Real Deals: Mia Rose adds to NWA investment with $6.5M purchase

by Paul Gatling ([email protected]) 1,535 views 

A commercial land sale near the Walmart Distribution Center in Bentonville closed recently for $6.5 million. The purchase price equals $2.78 per square foot.

B3 Land Development LLC, managed by Tom Kaiman, bought approximately 54 acres south of Southwest Regional Airport Boulevard. The property is situated between Nomad and Mill Dam roads.

Vito Groups LLC, managed by Bhagawan Kannappa, was the seller.

City Title & Closing of Fayetteville was the title agent. The Mercantile Bank of Louisiana in Missouri provided financing with a 24-month loan worth $5.2 million.

Kaiman is founding principal of Missouri-based developer Mia Rose Holdings. The company recently opened Pure Springdale apartment complex near Arvest Ballpark in Springdale and has other multifamily developments under construction in Lowell and Rogers.

Kaiman said the Bentonville land would be developed to include “various types of rental product.”

ELM SPRINGS LAND
A 14-acre land sale west of Interstate 49 in Springdale registered $2.1 million. The purchase price equals $3.44 per square foot.

Elm Springs Apartments LLC, managed by Rogers-based ERC Construction Group and Tradewind Properties of Texas, bought the land, made up of four parcels, at 1415 Oak Grove Road, north of a Walmart Supercenter on Elm Springs Road. Stephanie Pierson, trustee of the Irven Joint Revocable Trust, was the seller.

First National Bank of Fort Smith backed the purchase with a one-year loan worth $1.77 million. City Title & Closing was the title agent. Stephanie Funk with Howse Real Estate in Bentonville represented the seller. Luke Terrell with Cignus Real Estate in Bentonville represented the buyer.

The property includes a 1,560-square-foot residence.

HOWSE HOME
A 4,937-square-foot custom home in downtown Bentonville sold recently for $1.6 million. The purchase price equals $324.08 per square foot.

Howse Retail LLC, led by Jay Howard, bought the five-bedroom residence on Northwest Third Street. Josh and Misty Kyles were the sellers.

Paige Ferguson with Howse Real Estate of Bentonville brokered the deal. City Title & Closing was the title agent.

Kyles paid $162,000 for the land (0.21 acres) in 2015, and the home was built in 2016.

WAKEFIELD LAND
Commercial land in Siloam Springs that’s been approved for development sold recently for $1.35 million. The purchase price equals $0.93 per square foot.

Wakefield Investments LLC of Gentry, led by Jim Krein, bought 33.34 acres on Waukesha Road south of U.S. Highway 412. Chord Properties LLC, managed by Matthew Timboe, was the seller.

Booneville-based First Western Bank backed the deal with a two-year, $1.29 million loan. Matthew Zaidner with HomeQuest Realty of Rogers was the listing agent. Realty Title & Closing of Rogers was the title agent.

Chord Properties paid $400,000 for the land in March 2019.

MEDUSA CLAIM
A 2,197-square-foot retail building in Bentonville changed hands recently for $1.01 million. The purchase price equals $461.08 per square foot.

Medusa Properties Inc. of Virginia bought the single-story building at 1904 S. Walton Blvd. Branson Auto Properties LLC of Kansas was the seller.

First Citizens Bank & Trust Co. of Roanoke, Va., backed the deal with a 15-year, $600,000 loan. Waco Title Co. of Springdale was the title agent. Linville Team Partners Commercial Real Estate of North Carolina was the listing agency.

Quick lube franchise Strickland Brothers 10 Minute Oil Change is the tenant. The company commenced a 15-year NNN lease this past May.

The 0.78-acre development was built in May. Branson Auto Properties paid $740,000 for the development this past May.

LAKEFRONT RESIDENCE
A 4,133-square-foot residence on Lake Brittany in Bella Vista sold recently for $905,000. The purchase price equals $218.96 per square foot.

Robert and Elizabeth Mortensen, trustees of the Mortensen Family Trust, bought the four-bedroom property on Firestone Lane from Shu Zhang and Yanling Li, co-trustees of the Shu Zhang and Yanling Li Trust.

Waco Title Co. of Springdale was the title agent. The seller was represented by Jan Holland with Coldwell Banker Harris McHaney and Faucette in Bentonville. The Limbird Team with Limbird Real Estate Group in Rogers represented the buyer.

Zhang and Li paid $58,000 for the 0.56-acre lot in May 2010 and built the home in 2012.

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.