Real Deals: Howse building in Bentonville sells for $6.2 million

by Paul Gatling ([email protected]) 1,604 views 

A 39,652-square-foot office/warehouse building in Bentonville has a new owner after a recent sale worth $6.2 million. The purchase price equals $156.36 per square foot.

Burk Utah 243-253 LLC, a California entity whose members include Gary Burk, bought the commercial building at 2714 S.E. Otis Corley Drive. Jay Howard, through his Howse Retail LLC, was the seller.

Pine Bluff-based Simmons Bank provided a five-year, $1.96 million loan. First National Title in Fayetteville was the title agent. Ramsay Ball, the principal broker of Cignus Real Estate in Bentonville, was the listing agent.

Howard is the founder and CEO of the building tenant, home furnishings and interior design studio Howse.

Howse Retail paid $3.05 million for the 2.95-acre development in July 2020. The single-story building was built in 1999.

RESTAURANT PROPERTY
Fayetteville-based restaurant chain Slim Chickens is planning to add a second Springdale location with a recent property acquisition worth $1.4 million.

The company bought a vacant 3,371-square-foot building at 401 S. Thompson St. (U.S. Highway 71B). The purchase price equals $415.30 per square foot. Diamond Arkansas Properties LLC, led by Stacy Schmidt, was the seller.

Springdale-based Legacy National Bank backed the deal with a five-year, $2.04 million construction loan. David Erstine and Alex Schemel with CBRE in Fayetteville represented the buyer.

Hardee’s was the most recent building tenant.

BENTONVILLE RESIDENCE
A 3,049-square-foot residence just off Arkansas Highway 72 in Bentonville has a new owner after a sale worth $1.35 million. The purchase price equals $442.76 per square foot.

Museum of Native American History Inc. of Bentonville bought the residence on S.W. O Street. The 1.64-acre property is adjacent to the museum. Robert and Anna Fourt were the sellers.

The Fourts paid $100,000 for the land in 2001 and built the house in 2007.

SPRINGDALE LAND
A commercial land sale in Springdale registered $1 million.

Springdale HB Investors LLC, managed by Kansas-based Drake Development, bought the 1.24-acre site at 4579 W. Sunset Ave. The lot is adjacent to Lowe’s and surrounded by several national retailers. The purchase price equals $18.51 per square foot. Springdale-Sunset LLC of Kansas City, Mo., was the seller.

Waco Title Co. of Springdale was the title agent. The listing agents were Alan Cole and Corey Allen with Colliers Arkansas in Rogers. Zack Kifer with Moses Tucker Partners in Bentonville represented the buyer.

Cornerstone Bank of Kansas backed the deal with a construction mortgage of $3.53 million.

Springdale-Sunset LLC paid $19.73 per square foot for the land in June 2019 in a $2.2 million deal that yielded 2.56 acres. The owners developed the adjacent 1.32-acre lot into a Tommy’s Express Car Wash location.

‘COFFEE’ CLAIM
A 1,408-square-foot freestanding retail building in Bentonville changed hands recently for $995,000. The purchase price equals $706.67 per square foot.

Beyond Coffee LLC, led by Ravi Dadi, bought the building at 2301 S.E. 14th St. (Arkansas Highway 102). Bryan Hunt LLC, led by Hunt, was the seller. United Bank of Springdale provided financing with a one-year loan worth $746,250. City Title & Closing of Fayetteville was the title agent. Cushman & Wakefield Sage Partners in Rogers was the listing agency.

The 0.84-acre property previously housed a used car dealership.

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.