Real Deals: Sale of Springdale grocery store registers $5.9 million

by Paul Gatling ([email protected]) 1,498 views 

A 59,466-square-foot commercial building in Springdale changed hands recently in a $5.9 million deal. The purchase price equals $99.21 per square foot and approximately a 6.75% cap rate.

S&K Extreme Hunts LLC, whose members include Steven Smith and Kevin Riggins, bought the building at 2894 W. Sunset Ave. PLKK Harps 412 LLC, managed by Rob Kimbel, was the seller.

Fayetteville-based Signature Bank of Arkansas backed the deal with a 10-year loan of $5.6 million. City Title & Closing of Fayetteville was the title agent.

Springdale-based Harps Food Stores Inc., an independent grocery store chain with 115 stores in four states, is the sole tenant with 14 years remaining on the lease.

Brian Shaw, CEO and principal, and Matt Imhoff, associate, both of Cushman & Wakefield/Sage Partners in Rogers, brokered the transaction.

“It was a pleasure to work with both the seller and buyer groups on this transaction,” Imhoff said. “In the current COVID-19 environment, buyers want necessity retail i.e. grocery, convenience and drug stores. Harps is a fantastic tenant, too. We’ve been fortunate to have worked on dozens of Harps deals over the years, so we quickly know the value of one of their stores. We continue to see several buyers actively seeking this type of long-term, stable cash flow commercial real estate investment.”

PLKK Harps paid $5.8 million for the 4.7-acre property in 2015.

RESTAURANT SALE
New commercial construction in Centerton changed hands recently in a $1.86 million deal.

Pen Farms LLC, led by Ralph and Stephanie Pendergraft, bought the 2,400-square-foot building at 504 E. Centerton Blvd. Lake View Plaza LLC, whose members include Mark Deihl and Shawn Gaines, was the seller.

Legacy National Bank of Springdale backed the deal. City Title & Closing in Fayetteville was the title agent. Matt Strom with Kelley Commercial Partners in Springdale was the seller’s broker. Jeff Pederson with Lindsey & Associates in Fayetteville represented the buyer.

Wendy’s is the building tenant and opened for business in June under a 20-year lease agreement. Outfitters Construction of Bentonville built the building. It’s part of the Lake View Plaza commercial development.

HAVENWOOD HOME
New residential construction in east Fayetteville’s Havenwood neighborhood rang up a $1.37 million sale.

Jason and Amy Sadowski bought the Lubbock Lane custom home from Martin Building Group LLC, managed by Jeff Martin. The sale of the 4,873-square-foot residence equals $282.28 per square foot.

Waco Title Co. of Springdale was the title agent. Wendy Martin with Fayetteville-based real estate agency Collier & Associates represented both sides of the transaction.

Martin Building Group paid $150,000 for the 1.78-acre lot in August 2018. ESDG LLC, managed by Blake Jorgensen and Justin Jorgensen, was the seller.

WAREHOUSE ACQUISITION
A trio of bank-owned industrial buildings in Fort Smith changed hands recently for $1.2 million.

Superior Warehousing LLC, organized by James Colt Smith, bought the buildings at 7001-7201 Highway 271 South. Conway-based Centennial Bank was the seller. The 7.69-acre property consists of three buildings totaling 128,050 square feet.

Nunnelee & Wright Commercial Properties of Fort Smith was the listing agency.

The new owner plans to lease the buildings for warehousing.

Centennial Bank took ownership of the property in March 2019. TGB Holdings LLC, registered to J.D. Aishman, was the previous owner.

HUDSON ROAD PROPERTY
A 3.37-acre commercial property in Rogers changed hands recently for $1.1 million.

TNJ Enterprises, registered to John Mauck of Rogers, bought the property at 807 W. Hudson Road. Mike Hagood was the seller.

Grand Savings Bank in Fayetteville provided financing with a $935,000 loan. Waco Title Co. was the title agent.

The property includes two parcels and an approximately 14,000-square-foot mixed-use building built in 2000. It has flexible office/retail space (5,000 square feet) and warehouse space (9,000 square feet).

Hagood is the owner and CEO of Rogers furniture maker EcoVet. Hagood said the company’s retail showroom will remain at the Hudson Road building. He said the company has expanded manufacturing operations to a 25,000-square-foot building on Highway 72 West in Gravette.

SCISSORTAIL SALE
A 4,068-square-foot custom home in Phase I of the Scissortail neighborhood in Rogers sold recently for $1.07 million. The purchase price equals $263.02 per square foot.

Hayden and Lindsay Witcofski bought the five-bedroom home on Kingbird Court from Jeff and Missy Clifton.

First Western Bank in Rogers financed the deal with a 30-year loan of $510,400.

Jeff Clifton with Mossy Oak Properties of the Heartland was the listing agent and The Duley Group with Keller Williams Market Pro Realty in Bentonville was the selling agent. City Title & Closing of Fayetteville was the title agent.

David Harris Construction Co. of Rogers built the home in 2018, and it appraised this year for $992,900. The 0.65-acre property also includes an 850-square-foot pool house.

HERITAGE HILLS RESIDENCE
A 4,815-square-foot residence in Springdale’s Heritage Hills neighborhood sold recently for $707,000. The purchase price equals $146.83 per square foot.

Alisha and Caleb Tisdale bought the four-bedroom Legacy Drive property from Darrin and Amy Storms.

Gateway Mortgage Corp. of Oklahoma backed the deal with a 20-year loan of $484,000. Waco Title Co. of Springdale was the title agent. Kathryn Collier with Collier & Associates of Fayetteville represented the seller. Tina Hodne with Coldwell Banker Harris McHaney Faucette in Fayetteville represented the buyer.

Storms paid $75,000 for the 0.54-acre lot in 2012. Pinnacle Bank was the seller. The two-story residence was built in 2015.

Real Deals submissions: Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.

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