Real Deals: Brittenum pays $4.35 million for Dixieland acreage in Rogers

A 24.78-acre commercial land sale along South Dixieland Road in Rogers tipped the scales at $4.35 million. The purchase price equals $4.03 per square foot.

Fayetteville home builder Brittenum Construction Co., through its Grove Multifamily LLC, bought the land between South Dixieland and South Concord Street, north of Pleasant Grove Road. Silver Grove LLC, managed by Chandler Rackley, was the seller.

Generations Bank of Rogers provided financing with a $3.26 million loan. Realty Title & Closing Services of Springdale was the title agent.

The new owner is planning to develop the land for a residential use consisting of 123 single-family cottage homes, 92 townhomes, two mansion houses with 10 residential units each and 10 storage garage units.

MARKETPLACE MANEUVER
A 10,058-square-foot commercial building in Springdale has a new owner after a $3.44 million sale.

Mt. Kina LLC, led by Kiet Thai, is the new owner of the single-story building at 1636 S. 48th St. MP Springdale LLC, managed by Dave Godwin, was the seller.

Arvest Bank provided financing with a 10-year, $1.49 million loan.

MarketPlace Grill is the building’s tenant. The restaurant business sold in December 2018 to Clean Plates Restaurants Inc. of Galveston, Texas, but the restaurant’s holding company, Restaurant Management Group, retained real estate ownership.

Godwin, who was the managing partner of Restaurant Management Group when the business sold and is now a senior intermediary for Confidential Business Intermediaries in Springdale, said no changes are planned for the restaurant.

“MarketPlace Grill will continue as tenant and serve the restaurant and catering needs of Northwest Arkansas,” Godwin said in a statement.

OAK TREE RESIDENCE
A 5,711-square-foot residence in Centerton’s Oak Tree neighborhood changed hands recently for $1.2 million. The purchase price equals $210.12 per square foot.

Michele and Joseph Adams bought the Oak Tree Drive home from Moore and Tami Tappan.

Sirva Mortgage backed the deal with a 30-year, $840,000 loan. Waco Title Co. of Springdale was the title agent.

Dana Proctor (buyer) and Sheryl Carman (seller) with Coldwell Banker Harris McHaney Faucette brokered the deal.

The four-bedroom home was built in 2017. Tappan paid $1.05 million for the 2.11-acre property in February 2019. Jared and Brooke Neufer were the sellers. Neufer bought the lot in February 2016 for $114,000. Oak Tree Associates LLC was the seller.

STRAUB SALE
A vacant restaurant building near Walmart distribution centers in Benton County is part of a 3.09-acre commercial acquisition valued at $675,000.

Magnolia Trail LLC, managed by Gary Larson, paid $425,000 for the 6,225-square-foot building at 5400 S.W. Regional Airport Blvd. in Bentonville’s Straub Business Park. The purchase price equals $108.43 per square foot. In a separate deal, Magnolia Trail paid $250,000 for two adjacent lots totaling 1.77 acres. The purchase price equals $3.24 per square foot.

Rolin Park LLC, managed by John Selig, was the seller in both deals.

Searcy-based First Security Bank backed the deal with an $800,000 loan. Wade Smith with Colliers Arkansas in Rogers represented the seller.

GREEN ACRES GRAB
A 4,632-square-foot vacant office building in Fayetteville sold recently for $600,000. The purchase price equals $129.53 per square foot.

TS Against the Grain Inc., led by Nicholas Jones, bought the single-story building at 2039 Green Acres Road, one block west of North College Avenue. Bernhard TME LLC was the seller.

Signature Bank of Arkansas financed the deal with a five-year, $595,000 loan. City Title & Closing was the title agent. Alan Cole with Colliers Arkansas in Rogers represented the seller and Trent Ward with Realty Concepts in Fayetteville represented the buyer.

Bernhard, a Louisiana-based engineering and contracting firm, recently relocated its Fayetteville office to the Commerce Business Park at 3714 N. Business Drive, near the Joyce Boulevard and Old Missouri Road intersection.

The company paid $440,000 for the 1.32-acre property in April 2005.

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.