Real Deals: ‘Saatchi’ office building in Springdale sells for $7.4 million

by Paul Gatling ([email protected]) 2,422 views 

A 42,609-square-foot office building in Springdale changed hands recently in an all-cash deal worth $7.4 million. The purchase price equals $173.67 per square foot.

A limited liability company owned by Fayetteville financial adviser Patrick Cameron bought the building at 605 W. Lakewood Drive, east of U.S. Highway 71B. Limited liability companies managed by Charles Browning, Gerald Johnston and Tom Muccio were the sellers.

City Title & Closing of Fayetteville was the title agent. Brian Shaw and Matt Imhoff with Cushman & Wakefield/Sage Partners were the listing agents. Philip Schmidt with Kelley Commercial Partners in Springdale represented the buyer.

The two-story building is fully leased to shopper marketing agency Saatchi & Saatchi X. The existing lease expires Dec. 31, 2024, and the property had a 9.4% cap rate at the time of the sale.

The 3.5-acre property last changed hands for $2.75 million in 2002, the year the building was constructed.

A commercial land sale in Bentonville tipped the scales at $1.5 million.

VEE Shoppe LLC, registered to Rogers attorney Nick Arnold, bought the 6.45 acre lot on South 28th Street. The purchase price equals $5.34 per square foot. The Ronald L. Blackwell Trust was the seller.

Waco Title Co. of Springdale was the title agent.

The land is situated between Phillips Park and Walton Crossing apartments.

Arnold did not reveal development plans for the property.

A $1.23 million land purchase in Springdale is paving the way for a Casey’s General Store development.

The Ankeny, Iowa-based company bought two lots totaling 2.33 acres at 4052-4058 Elm Springs Road, at the northwest corner of the intersection of North 40th Street.

Elm Springs Center LLC, led by John and Joyce Pak, was the seller. Waco Title Co. of Springdale was the title agent.

Pak acquired the land in September 2015 for $1.1 million. Ray and Connie Roller were the sellers.

Casey’s will develop the property to include a 6,172-square-foot store with seven fuel pumps. It will include full-service food offerings including made-from-scratch pizza and other fresh, prepared foods.

The store is on track for a March 2021 opening. Casey’s opened its first store in Arkansas in Bella Vista in April 2011. The company now has 59 stores in Arkansas.

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