Real Deals: Lowell industrial property changes hands for $19.15 million

by Paul Gatling ([email protected]) 1,069 views 

One Liberty Properties Inc., a publicly-held real estate investment trust (REIT) operating out of Great Neck, N.Y., recently paid $19.15 million for an industrial property in Lowell, west of Interstate 49.

The 248,000-square-foot building is at 400 N. Goad Springs Road. CoWest Fayetteville LLC of Huntsville, Ala., was the seller. CoWest is an affiliate of the project developer, The Westmoreland Co.

The building was built in 2017 and is net leased to Memphis-based FedEx Ground Package System Inc. The company uses the 30.18-acre property as a ground terminal. The property is leased through 2027 at an annual base rent of $1.2 million.

CoWest paid $1.5 million ($1.15 per square foot) for the land in May 2016. Randall and Dorothy Springer and Melvin and Mary Yount were the sellers.

SAGER CREEK SALE
A 19.4-acre industrial property in Siloam Springs recently sold for $3.9 million.

Trickling Creek Properties LLC, whose members include Darrell Robinson, Scott Senyard and Justin Marshall, bought the property at 701 E. Kenwood St. from Sager Creek Foods Inc.

First State Bank in Fayetteville provided financing. Wade Smith and Butch Gurganus with Colliers International in Rogers represented the seller. City Title & Closing in Fayetteville was the title agent.

The property includes a 180,000-square-foot warehouse and an 80,000-square-foot warehouse. The single-story buildings were built in 1998.

MATHIAS CLAIM
A 3.7-acre industrial investment in Tontitown rang up a recent sale worth $2.95 million.

Mathias Shopping Centers Inc. of Springdale, led by president Arthur Thurman, bought the 63,917-square-foot office/warehouse at 609 Laura Lane. The purchase price equals $46.15 per square foot.

Elder-Conway LLC, managed by Chris Elder, was the seller.

Paragould-based First National Bank backed the deal with a seven-year loan of $2.67 million. David Erstine and Hunter Groce with CBRE in Fayetteville represented the sellers.

Colorado-based Gates Corp., a global manufacturer of application-specific fluid power and power transmission products, leases the entire building. Its current five-year lease expires in 2024.

Elder-Conway paid $2.7 million for the property in October 2017.

DOWNTOWN BENTONVILLE
A 6,103-square-foot office building in downtown Bentonville changed hands recently for $2.65 million. The purchase price equals $434.21 per square foot.

Tonsor Building LLC, a Delaware-registered entity managed locally by Ron Pender of Bentonville, bought the three-story building at 111 W. Central Ave. Rex Warr, through his Dalwarr LLC, was the seller.

Booneville-based First Western Bank provided financing with a 25-year loan of $2.1 million. First National Title Co. of Bentonville was the title agent. Luke Terrell with Cignus Real Estate of Bentonville was the listing agent.

The building was built in 1887 and renovated throughout in 2015. Dalwarr bought the building in November 2013 for $800,000.

What’s Ahead, a sales and marketing company owned by Rex and Dalas Warr, was the most recent building tenant. The company plans to relocate but has not determined a permanent location.

This architectural rendering depicts Little Emma, a mixed-use project now under construction at 726 E. Emma Ave. in downtown Springdale.

EMMA CONSTRUCTION
C.R. Crawford Construction of Fayetteville recently paid the city of Springdale for a commercial building permit valued at $1.83 million.

The company is using the permit to build a three-story commercial building at 726 E. Emma Ave. Emma Building Group, a team of investors with ties to the region — specifically Springdale — is the developer. The building, dubbed Little Emma, will have 26 apartment units. The apartments will vary in size from 500 to 850 square feet with a mix of studio, one-bedroom and two-bedroom units.

All units will have access to symmetrical gigabit fiber internet. Commercial and office space is incorporated on the bottom floor of the complex fronting Emma Avenue.

Plans are for pre-leasing to start in the spring with occupancy by late 2020.

Dave Burris of Bentonville, a principal of Burris Architecture, is the building designer. Springdale-based Legacy National Bank is supporting the development with an 11-year construction mortgage worth $1.8 million.

GENTILLY RESIDENCE
A 5,071-square-foot residence in Centerton’s Versailles subdivision has a new owner after a recent sale worth $845,750. The purchase price equals $166.78 per square foot.

The Michael D. Prince Revocable Trust bought the home on Gentilly Court. Mark and Sarah Ibbotson were the sellers.

Arvest Bank provided financing with a 30-year loan of $676,600. Carol Harris with Weichert, Realtors-The Griffin Co. was the listing agent.

The five-bedroom home was built in 2016 and appraised in 2017 for $760,050, according to county real estate records.

Ibbotson bought the 1.42-acre property in April 2016 for $740,000. Riggins Construction Inc. was the seller.

COCA-COLA CLAIM
A 9,500-square-foot building in downtown Rogers changed hands recently for $515,000. The purchase price equals $54.21 per square foot.

Rivercliff Land & Cattle Inc., a real estate partnership consisting of Adeline Spivey and her two sons, Christopher and Edward Spivey, bought the two-story building at 124 W. Walnut St. The S. Rex Spivey Trust was the seller. The building is known as the Union Block Building and was built in 1897. It appraised in 2018 for $336,000.

Waco Title Co. of Springdale was the title agent.

Rex Spivey, now deceased, bought the building in November 1983 for $52,000. The building underwent an interior upgrade in 2015 and has one tenant on the ground floor: Avenue Design Co. The second floor is unfinished space of about 4,600 square feet. The new owners are considering additional renovations to the building’s second floor.

The property is notable for the

Coca-Cola advertising mural painted on the west-facing wall.

LEASE ACTIVITY
General Mills Sales Inc. has signed a lease for 28,589 square feet in a new 117,778-square-foot office building under construction at 5111 J.B. Hunt Drive in Rogers.

Hunt Ventures in Rogers, led by Johnelle Hunt, is the landowner, building/parking owner and developer.

Butch Gurganus of Colliers International in Rogers represented the tenant in the lease transaction.

The building is the second building in Northgate Plaza.

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