Real Deals: Trio of self-storage properties sells for nearly $20 million

by Paul Gatling ([email protected]) 1,021 views 

A North Carolina investor acquired three self-storage facilities spread throughout Benton and Washington counties for a combined $19.9 million.

A limited liability company led by Steve Juiris bought the properties at the following locations:

  • 901 E. Centerton Blvd., Centerton ($7.71 million)
  • 2671 N. Broyles Court, Farmington ($6.71 million)
  • 2600 S. Eighth St., Rogers ($5.52 million)

Limited liability companies owned by Rogers businessmen Patrick Byrd and Alex Baumeister sold the properties in Centerton and Farmington, totaling 235,000 square feet and 1,347 units. A limited liability company led by Graham Smith of Little Rock sold the Rogers property.

Signature Bank of Arkansas backed all three deals with loans totaling $16.44 million. First National Title Co. of Bentonville was the title agent for the properties in Benton County. City Title & Closing in Fayetteville was the title agent for the Farmington property.

MULTIFAMILY CONSTRUCTION
A Missouri real estate developer broke ground recently on a $16 million multifamily development at 750 S. Promenade Blvd. in Rogers.

TLC Properties, a family-owned business based in Springfield, is the developer of Promenade Commons, a 144,000-square-foot, 131-unit multifamily property for tenants 55 and older. The site is directly south of a 176-unit multifamily development called the Watermark on Walnut Creek, a market rate property with one-, two- and three-bedroom units.

Grindstone Construction is the general contractor, and H Design Group is the architect. Both are based in Springfield. Construction is anticipated to be complete in the spring of 2021.

TLC paid $1.2 million for the 4.24-acre site ($6.49 per square foot) in January 2019. Margaret Molleston of Texas, through her EF Capital AR LLC, was the seller.

DOWNTOWN DEVELOPMENT
Baldwin & Shell Construction Co. recently paid the city of Springdale for a building permit valued at $7.52 million.

The permit is being used for a mixed-use development downtown in the 200 block of West Emma Avenue. It will be an adaptive re-use of the former Ryan’s Department Store building and new construction in an adjacent lot to the east.

The 68,575-square-foot building will include ground-level retail space with 55 apartment units on the second level. A ceremonial groundbreaking took place in late August.

Commercial Emma LLC, managed by Bentonville-based Runway Group, is the developer. Runway Group is a business team led by Steuart Walton and his younger brother, Tom Walton. They are grandsons of Walmart founder Sam Walton and the sons of Jim Walton, chairman and CEO of Arvest Bank Group Inc.

Chicago architecture and urban design studio Ross Barney Architects is handling the design work.

HAYDEN HOLDINGS
A 13,315-square-foot retail center in Bentonville recently changed hands for $3.55 million. The purchase price equals $266.61 per square foot.

Hayden Properties Inc., led by Hayden Preston, bought the single-story building at 3511 S.E. J St. at the intersection of South Walton Boulevard. New York-based Infinity J Street LLC, led by Steven Kassin, was the seller. The property was built in 1999 and is known as The Corner Shoppes.

Relyance Bank of Pine Bluff provided financing with a five-year loan of $2.41 million. Mason Lewis represented the buyer, and Alan W. Cole represented the seller. Both work for Colliers International in Rogers. They are part of the firm’s Natural State Retail Group (NSR Group), which solely focuses on net retail properties.

The Corner Shoppes is 100% occupied with tenants that include Firehouse Subs, The UPS Store, Rush Bowls, King James Wine School, Uptown Scrubs, and Y.W. Poke.

CLEAR CREEK CLAIM
A 4,750-square-foot home in the gated Clear Creek neighborhood surrounding Blessings Golf Club in Johnson sold for $1.1 million. The purchase price equals $231.57 per square foot.

Louisiana-based CNAK Consulting LLC bought the home on Jean Lane from Matt Wait.

City Title & Closing of Fayetteville was the title agent. Sandy Bates with Coldwell Banker Harris McHaney Faucette in Fayetteville represented the seller. Brad Bruns with Lindsey & Associates in Fayetteville represented the buyer.

Wait paid $115,000 for the 1-acre lot in June 2014. The four-bedroom home was built in 2015.

TALAMORE ESTATE
A 4,678-square-foot European-style estate in Bentonville’s Talamore neighborhood recently sold for $780,000. The purchase price equals $166.73 per square foot.

Larry and Erin Waddington bought the 2.65-acre property on Talamore Boulevard. Craig and Victoria Hodgson were the sellers.

Waco Title Co. of Springdale was the title agent. Ali Eubank with Flat Fee Realty in Bentonville represented the seller. Carmen Hennelly with Coldwell Banker Harris McHaney Faucette in Fayetteville represented the buyer.

The two-story home was built in 2003 and was recently updated. It appraised in 2019 for $648,350.

Hodgson paid $620,000 for the property in September 2016.

SOUTH WALTON PROPERTY
A 7,000-square-foot office/retail building in Bentonville recently sold for $600,000. The purchase price equals $85.71 per square foot.

A limited liability company led by Steve Juiris of North Carolina bought the building at 1912 S. Walton Blvd. The single-story building was 100% leased by a combined eight tenants at the time of the sale.

Rogers businessmen Patrick Byrd and Alex Baumeister, through their 3B Storage LLC, were the sellers.

First National Title Co. of Bentonville was the title agent. Signature Bank of Arkansas provided financing with a loan of $480,000.

3B Storage paid $525,000 for the building in May 2019.

LEASE ACTIVITY
Jonhaw and Carmen Pei signed a leasing agreement for 2,100 square feet at Main Street Crossings at 1335 S. Main St. in Bentonville. Alan W. Cole and Corey Allen of Colliers International in Rogers represented the tenant in the transaction. Sitton Group of Rogers, led by principal Matt Sitton, owns the building.

The Peis, owners of custom fruit refreshment drink concept Fruitealicious, plan to enter the Arkansas market with the Bentonville location. The concept is based in Carrollton, Texas, with several locations throughout Texas.

“We are so pleased that Jon and his wife Carmen trusted Colliers to help with Fruitealicious’ expansion into Northwest Arkansas,” Allen said. “Their new location at Main Street Crossings in Bentonville provides the business fantastic visibility and accessibility. We look forward to further building our relationship with Jon and Carmen with future opportunities as they expand their Arkansas footprint.”

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