Real Deals: $22 million in building permits back Pure Springdale construction

by Paul Gatling ([email protected]) 1,606 views 

Rogers-based ERC Construction Group recently paid the city of Springdale for 16 commercial building permits with a combined valuation of $22.14 million.

ERC is using the permits to build a 16-building multifamily project called Pure Springdale. The 13.7-acre project is situated at the northwest corner of the roundabout at Don Tyson Parkway and Gene George Boulevard, west of Interstate 49 and south of Arvest Ballpark.

ERC is partnering for the first time with Missouri-based commercial real estate development firm Mia Rose Holdings. Pure Springdale is scheduled to open in fall 2022. It will include 163 one-bedroom units and 71 two-bedroom units spread across 234,000 square feet in 16 three-story buildings.

Amenities include walking trails, three ponds, a resort-style swimming pool, a 1,300-square-foot fitness center with club-quality equipment, a technology lounge/business center, gated dog park, numerous green space gathering areas featuring grills and seating.

Fayetteville architect Robert Sharp, who specializes in New Urbanism and walkable communities, is leading the design work. Rogers firm Crafton Tull is the engineer, and Fort Smith-based Trinity Multifamily will manage the property.

The First National Bank of Fort Smith is financing construction with a five-year loan worth $23.5 million.

DON TYSON PARKWAY LAND
A 13.2-acre commercial land sale west of Interstate 49 in Springdale tipped the scales at $5.6 million. The purchase price equals $9.27 per square foot.

Southwest DTP LLC, managed by Travis Ruff, bought the land at the southeast corner of the Don Tyson Parkway/South 56th Street roundabout. Victory Church NWA, led by Billy Coffman, was the seller.

City Title & Closing of Fayetteville was the title agent. Greg Taylor with Weichert, Realtors-The Griffin Co. in Springdale represented the buyer. Taylor said Southwest DTP is in the initial planning stage to build a multistory office building on a portion of the property.

APARTMENT ACQUISITION
A 37-unit apartment complex in Fayetteville sold recently for $1.71 million. The purchase price equals $46,378 per unit.

Birch Avenue Properties LLC bought the property at 2015-2089 Birch Ave. Robert and Raylon Hensley were the sellers. Armstrong Bank in Springdale backed the deal with a 20-year loan of $1.37 million. Realty Title & Closing in Rogers was the title agent. Tyler Royal with Weichert, Realtors-The Griffin Co. was the seller’s agent.

The property has a gross operating income of $220,000 annually. It has 32 one-bedroom units and five two-bedroom units.

Hensley paid $1.7 million for the property in July 2020.

SELF-STORAGE SALE
A 1-acre industrial property in Bella Vista changed hands recently for $800,000.

Shaw Property Holdings LLC, managed by James Shaw, bought the Bella Vista Central Storage self-storage facility at 687 Rogers Road. BV Central Storage, managed by Zack Quick, was the seller.

Arvest Bank provided financing with a five-year, $640,000 loan. City Title & Closing was the title agent. Zack Kifer with Newmark Moses Tucker Partners represented the seller. Josh Singleterry with Newmark Moses Tucker Partners represented the buyer.

The 85-unit facility includes multiple buildings totaling 13,886 square feet of rentable space.

BV Central Storage paid $575,000 for the property in July 2019.

‘BUTTERED’ BUY
A vacant commercial building in Fayetteville has a new owner after a recent sale worth $790,000.

Andromeda Group LLC, led by Sam and Anna Russell, bought the 3,522-square-foot building at 1754 N. College Ave. SBW Capital Partners was the seller.

City Title & Closing of Fayetteville was the title agent. David Erstine and Alex Schemel with CBRE in Fayetteville represented the buyer. Paragould-based First National Bank provided financing with an $842,400 loan.

Plano, Texas-based Pizza Hut was the freestanding building’s most recent tenant.

The Russells own and operate The Buttered Biscuit, with locations in Bentonville (2) and Springdale. Anna Russell said following a building renovation, she is aiming to have the Fayetteville restaurant open by late summer this year.

TRUSS DEAL
A 2.5-acre commercial sale in Gentry closed recently for $775,000.

Greenfields Truss LLC, led by Mike and Lauren Fields, bought the property at 12425 Collins Road (Arkansas Highway 59). Adams Truss Inc., led by Pat and Dale Adams, was the seller.

Liberty Title & Escrow in Gentry was the title agent.

The property includes Adams Truss, a steel truss building company started in 1955. The purchase price includes only the real estate. The property has a 19,040-square-foot building, a 3,840-square-foot building and an 864-square-foot utility building.

Carol Gresham with Confidential Business Intermediaries (CBI) of Springdale facilitated the business sale. The Fields intend to continue operating the business under the Adams Truss trade name. The business’ purchase price was undisclosed.

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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