blossom Lane. The purchase price equals $154.11 per square foot. David and Cynthia Gossage were the sellers.

Wells Fargo Bank N.A. provided financing with a 30-year loan of $596,000. Waco Title Co. of Springdale was the title agent, and Rachel Harr with Coldwell Banker Harris McHaney Faucette in Fayetteville was the listing agent.

The property also includes a 728-square-foot guest house. Gossage paid $697,000 for the property in April 2016. Tim and Charity Williams were the sellers. Williams paid $750,000 for the property in March 2007. Charles and Janice Tye were the sellers.

LAKERIDGE DRIVE ABODE
A 3,150-square-foot residence in Fayetteville’s Clay Yoe addition sold recently for $698,500.

DON2B Trust bought the three-bedroom home on East Lakeridge Drive. Joe and Abigail Craddock were the sellers.

Martha Haguewood with Lindsey & Associates in Fayetteville was the listing agent.

Riggins Construction & Development in Fayetteville built the home in 2014. Craddock paid $625,000 for the property in May 2018. Robert and Pamela Stanley were the sellers.

KANTZ CLAIM
An historic residence in Fayetteville recently sold for $627,500.

Arnaud and Lindsey Frugier bought the 4,405-square-foot home, known as Kantz House, on East Mission Boulevard. The Robert Ernest Emenegger Revocable Trust was the seller.

Waco Title Co. of Springdale was the title agent. Anna Nelson with Lindsey & Associates was the listing agent. Wells Fargo Bank N.A. provided financing with a 30-year loan of $564,687.

The five-bedroom residence, a Greek Revival-influenced farmhouse with two-story front porch, was originally built in 1880 and is listed on the Arkansas Register of Historic Places. The property also includes a guest house.

Emenegger paid $468,000 for the property in 1994.

SERENITY DEAL
A 1.83-acre commercial lot in Bentonville sold recently for $400,000. The purchase price equals $5.01 per square foot.

Serenity Group of Hotels LLC, led by Parvez Musani, bought the property on Southeast 22nd Street, adjacent to South Walton Plaza. Venkata and Suneetha Anaparti were the sellers.

First National Title Co. of Bentonville was the title agent. Butch Gurganus of Colliers International in Rogers was the listing agent.

Anaparti bought the lot in July 2017 for $225,000.

Musani owns Annoor Academy of Bentonville, a licensed pre-K and elementary school. The school will relocate from leased space on Southwest 28th Street to a new building built on the Southeast 22nd Street property.

LEASE ACTIVITY
Foscue Enterprises LLC, d/b/a Rush Bowls, has signed a lease for 1,449 square feet in The Corner Shoppes retail center at 3511 S.E. J St. in Bentonville.

Infinity J Street LLC, registered to Rick Hood, is the building owner.

Alan W. Cole of Colliers International in Rogers represented the landlord in the lease transaction. Jeff Pederson of Lindsey & Associates in Fayetteville represented the tenant.

Colorado-based Rush Bowls is a fast-casual chain that serves healthy meals on the go in the form of bowls made from blended fruits and vegetables.

The company was founded in 2004 by former Wall Street executive Andrew Pudalov.

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