Real Deals: Lowell multifamily planned after land sale worth $1.6M

by Paul Gatling ([email protected]) 1,292 views 

Ten acres along U.S. Highway 71B in Lowell sold recently for $1.6 million. The purchase price equals $3.67 per square foot.

906 N Bloomington LLC, managed by Ray Osment and Don Parker, bought the land at that address. Northrock Holdings LLC, led by Justin Salter, was the seller.

Searcy-based First Security Bank backed the deal with a $1.2 million loan. City Title & Closing was the title agent.

Osment said the new owners will develop the land to include a 6,000-square-foot spec building and a 94-unit “active lifestyle” multifamily community for residents aged 55 and older. All residences will be one-story with garages, zero-threshold showers and wider doorways.

“Features that will make aging in place a little easier,” Osment said. “Our target is people 55 and over that chose to rent instead of own. They are typically ready to downsize and don’t want to worry about maintenance and unexpected expenditures that come with ownership.”

The development will have on-site walking trails, pickleball courts and a clubhouse. Construction is scheduled to start in the spring, with completion in the summer of 2024.

Arch & Craft Design of Fayetteville is the architect and Crafton Tull of Rogers is the site engineer.

ICE HOUSE SALE
Three commercial suites totaling 5,396 square feet in downtown Fayetteville’s 23,848-square-foot Ice House building changed hands in late December for $1.47 million. The purchase price equals $273.35 per square foot.

Totoka LLC, a New Orleans entity led by Dylan Maisel, bought the property at 339 N. West Ave., just off Dickson Street. The spaces measure 1,690, 1,730 and 1,976 square feet. Ice House Holdings LLC, a Kansas company led by Ben Bolan, was the seller.

Partners Bank in Helena backed the deal with a six-year loan worth $700,000.  City Title & Closing of Fayetteville was the title agent. Krystal Tronzano with Collier & Associates in Bentonville was the listing agent. Sara Posey with Collier & Associates in Fayetteville represented the buyer.

The new owner will use the space to open a location for his health restaurant and smoothie shop, The Dailey Beet.

Ice House Holdings paid $773,887 for the commercial space ($143.41 per square foot) in March 2020. The Ice House LLC, led by Darrick Bradley, was the seller.

Ice House Tattoo and In Motion Clothing occupy the other two suites of the mixed-use building, which also includes several residential units.

CHURCH CLAIM
A multi-use commercial project with 8,400 square feet in Fayetteville sold recently for $1.47 million. The purchase price equals $175.59 per square foot.

Grace Church of Northwest Arkansas bought the property at the corner of West Sycamore Street and Chestnut Avenue. Sturchio King Properties LLC, managed by Sharman Sturchio and Rich King, was the seller.

First National Bank of Fort Smith provided financing. City Title & Closing of Fayetteville was the title agent. Jason Keeling with Steve Fineberg & Associates in Bentonville was the listing agent. Cameron Clark with Bennett Commercial Real Estate in Rogers represented the buyer.

A 4,000-square-foot building at 716 W. Sycamore St., previously used as a day spa, will be renovated for a new church. The adjacent 4,400-square-foot building at 1723 N. Chestnut Ave. will continue to function as a four-unit apartment complex.

In a separate deal, Grace Church simultaneously sold the apartment complex to an investment group for $800,000. The purchase price equals $181.81 per square foot.

BLACK APPLE RESIDENCE
An 1,823-square-foot residence in Bentonville’s Black Apple pocket neighborhood sold recently for $950,000. The purchase price equals $521.11 per square foot.

Charles and Susan Redfield bought the three-bedroom home just off Northeast A Street, which is north of the downtown square and overlooks Crystal Bridges Museum of American Art. Galen and Debi Havner were the sellers.

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. Brenda Compton with Engel & Völkers NWA in Bentonville represented the buyer.

The three-story home was built in 2016. Havner paid $600,000 for the property ($329.12 per square foot) in March 2016. Christy Walton, the daughter-in-law of Walmart founder Sam Walton, was the seller.

Black Apple includes 11 homes on a roughly 1-acre lot with a central village green.

Walton bought the Bentonville land in 2013 for $455,000, then hired Virginia-based design-build firm GreenSpur to develop the pocket neighborhood concept, Arkansas’ first.

WIENERSCHNITZEL LAND
A 0.73-acre commercial lot near the Elm Springs Road exit in Springdale sold recently for $816,000. The purchase price equals $25.66 per square foot.

Land of Dog Springdale LLC, led by Brian Shinall of Amarillo, Texas, bought the lot west of Interstate 49 next to Starbucks. Haag Brown Commercial Real Estate and Development of Jonesboro was the seller.

Shinall, a Springdale native, owns Shinall Group commercial real estate firm in Amarillo. He’s also the business manager of Tejas Dogs LLC, a Wienerschnitzel franchisee. Tejas Dogs has agreed to build 20 new restaurants for the California hot dog restaurant chain throughout Arkansas over the next 12 years.

Wienerschnitzel, the nation’s largest hot dog chain, was founded in 1961 and now has more than 330 franchise locations in 10 states.

The Springdale location will be between 1,400 and 1,500 square feet. Wienerschnitzel will occupy one of three lots in a new Haag Brown development anchored by Starbucks.

“We love developing projects in Northwest Arkansas,” said Haag Brown principal Joshua Brown. “Sitting adjacent to Starbucks and having direct exposure to I-49 makes this is a home-run site for Wienerschnitzel. We are excited about completing more projects with the Shinall Group and this fan-favorite brand.”

Shinall’s franchise group also broke ground this past fall on a Wienerschnitzel location at 1512 E. Centerton Blvd. in Bentonville. Land of Dog Bentonville LLC paid $1.2 million for a 0.68-acre lot ($40.82 per square foot) in August 2022. Patton Family Revocable Trust was the seller.

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.