Real Deals: Horton Farms finds buyer in $6 million transaction

A popular executive retreat, estate home and event venue in rural Benton County sold recently for $6 million.

Legacy Ranch at Dry Creek LLC, registered to Little Rock law firm Newland and Associates, bought Horton Farms at Dry Creek, site of numerous events during the past several years ranging from corporate retreats, weddings, receptions and nonprofit fundraisers.

Darren and Karen Horton were the sellers. Searcy-based First Security Bank provided financing with a five-year loan worth $4.8 million. Nicky Dou a Realtor with Keller Williams Market Pro Realty in Bentonville, was the listing agent. She listed the property in February 2018 for $12 million. City Title & Closing was the title agent.

Newland and Associates did not respond to a request for comment.

Approximately 197 acres, the non-working farm includes a 15,000-square-foot estate home, 5,500-square-foot guest home, the Sierra Executive Retreat, a 3,200-square-foot, two-story log cabin, and the newest building, an 8,500-square-foot event venue called Sierra Grand Hall.

There’s also a secluded team building course at Horton Farms, a sprawling property accessed through a gated entrance off Bethlehem Road about 5 miles west of Centerton and north of Arkansas Highway 102.

The Hortons assembled the property, primarily used as a dairy farm, in two separate deals. The first in March 2006 yielded 117.3 acres from the family of Richard Moffitt. The second, in May 2008, was an approximately 80-acre parcel acquired at auction for $288,000.

MEDICAL OFFICE DEVELOPMENT
The city of Lowell recently issued a building permit valued at $2.6 million.

Oelke Construction of Lowell, led by Tim Oelke, is using the permit to build a 10,890-square-foot medical office building west of Interstate 49 at 225 Grant Place, south of Arkansas Highway 264.

Grant Parkway Medical Center LLC, a joint venture between Zirkel Investment Group LTD, led by Justin Ferguson and John Kushniroff, and Oelke Construction, is the developer. Grant Parkway paid $454,000 for the 1.93-acre lot in December.

Henry Architecture of Bentonville is the building designer, and Arvest Bank is providing financing.

The building should be completed by the end of the year. Two medical tenants are already in place. About 3,500 square feet is still available for lease.

‘BAUMANN’ BUY
Fayetteville homebuilder Baumann & Crosno Construction, led by Mike Baumann and Michael Crosno, recently paid $1.83 million for 35 residential lots in Fayetteville. The lots are in the new Westview Meadows subdivision on West Mount Comfort Road west of Interstate 49.

Meadows of Woods Creek Inc., led by Patricia Bauer, was the seller. Dave Holland at First National Bank of NWA arranged financing and First National Title Co. of Fayetteville was the title agent.

Baumann & Crosno has started to build spec homes on six lots, which range in size from 0.16 acres to 0.34 acres. They’ll begin eight pre-sale homes in the next month. Home sizes will range from 1,957 to 2,475 square feet. There are six design plans with three elevations each. Prices start in the $300,000s.

Meadows of Woods Creek paid $230,130 for the 13.2-acre site in June 2018. Juanita and Jack Henbest Revocable Trust was the seller.

‘ROCKHOUSE’ REAL ESTATE
A 0.29-acre commercial property at the intersection of Arkansas Avenue and Dickson Street in downtown Fayetteville sold recently for $1.32 million.

The University of Arkansas bought the 5,184-square-foot building at 310 N. Arkansas Ave., across from the UA campus. The purchase equals $255.59 per square foot.

Tennessee-based Mid-South District of the Lutheran Church Missouri Synod was the seller.

City Title & Closing was the title agent and Duane Wright with Equity Partners Realty in Springdale represented both the buyer and seller.

The single-story building, known as “Rockhouse” was built in 1950. Non-denominational campus ministry Christ on Campus was the most recent tenant.

UA spokesman Mark Rushing said the building will be used as a temporary space for the School of Art while work continues in the Windgate Art and Design District at Martin Luther King Boulevard and Hill Avenue.

APARTMENT SALE
A 20-unit apartment complex off Joyce Boulevard in Fayetteville sold recently for $1.1 million. The purchase price equals $55,000 per unit.

Clear Creek Village LLC, registered to Springdale attorney Jeb Joyce, bought the 0.61-acre property at 6100 S. Wilkerson St. Wilkerson Street LLC, managed by Robert Stophlet, was the seller.

City Title & Closing of Fayetteville was the title agent.

Aaron Hawes with Landmark Real Estate & Investment of Fayetteville represented the seller. Michael Ward with Collier & Associates represented the buyer.

All units are two-bedroom and one bath. Sixteen of the units were remodeled in 2017.

Wilkerson Street paid $1.15 million for the property in 2017. The property was built in 1980.

RV PARK
A 38-unit recreational vehicle (RV) park in Springdale changed hands recently for $1.1 million.

Hickory Creek Marina, Fish & Ski Center LLC, registered to Susan Whitehouse, bought the 22-acre development at 21225 Hickory Flat Road, north of U.S. Highway 412 near Beaver Lake. Natural State Glamping & RV Park LLC, managed by Kolby Hathaway, was the seller.

City Title & Closing of Fayetteville was the title agent. Rob Henry and Josh Tandy with Simplicity Real Estate Solutions of Springdale were the listing agents.

The park is 100% occupied with a waiting list. Natural State Glamping paid $600,000 for the park in January 2020.

COMMERCIAL SALE
A 20,610-square-foot commercial building in Lowell recently changed hands for $950,000. The purchase price equals $46.09 per square foot.

Nguyen and Do LLC, registered to Johnny Nguyen, bought the 2.4-acre development at 203 N. Bloomington St. C.V.’s Foodliner Inc. (formerly known as CVM Inc.) was the seller. Marvin’s IGA grocery story was the previous tenant.

PCI Advance Title was the title agent. Angela Thompson with Simplicity Real Estate Solutions of Springdale was the listing agent.

HIGHWAY 12 HOME
A single-family residence overlooking Beaver Lake in Rogers sold recently for $655,000.

Joshua King and Nicole Fasano bought the two-story residence on Arkansas Highway 12 East. XNA Real Estate LLC, registered to James Lefler, was the seller.

Kevin Shields with Collier & Associates in Fayetteville represented the seller. Rebecca Seba with Weichert, Realtors-The Griffin Co. of Springdale represented the buyer.

Waco Title Co. was the title agent. Springdale-based Legacy National Bank provided financing with a 30-year loan worth $524,000.

The four-bedroom home was built in 2018 and was sold as turnkey — all furniture, appliances and televisions included.

Lefler bought the 1.04-acre lot in August 2016 for $49,000. Del and Jane Peterson were the sellers.

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.