Real Deals: Lowell medical office building sells for $5.25 million
A 40,000-square-foot medical office building formerly occupied by the University of Arkansas for Medical Sciences (UAMS) in Lowell sold recently for $5.25 million. The purchase price equals $131.25 per square foot.
J Bar C Land and Cattle LLC, led by Jason Coates, bought the two-story building at 519 Latham Drive, adjacent to the Northwest Arkansas Business Center. Lowell Medical Partners LLC, managed by Kevin Huchingson, was the seller.
CS Bank in Eureka Springs backed the deal with a three-year loan worth $4.21 million. City Title & Closing of Fayetteville was the title agent. Katie Hampton of Colliers Arkansas in Rogers represented the buyer. Steve Lane and Wade Smith, also of Colliers, represented the seller.
The building was built in 2006. It was previously used as a children’s health services facility by UAMS. Following renovations, the new owner plans to use the 4.98-acre location as a state-of-the-art childcare facility with a target opening date of summer 2023.
“We’re excited to announce the 2023 opening of ASP Early Childhood Academy for children aged 6 weeks to 5 years,” Coates said. “In addition, the facility will serve school-age children when public school is not in session and will serve as an additional location for The After School Program.”
A 570-unit mini-storage facility in Siloam Springs has a new owner after a recent sale worth $4.76 million.
Siloam Springs Best LLC, whose members include Valena Callis, Drew Mayer, Chris Callis and Jonathan Callis, bought the Siloam Springs Best Storage development at 1100 E. Kenwood St. Three Pistols LLC, led by Thomas J. Underwood, was the seller.
Searcy-based First Security Bank backed the deal with a $4.47 million loan.
The 4.38-acre property was built in 2021. It includes a 400-square-foot office building and 10 buildings totaling 58,720 square feet.
CAR WASH PLANS
Through its Splash Pea Ridge LLC, commercial real estate firm Colliers Arkansas recently secured a two-year construction loan from Missouri-based Sterling Bank worth $4.43 million.
The funding agreement is tied to a 1.13-acre commercial lot at the intersection of Arkansas Highway 72 and Ryan Road in Pea Ridge. Colliers paid $580,000 for the property in November. The purchase price equals $11.78 per square foot. Limited liability companies controlled by Matt Sitton were the sellers. City Title & Closing of Fayetteville was the title agent.
Colliers is the development partner with Little Rock-based Splash Carwash. The company plans to develop the site to include a tunnel car wash.
Legacy Construction Management of Fayetteville recently paid the city of Bentonville for a commercial building permit valued at $1.28 million.
Legacy is using the permit to expand and upgrade the city’s Fire Station No. 3 at 907 N.W. 13th St.
According to the city website, the station protects the northwest portion of Bentonville and provides mutual aid to the Bella Vista Fire Department.
A 6,032-square-foot retail building in Lowell sold recently for $1.09 million. The purchase price equals $182.35 per square foot.
803 N. Bloomington Lowell LLC, managed by Tyler Creach, bought the single-story building at that address. BJFC Ventures LLC, managed by Brad Cottam, was the seller.
Central Bank of the Ozarks in Springfield, Mo., financed the deal. City Title and Closing of Fayetteville was the title agent.
The building is 100% occupied by Cleveland, Ohio-based paint retailer Sherwin-Williams. The existing lease term expires in 2033. The building was built in 2006 and the 0.51-acre property has a cap rate of 6%.
TACO BELL LAND
A $1 million land purchase in Siloam Springs is kickstarting development of a new fast-food restaurant.
Fort Smith-based K-MAC Enterprises Inc., one of the largest Taco Bell franchisees in the U.S., bought the 1.48-acre lot at 4171 E. U.S. Highway 412, west of the Jiffy Trip convenience store. The purchase price equals $15.51 per square foot. Siloam Springs 412/59 RE LLC, managed by Alex Williams, was the seller.
Zack Kifer and Chris Monroe with Moses Tucker Partners in Bentonville represented the buyer. Randy Crossno with Capstone Real Estate Advisors represented the seller.
MOUNT SEQUOYAH RESIDENCE
A 3,470-square-foot residence on Mount Sequoyah in Fayetteville changed hands recently for $925,000. The purchase price equals $266.57 per square foot.
Philip and Wendy Hicky bought the 0.75-acre property on North Crest Drive. Cynthia K. Daniel, trustee of the Cynthia K. Daniel Living Trust.
Alabama-based Regions Bank backed the deal with a 30-year, $400,000 loan. The Mayer Team with Better Homes and Gardens Real Estate Journey in Bentonville represented the seller. Samantha Shewmaker with Weichert Realtors-The Griffin Co. in Fayetteville represented the buyer. Waco Title Co. of Springdale was the title agent.
The original age of the three-bedroom home is unknown, but it was remodeled in 2017. Jameson Developments LLC, managed by Kyle Patton, paid $280,000 for the property in February 2017. Mona Dyer was the seller. Daniel paid $650,000 for the property in August 2018.