Real Deals: Rogers rehabilitation hospital sells for $19 million

A 41,000-square-foot healthcare facility in Rogers sold recently to a real estate investment trust (REIT) in Tennessee for $19 million.

CHCT Arkansas LLC bought the property at 4313 S. Pleasant Crossing Blvd., at the intersection of South Dixieland Road, east of Interstate 49.

The buyer is registered to Community Healthcare Trust, a publicly traded company in Franklin, Tenn. The company had investments of approximately $602.9 million in 118 real estate properties in 32 states as of Dec. 31, 2019, totaling approximately 2.6 million square feet.

City Title & Closing of Fayetteville was the title agent.

Dallas-based healthcare provider Everest Rehabilitation Hospitals was the seller. Everest paid $1.35 million for the 4.94-acre lot in March 2018. The purchase price equaled $6.27 per square foot. The deal was backed by a $12 million construction loan from ServisFirst Bank of Alabama.

Everest Rehabilitation Hospital of NWA is an all-inclusive inpatient physical rehabilitation facility with 36 private rooms. C.R. Crawford Construction of Fayetteville built the facility, which opened in February.

MORNING STAR RESIDENCE
A 6,372-square-foot estate in Bentonville changed hands recently for $1.41 million. The purchase price equals $221.28 per square foot.

Derek and Lynsay Brautnick bought the 5.06-acre property on South Morning Star Road from Bill and Dana Lessley.

Arvest Bank backed the transaction with a 30-year, $1.1 million loan. First National Title Co. in Bentonville was the title agent. Jan Holland with Coldwell Banker Harris McHaney Faucette in Bentonville was the listing agent.

Tall Oaks Construction in Bentonville built the five-bedroom home in 2017. Lessley paid $145,000 for the land in February 2016. Bar T LLC, registered to Drew Van Winkle, was the seller.

VACANT BANK
A Valvoline franchisee from Massachusetts has acquired a vacant commercial building in Fayetteville for $1.22 million.

Bob Ladas, through his Ozark Lubes Realty LLC, bought the 3,271-square-foot building at 3460 N. College Ave. The purchase price equals $374.50 per square foot.

Arvest Bank was the seller. Bear State Bank N.A., acquired by Arvest in April 2018 for $391 million, was the most recent tenant.

GENERATIONS GRAB
A 4,266-square-foot commercial building in Rogers changed hands recently for $1.1 million.

Rogers-based Generations Bank bought the single-story building at 3704 W. Southern Hills Blvd., west of Interstate 49. Master’s Circle Enterprises LLC, whose members include Kevin Wilson and Jonathan Coker, was the seller.

Wilson and Coker are the principals of the building tenant, Wilson Coker Wealth Advisors. The financial services firm is in the process of building a new corporate headquarters nearby at 3614 W. Southern Hills Blvd. totaling 7,686 square feet. It’s expected to be completed in the fourth quarter of 2020.

Generations Bank maintains its Rogers headquarters at 3710 W. Southern Hills Blvd. Chairman Jon Harrell said the company will eventually use the additional building to house the bank’s finance, credit, compliance and executive employees. It will be an administrative facility only with no retail banking services provided.

FARMINGTON DEVELOPMENT
A $1 million land sale along Highway 170 in Farmington is paving the way for new residential development.

EBL Investments LLC, led by Tara and Nick Limbird, bought 41 acres adjacent to The Golf Club at Valley View. The property is situated 1.5 miles south of Farmington High School.

Rich Grubbs was the seller. The First National Bank of Fort Smith backed the deal with a one-year loan of $800,000. First National Title Co. of Bentonville was the title agent.

The Limbirds own Limbird Real Estate Group in Rogers. Their development plans for the property include an 80-lot subdivision on 34 acres. Development plans for the remaining 7 acres are undetermined.

“We have several builders who have expressed strong interest and are still working on the exclusive builder[s],” Nick Limbird said. He said home prices in the neighborhood would start at $350,000.

Fayetteville developer Bart Bauer is handling the development side of the project.

WEST CENTRAL RESIDENCE
A remodeled Craftsman-style home near downtown Bentonville recently sold for $850,000.

Bruce and Elaine Mulkey bought the 3,880-square-foot residence on West Central Avenue. The purchase price equals $219.07 per square foot. Tim and Amy Ferguson were the sellers.

Waco Title Co. of Springdale was the title agent. Fayetteville-chartered Arvest Bank backed the deal with a 30-year loan of $780,000. Berkshire Hathaway HomeServices Solutions Real Estate in Bentonville was the listing agency.

The five-bedroom home was built in 1903. Ferguson bought the property in February 2015 for $313,000.