Real Deals: $9.3 million Arvest loan backs ‘District’ office building in Rogers

by Paul Gatling ([email protected]) 1,249 views 

The District Office III LLC picked up a seven-year, $9.37 million construction loan arranged through Rob Woods at Arvest Bank.

The funding is backing construction of a 41,396-square-foot Class A office building west of Interstate 49 in Rogers in The District at Pinnacle Hills development.

Little Rock-based developer Whisinvest Realty owns The District Office III. The two-story, multitenant building at 4302 S. J.B. Hunt Drive sits on 3.39 acres and is approximately 25% pre-leased.

Whisinvest is marketing and leasing the building. Clark Contractors in Bentonville is the builder and SCM Architects of Fayetteville is the building designer. DCI in Fayetteville is the engineer.

The anticipated completion date of the building is summer 2021.

KUM & GO CLAIM
Ownership of a 1.82-acre commercial development in Farmington changed hands in a $3.47 million sale-leaseback deal.

GOKO LLC of Kansas, managed by Timothy B. Nelson, bought the Kum & Go gas station and convenience store at 90 E. Main St.

BBR Oil IV LLC of Iowa City, Iowa, managed by David Barker, was the seller.

Mid-Missouri Bank and Pacific Coast Bankers Bank of California backed the deal. Waco Title Co. of Springdale was the title agent.

Kum & Go signed a 20-year lease for the 16-pump property in 2015 concurrent with BBR’s purchase of the building. BBR paid $3.87 million for the development.

Kum & Go assembled the land in 2014 from three separate landowners for a combined $812,000.

CRACKER BARREL CLAIM
A 2.6-acre Springdale retail development recently changed hands in a sale-leaseback deal worth $3.25 million.

Private equity firm Oak Street Real Estate Capital of Chicago bought the 9,892-square-foot property at 1022 S. 48th St., off Interstate 49. New York City-based investment firm U.S. Realty Advisors LLC was the seller.

Waco Title Co. of Springdale was the title agent.

Tennessee-based restaurant and retail chain Cracker Barrel Old Country Store Inc. is the tenant and will continue to operate on a long-term lease.

The Springdale acquisition is part of a larger deal by Cracker Barrel to sell to Oak Street and lease back 126 of its more than 400 locations for a combined $356 million.

U.S. Realty Advisors paid Cracker Barrel $2.12 million for the property in July 2000.

WALTON ASSEMBLAGE
An assemblage of three parcels totaling 5.63 acres and partially fronted by Walton Boulevard in Bentonville tipped the scales at a combined $2.39 million.

Westwood Development Lot A LLC paid $1.6 million for a 5-acre former gas station at 307 N. Walton Blvd., north of Panda Express. Dakota Leasing Co. of Missouri, led by James R. Bracht, was the seller. T.J. Lefler with Cushman & Wakefield/Sage Partners in Rogers represented the seller.

Westwood Development Lot B LLC bought two adjacent residential properties on Southwest Third Street, east of Walton Boulevard. Randall and Jennifer Gray sold a 1,760-square-foot residence (0.19 acres) for $245,000. Roy and Dian Gibson sold a 3,255-square-foot multifamily property (0.39 acres) for $545,000.

Paul Esterer with Newmark Moses Tucker Partners in Bentonville represented the buyer in all three deals. City Title & Closing of Fayetteville was the title agent in all three deals.

Esterer declined to comment on the buyer’s development plans.

GOSHEN ESTATE
A 5-acre estate home in the Goshen Outlets subdivision of east Fayetteville came off the market in a deal worth $1.87 million.

Chip and Jessica Johnson bought the 5,941-square-foot residence on East White River Ridge. Chris Arnold and Paige Arnold were the sellers.

Generations Bank in Fayetteville backed the deal with a 30-year loan of $510,400. Realty Title & Closing Services in Rogers was the title agent. John David Lindsey with Lindsey & Associates in Fayetteville represented the seller, and Jason Carter with Weichert, Realtors-The Griffin Co. in Springdale represented the buyer.

Arnold bought the land in 2016 for $450,000. Gary and Billie Renegar were the sellers.

COLLEGE CLAIM
A 2.67-acre commercial property in midtown Fayetteville has a new owner after a $1.15 million sale.

KLBFW LLC, managed by Kevin Farmer, bought the property at 2518 N. College Ave. Goff-McNeal Investment Co., managed by D.C. Goff and Marcia Woody, was the seller.

Lee Ward with Realty Concepts was the listing agent.

The property includes a 7,900-square-foot commercial building fronting College Avenue. Behind the building is a 1,800-square-foot residential structure.

HINDSVILLE HOME
A 35-acre residential property on War Eagle Creek in Hindsville changed hands recently in a deal worth $1.08 million.

Conner and Mary Elizabeth Eldridge bought the 2,609-square-foot custom home on Red Bluff Road, near War Eagle Mill. Michael and Rosanne Hylton were the sellers.

First Security Bank of Searcy backed the deal with a 30-year loan worth $450,000. Waco Title Co. of Springdale was the title agent. Dana Lamar with Basset Mix & Associates represented both sides of the transaction.

The property includes a two-bedroom residence built in 2006, a remodeled one-bedroom cabin (1,100 square feet) and an insulated shop (1,700 square feet).

Hylton paid $810,000 for the property in November 2016.

MOBERLY EXPANSION
Cooley Property Holdings LLC, led by Ed and Faith Cooley, picked up a five-year funding agreement arranged through Alicia Funa of Arvest Bank worth $996,690.

The financing will back a 6,213-square-foot expansion of a 4,267-square-foot building at 3202 S.E. Moberly Lane in Bentonville. The Cooleys own the building. The expansion will allow the Cooleys to combine their three businesses to the location. They are Strategy Systems, Steam Art and Graphics and Ed Cooley Gallery.

The expansion project will also include a 1,590-square-foot event venue space.

JOYCE INVESTMENT
An 11-acre residential property in midtown Fayetteville changed hands in an all-cash deal worth $975,000.

2188 LLC, managed by Lyndy Lindsey, bought the property on East Joyce Boulevard. Forrest and Mitzi Hudson were the sellers.

Jeff Pederson represented the seller and John David Lindsey represented the buyer. Both agents work for Lindsey & Associates in Fayetteville.

The property includes a 4,467-square-foot residence. A shop, small barn, heated greenhouse, two ponds and an outdoor entertaining structure with bar are also included.

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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