Real Deals: Fayetteville medical office off Joyce sells for $3.4M

A 6,900-square-foot medical office building in Fayetteville sold recently for $3.4 million. The purchase price equals $492.75 per square foot.

Bennett Family LP, a New Mexico limited partnership, bought the single-story building at 3996 Frontage Road near the intersection of College Avenue and Joyce Boulevard. Monroe JC LLC, led by Steve Fowler, was the seller.

First State Bank in Fayetteville backed the deal and City Title & Closing of Fayetteville was the title agent.

The building was built in 1988 and renovated in 2017. Monroe JC paid $1.2 million for the 0.72-acre development in May 2016.

Arkansas Oral & Facial Surgery Center is the sole tenant and has 15 years remaining on an Absolute Triple Net (NNN) lease.​

STRAUBE SALE
A 22,288-square-foot, recently updated office building in Bentonville’s Straube Business Park changed hands for $3.31 million. The purchase price equals $148.51 per square foot.

5121 Runway Holdings LLC, led by Shawn Lawson, bought the two-story building at 5121 Runway Drive. The property is off Southwest Regional Airport Boulevard (Highway 12), across from the Walmart Distribution Center. Runway Building LLC, a Delaware-registered company, was the seller.

TitleTech of Arkansas LLC in Bentonville was the title agent.

The building was built in 2002. Runway Building paid $3 million for the 1.4-acre property in April 2019. Kingman Land LLC was the seller.

GENE GEORGE LAND
A 15.6-acre land sale on Gene George Boulevard in Springdale totaled $3 million. The purchase price equals $4.41 per square foot.

Gurmeet Josan, through his JP Specialty LLC, completed three separate deals to assemble the land south of Chick-fil-A.

Richard W. Hinds ($1.5 million), Debbie Townsley and Janet Moore ($1 million) and the Tim and Connie Moore Revocable Trust ($500,000) were the sellers.

Aaron Hawes with Landmark Real Estate & Investment in Fayetteville represented both sides in the transaction. City Title & Closing was the title agent.

City planners recently rezoned the land to multifamily.

CHATTIN CLAIM
A recently updated 5,035-square-foot home in Bentonville’s Chattin Valley neighborhood east of Arkansas Highway 112 sold recently for $1.3 million. The purchase price equals $258.19 per square foot.

Mitchell and Kari Walden bought the 2.59-acre residence on Chattin Circle from the Tidwell Family Trust, led by John and Sara Tidwell.

American Internet Mortgage Inc. of California financed the deal with a 30-year loan of $1.04 million. Waco Title Co. of Springdale was the title agent. Lori Brittain with Weichert, Realtors-The Griffin Co. was the seller’s agent. Shannon Marti with Coldwell Banker Harris McHaney & Faucette in Fayetteville represented the buyer.

The five-bedroom residence was built in 1998. Tidwell paid $700,000 for the property in November 2020. Allison Shea Williams was the seller.

Williams paid $480,000 for the property in May 2018. Diane and Richard Lindsley were the sellers.

ELKINS RETAIL
A fully-leased, 12,000-square-foot retail center and additional land in Elkins changed hands recently for $1.2 million.

Robert R. Daugherty bought the single-story building at 2129 N. Center St. The deal also includes two undeveloped lots at 2117 and 2119 N. Center St. totaling 1.48 acres. Mockingbird Holdings LLC, led by Kezie Odunukwe, was the seller.

Arvest Bank backed the deal with a five-year loan worth $566,039. City Title & Closing of Fayetteville was the title agent.

Mockingbird acquired the building for $600,000 and the two lots for $110,000 in 2020 from The Bank of Fayetteville.

LOWELL OFFICE
A vacant 9,000-square-foot office building in Lowell changed hands recently for $1 million. The purchase price equals $111.11 per square foot.

Objection Sustained LLC, led by Scott Senyard, Ben Catterlin and Mackenzie Arnold, bought the two-story building at 117 Parkwood St. Mor-Wise Investments LLC, led by Jeffrey Wisener, was the seller.

First State Bank in Fayetteville backed the deal with a $1.3 million loan. City Title & Closing in Fayetteville was the title agent.

Palmer Hays with Bennett Commercial Real Estate in Rogers represented the seller. Matt Mozzoni with Cushman & Wakefield/Sage Partners in Rogers represented the buyer.

Catterlin and Arnold are principals of Catterlin & Arnold Law Firm in Rogers. They plan to relocate the practice to the Lowell building later this year.

NEW RESTAURANT
A new restaurant development is on the way in Siloam Springs after a recent sale worth $850,000.

KB Siloam Springs, led by Chris Moses and Zack Kifer, bought a 3,268-square-foot building at 1625 W. Highway 412.  The purchase price equals $260.09 per square foot.

Diamond Arkansas Properties LLC, led by Stacy Schmidt, was the seller.

Relyance Bank in Little Rock backed the deal with a five-year, $897,000 loan. City Title & Closing of Fayetteville was the title agent.

Kifer and Josh Singleterry with Moses Tucker Partners in Bentonville represented the buyers. Hardee’s was the building’s previous tenant. The new owners have signed a lease agreement with King Burrito.

RUPPLE DUPLEX
A 3,406-square-foot duplex in Fayetteville’s Rupple Meadows subdivision sold in an all-cash deal for $544,960. The purchase price equals $160 per square foot.

Mockingbird Holdings LLC, led by Kezie Odunukwe, bought the property on North Rupple Road from Platinum Building Group LLC, led by Brooks Norris.

Waco Title Co. of Springdale was the title agent.

The two-story duplex was built in 2018 and has three bedrooms on each side.

LEASE ACTIVITY
Danielle Dedmon signed a five-year lease agreement for 1,500 square feet at Chaffee Commons in Fort Smith’s Chaffee Crossings development.

Dedmon is a practicing pharmacist for more than 22 years and owns Chaffee Pharmacy, which will occupy the leased space on Massard Road. ERC Properties of Rogers owns the building.

Bob Cooper Jr. with Ghan & Cooper Commercial Properties in Fort Smith represented both sides in the lease transaction.

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.