Real Deals: $2.7M land sale starts residential development in Bentonville

Acreage for a shovel-ready residential development in Benton County changed hands recently for $2.71 million.

NorRho LLC, led by Robert Norman and Duane Rhodes, bought 78.23 acres south of Southwest Regional Airport Boulevard, on the southwest corner of Barron and Piercy roads. The purchase price equals 80 cents per square foot.

Wilson Ventures LLC, managed by Slade Wilson, was the seller.

Armstrong Bank in Springdale financed the purchase with a one-year loan of $2.72 million. Aaron Hawes with Landmark Real Estate & Investment of Fayetteville represented both sides of the transaction.

NorRho plans to develop the land into a subdivision called Walnut Grove. It will include 310 single-family lots built in four phases.

FAYETTEVILLE MULTIFAMILY
An apartment complex near the University of Arkansas in Fayetteville changed hands recently in a $2.2 million deal.

Fay Apartment Partners LLC, managed by T.J. Lefler, bought the 44-unit Campus Edge Apartments on Whitham Avenue, north of Maple Street. The Shirley J. Johanson Revocable Trust was the seller.

Missouri-based Great Southern Bank provided financing with a five-year mortgage of $2 million. City Title & Closing of Fayetteville was the title agent. Drew Davis with Bassett Mix & Associates of Fayetteville represented the buyer.

CHAMPIONS COMMERCIAL
A 4.75-acre commercial lot in Rogers changed hands for $1.1 million. The purchase price equals $5.32 per square foot.

Soho District LLC, led by An Wei Feng, bought the property at 4901 S. Champions Drive. The lot sits north of Grand Brook Memory Care of Rogers. Lois Johnson was the seller.

Arvest Bank backed the deal with a one-year loan worth $825,000.

Sheryl Carman with Coldwell Banker Harris McHaney Faucette was the listing agent. Susan Gleghorn with Elite Realty in Springdale was the buyer’s agent. City Title & Closing of Fayetteville was the title agent.

The new owner is planning to develop the land for retail, with two restaurants and two strip centers.

STARBUCKS FUNDING
Haag-Brown Development of Jonesboro recently picked up a seven-year construction loan worth $1 million from Encore Bank in Jonesboro.

The funding is backing construction of a 1,000-square-foot, drive-thru-only Starbucks at the northeast corner of U.S. Highway 71 and East Monroe Avenue in Lowell.

Haag-Brown is the developer behind six Starbucks stores in Northwest Arkansas in the past five years. The company paid $550,000 for the Lowell land (0.83 acres). The purchase price equals $15.21 per square foot. Yates Management Inc., formerly known as E-Z Mart Stores Inc., was the seller.

Stonebridge Construction of Jonesboro is the general contractor. Haag-Brown said construction will start soon.

TALAMORE RESIDENCE
A 4,508-square-foot Craftsman-style residence in Phase II of Bentonville’s Talamore neighborhood sold recently for $710,000. The purchase price equals $157.49 per square foot.

Jeanne Melton bought the 4.26-acre property on Millstead Lane from the Dailey Family Trust.

Waco Title Co. of Springdale was the title agent. Lighthouse Group NWA with Keller Williams Market Pro Realty in Bentonville was the listing agent. John Camper with Coldwell Banker Harris McHaney Faucette in Rogers represented the buyer.

The four-bedroom home was built in 2002 and appraised in 2020 for $701,250. Dailey bought the 4.26-acre lot in October 2000 from 3-Putz LLC for $79,000.

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.