Real Deals: Michigan REIT pays $3.77 million for Bentonville asset

Agree Stores LLC has purchased a new Firestone Complete Auto Care store in Bentonville for $3.77 million.

The automotive service center at 1405 N. Walton Blvd. was built in 2020 by Concept Development Inc., a Firestone developer based in Florida. The site is 1.6 acres and the building is 6,350 square feet. The purchase price equals $594.56 per square foot. City Title & Closing was the title agent.

Firestone is the single-story building’s tenant with a 15-year NNN lease. Concept paid $700,000 for the land in December 2019. Grizzly Properties LLC was the seller.

Agree Stores is based in Bloomfield Hills, Mich. The company is associated with Agree Realty Corp., a real estate investment trust (REIT) that develops, acquires and leases retail sites nationwide for several national brands, including McDonald’s, The Home Depot, Dollar General, CVS and Big Lots.

SENIOR LIVING LAND
Rogers land approved for multifamily development sold recently for $3.54 million.

Pinnacle Hills Active Living LLC, led by Hausmann Development of Nebraska, bought the 9.03-acre site at the northwest corner of West Pleasant Grove Road and South Champions Drive, west of Interstate 49. The purchase price equals $9 per square foot.

Beaty Family LP, led by Lance Beaty, was the seller. Beaty is president of Beaty Capital Group Inc., a privately held Fort Smith-based investment group primarily focused on real estate investments.

Pinnacle Bank of Lincoln, Neb., backed the deal with a $2.83 million loan. City Title & Closing was the title agent. Clinton Bennett with Bennett Commercial Real Estate in Rogers represented the seller. Carson Stratman with Woodsonia Real Estate Inc. in Nebraska represented the buyer.

The buyer intends to develop the property to include a 180-unit senior living facility. It will be age-restricted to residents 55 years and older.

Development plans include three (3) three-story buildings, each with 60 units. One-bedroom units range from 830 to 950 square feet. Two-bedroom units range from 1,115 to 1,210 square feet. Amenities include a 7,000-square-foot clubhouse with fitness center, pool, community room and lounge/billiards area. The site plan also includes a community garden area, pickleball court, lounge area with grill and tables and interconnecting sidewalks.

City planners approved the buyer’s preliminary site plan in January.

Beaty’s property flip comes less than a year after buying the land. In an all-cash deal worth $6.5 million this past June, the Pauline Whitaker family, through its Whitwheel Properties LLC, sold approximately 74 acres west of the intersection of West Pleasant Grove Road and South Pinnacle Hills Parkway. The purchase resulted in North Little Rock real estate developer Ken Richardson owning 65 acres on the south side of West Pleasant Grove Road. Beaty owned 9 acres on the north side of the road.

DIXIELAND DOUBLE
Commercial land totaling 12.53 acres near Rogers High School changed hands twice in April for a combined $3.1 million.

Warehouse Properties LLC, managed by Don Glass, sold the land at 2002 S. Dixieland Road for $1.09 million to Dixieland Land Acquisition LLC, managed by Brian Moore. That equals $2.02 per square foot. The deal closed April 23.

On April 26, Dixieland Land Acquisition sold the land for $2.01 million to Reserve at Dixieland Apartments LLC, managed by Fort Smith real estate developer Norris Companies. That equals $3.70 per square foot.

City Title & Closing of Fayetteville was the title agent for both deals.

Warehouse Properties paid $501,000 ($0.92 per square foot) for the land in April 2017.

LOWELL LAND
A commercial land sale in Lowell tipped the scales at $2.3 million.

Park Central Commercial Investors LLC, led by Rob Kimbel, bought 13 lots totaling 23.9 acres near the U.S. Highway 71B and West Pleasant Grove intersection. The purchase price equals $2.21 per square foot. First Asset Holdings LLC, registered to R. Ray Fulmer II, was the seller.

First National Bank of Fort Smith backed the deal with a three-year loan of $2.07 million. City Title & Closing of Fayetteville was the title agent.

Zack Kifer with Newmark Moses Tucker Partners represented the buyer. Marshall Saviers and Bailey Brandon with Cushman & Wakefield/Sage Partners represented the seller.

The buyer’s agent did not disclose development plans.

EYE CARE CONSTRUCTION
Don Peters Construction Inc. of Lowell recently paid the city of Bentonville for a building permit valued at $1.22 million.

The company is using the permit to build an approximately 7,000-square-foot commercial building at 2300 S.E. J St.

Bentonville Eye Commercial LLC, led by Drs. Jeff Coats and Derrick Pierce, is the developer. They bought the 1.41-acre site in June 2019 for $433,000 ($7.05 per square foot). Limited liability companies managed by Ramsay Ball and Bart Fleeman were the sellers.

Coats and Pierce own Bentonville Eye Care at 800 S.E. Walton Blvd. in Bentonville. They’ll relocate the practice to the new building when construction is complete.

Arvest Bank is providing financing. Dave Burris of Bentonville designed the facility. Pierce expects the building will be open by the end of the year.

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.