Real Deals: Fayetteville hotel with 82 rooms checks in $9.6M sale
An 82-room hotel in Fayetteville has a new owner after a recent sale worth $9.6 million. The purchase price equals $117,073 per room.
KHAIR Mgmt. Inc., led by Shahid Sheikh, bought the 33,312-square-foot Avid Hotel at 3350 W. Jewell Road. Donda Investment LLC, whose members include Minesh and Vibha Patel, was the seller.
Academy Bank in Kansas City, Mo., backed the deal with a $7.71 million loan. Waco Title Co. was the title agent.
Donda paid $750,000 for the land (3.24 acres) in September 2018. The purchase price equals $5.31 per square foot. The five-story hotel was built in 2021.
9th&A NWA LLC, whose members include Aaron Wilkerson, recently picked up a $6.45 million loan from Searcy-based First Security Bank.
The funding will support construction of a 10-unit condominium development at 903 N.W. A St. in downtown Bentonville.
Bentonville custom homebuilder Constellation Properties, led by Wilkerson, will build the three-story units. 9th&A paid $1.3 million for the 0.62-acre property in October. Constellation Properties was the seller. The lot includes a 2,442-square-foot residence that will be razed.
Wilkerson said construction work should begin in early 2023. BUF Studio is the architect.
A group of investors completed a $3.59 million deal recently to buy three lots totaling approximately 59 acres near the northern entrance to the Northwest Arkansas National Airport.
Vito Groups LLC, managed by Bhagawan Kannappa, bought the land from The Old Farm LLC, managed by Jim Renaud. The land is west of Southwest Regional Airport Boulevard near Windgate by Wyndham hotel.
Wade Smith and Steve Lane of Colliers Arkansas in Rogers represented the buyer and seller.
BEAVER LAKE ABODE
A 3,174-square-foot lakefront residence in Rogers changed hands recently for $1.55 million. The purchase price equals $488 per square foot.
Corbett Davidson bought the Beaver Lake home on Cedar Drive from Jason and Lisa Binger.
Grand Savings Bank in Fayetteville provided financing. Waco Title Co. of Springdale was the title agent. Nicole M. Chervenyak with Better Homes and Gardens Real Estate Journey in Bentonville represented the seller. Jordan Eddleman with Collier & Associates in Rogers represented the buyer.
The three-bedroom home was built in 1971. Binger paid $745,000 for the property in April 2021. It includes a four-slip dock and a swimming deck.
A University of Arkansas football coach recently scooped up a custom home near Wilson Park in Fayetteville for $995,000.
Cody Kennedy, the Razorbacks’ offensive line coach, and Lauren Anne Davis bought the 3,183-square-foot residence on North Shady Lane. The purchase price equals $313 per square foot. George and Suzanne Niblock were the sellers.
Arvest Bank provided financing and Waco Title Co. was the title agent. Robin Collins with Weichert Realtors-The Griffin Co., in Springdale represented the seller. Wendy Martin with Prime Real Estate & Development in Fayetteville represented the buyer.
Niblock paid $885,000 for the property in 2019. George Niblock Jr., through his Niblock Ventures Inc., built the home that year and was the seller.
The Niblock family has owned the land and surrounding property for four generations. Walter and Marjorie Niblock acquired the land from her parents in 1979.
Safelite AutoGlass signed a lease to occupy 100% of a 7,089-square-foot commercial building 310 N. Walton Blvd. in Bentonville. J.P. Huntington with Focus Commercial Real Estate in Bentonville represented the tenant.
Gray Horse II LLC, an affiliate of Colliers Arkansas in Rogers, owns the single-story building. The company paid $1.5 million for the building earlier this year. That equals $211.59 per square foot. Alan Cole with Colliers Arkansas represented the landlord in the lease agreement.
Safelite AutoGlass will relocate from its existing Bentonville location (1212 S.E. Walton Blvd.) to the new address.
Colliers Arkansas will continue as the property manager.
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.