Real Deals: Investment group completes $4.95M Springdale industrial acquisition

A nearly 100,000-square-foot industrial property along southbound Interstate 49 in Springdale sold recently for $4.95 million.

An investment group led by T.J. Lefler, owner of Lefler Capital of Fayetteville, bought the 13.9-acre development at 13465 Puppy Creek Road. Mountain Development II LLC, managed by John Smith, was the seller.

Russellville-based First State Bank backed the deal with a seven-year loan worth $4.8 million. Waco Title Co. of Springdale was the title agent. Aaron Nicholson with Cushman & Wakefield/Sage Partners in Rogers represented the buyer. Jim Sellers with RE/MAX Real Estate Results in Bentonville represented the seller.

The multi-tenant, flex property is 98% leased. The new owners will rebrand the property to I-49 Commerce Center.

“I-49 Commerce Center is a strategically located complex, with easy access to the interstate and located in the heart of Northwest Arkansas,” Nicholson said in a statement. “Our sense is this will be a great investment for the new ownership group.”

Sage Partners will provide leasing and management services. Jake Cole is the property manager.

I STREET LAND
A 7.92-acre commercial lot along Southwest I Street in Bentonville changed hands recently for $2.65 million.

28th & I Street LLC, a Delaware-registered entity, bought the lot at the northwest corner of those two streets. Old Oak Commercial LLC, managed by Tamara Martin, was the seller.

Bart Hester with Third Street Realty in Rogers was the listing agent. City Title & Closing in Fayetteville was the title agent.

The lot was developed with the Sullivan Square Apartments development in 2017. A 3,031-square-foot residence on the lot is leased.

KFC INVESTMENT
New retail construction in Centerton sold recently for $2.16 million.

California-based Sundance Development Inc. and LCL Ellis Family Partnership LP bought the 2,150-square-foot building at 1618 E. Centerton Blvd. The purchase price equals $1,004.65 per square foot. Kansas-based developer Plaza Street Partners, through its Plaza Street Fund 61 LLC, was the seller.

Kansas-based KBP Foods, a KFC restaurant franchisee, is the free-standing building’s tenant under a new 20-year absolute NNN lease.

Plaza Street paid $330,000 for the land (0.84 acres) in August 2020.

RIVERWOOD CLAIM
One of Fayetteville’s well-known residential home builders is planning a mixed-use development in Lowell.

Riverwood Homes completed a $2.05 million deal recently to buy approximately 76 acres at 417 S. Old Wire Road. The land previously was owned by the late J.B. Hunt, the trucking magnate, and his wife Johnelle Hunt.

Tom Allen, president of Cushman & Wakefield/Sage Partners in Rogers, brokered the deal. Armstrong Bank provided financing.

Taylor Marquess, president of family-owned Riverwood Homes, said development plans for the property include commercial development fronting a portion of Old Wire, with single-family residential and possibly multifamily in the back.

Marquess said a silo and barn on the property would potentially be redeveloped as a farmers market. The development’s name is still to be determined, but Marquess said it would likely pay homage to the Hunt family.

CENTERTON LAND
Centerton farmland changed hands recently for $2 million.

NWA Friends First Venture LLC, whose members include Naidu Mortha, Murthy Kolluru and Arumugam Jayavelu, bought 40 acres at 9973 Highway 279, south of the Kinyon Road intersection. The purchase price equals $1.15 per square foot.

Lindsey Holly, trustee of the Swank Revocable Trust, was the seller.

Generations Bank of Rogers backed the deal with a five-year, $1.5 million loan. City Title & Closing of Fayetteville was the title agent.

ROGERS LAND
A Fayetteville builder acquired Rogers land for potential residential development in two separate deals worth $1.5 million.

J&M Capital Ventures LLC, led by Jon Brittenum Jr., paid $3.89 per square foot for four parcels totaling 8.86 acres in Phase II of The Peaks neighborhood north of West Ajax Avenue east of Interstate 49. The Peaks features various upscale townhomes. J&M is an active builder in the area.

Limited liability companies managed by John Ed Chambers III, CEO and chairman of Chambers Bancshares of Danville, were the sellers. Realty Title & Closing Services was the title agent.

DOWNTOWN FAYETTEVILLE
A 4,464-square-foot vacant building in downtown Fayetteville changed hands recently for $1.02 million. The purchase price equals $229.61 per square foot.

Beverly Bickell bought the three-story building at 9 N. West Ave. Longer Property Management LLC, led by Elaine Longer, was the seller.

Waco Title Co. of Springdale was the title agent. Jason Keeling with Steve Fineberg & Associates in Bentonville represented the seller. Alice Honea with Coldwell Banker Harris McHaney & Faucette in Fayetteville represented the buyer.

The building, previously occupied by Longer Investments, has offices and restrooms on each floor and the third floor is equipped for residential use including a full kitchen.

Longer paid $420,000 for the property in 2001.

GERBER GRAB
A Tontitown land deal closed recently for $700,000.

Gerber Real Estate Inc., based in Illinois, bought two acres in the Venezia Piazza addition, southeast of the U.S. Highway 412/Arkansas Highway 112 intersection. The purchase price equals $8.03 per square foot.

Lots 102 Holdings LLC, managed by Melissa Sims, was the seller. Zack Kifer and Clint Bailey with Moses Tucker Partners was the buyer. Kifer represented the seller.

The owner will develop the land into a location for Gerber Collision and Glass, one of the largest auto collision and glass repair companies in North America. The company operates locations in Farmington and Rogers.

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.