Real Deals: $5.15M Bentonville land sale starts multifamily project

A 39.94-acre land sale west of the I Street corridor in Bentonville tipped the scales at $5.15 million. The purchase price equals $2.96 per square foot.

Bedrock SW Parnell LLC, led by Haitham Alley, bought the land west of Southwest Parnell Road. The Button Family Trust was the seller.

Simmons Bank in Little Rock backed the deal with a three-year loan worth $3.86 million. Lenders Title Co. in Bentonville was the title agent. Daniel Smith with Colliers Arkansas in Rogers was the listing agent.

Development plans include a 500-unit multifamily and townhome project.

POULTRY PROPERTY
A 60-acre poultry farm in western Washington County sold recently for $4.48 million.

Dai Tran and Kim Nguyen bought the property at 13957 Walnut Corners in Summers. Walnut Corners Farms LLC, managed by Bill Lindsey, was the seller.

Batesville-based The Citizens Bank provided financing with an 18-year, $3.64 million loan.

Delton Williams with Crye-Leike Realtors in Gentry brokered the deal.

The farm supplies poultry to Siloam Springs-based Simmons Foods. The property includes eight 55-foot-by-550-foot chicken houses. The farm also has a single-family residence.

Walnut Corners bought the land in June 2015 for $310,000.

CROSSINGS CONSTRUCTION
Commerce Construction Co. of Springdale recently paid the city of Springdale for three commercial building permits valued at a combined $3.4 million.

The permits are backing construction of three shell buildings in the first phase of The Crossings, a new upscale mixed-use development including retail, restaurants, office and entertainment. Chick-Fil-A anchors the development at the southwest corner of Gene George Boulevard and U.S. Highway 412 (Sunset Avenue.)

C.L. George & Sons LP, led by Gary George and Cathy George Evans, is the owner/developer.

The buildings under construction are 6,984, 8,048 and 15,000 square feet.

BRIGHT HARBOR BUY
A 14,865-square-foot commercial building in Bentonville changed hands recently for $3 million. The purchase price equals $201.81 per square foot.

Blue Lake Bright Harbor LLC, managed by Brock Martin, bought the 2.7-acre property at 1002 S.W. I St. Williams-Simpson Management Corp., led by Allison Williams, was the seller.

First Western Bank in Rogers financed the deal with a 20-year loan worth $2.45 million. City Title & Closing of Fayetteville was the title agent.

Bright Harbor School, a private school for preschool children, is the tenant.

Williams-Simpson paid $740,000 for the lot in June 2015. The single-story building was built in 2017.

EGG DEAL
A 39-acre organic egg farm in western Benton County sold recently for $1.19 million.

Rai Uk and Hiah Sui bought the property at 9250 N. Arkansas Highway 43 in Maysville. Dragornborn Enterprises LLC, led by Mark Biedler, was the seller.

Booneville-based First Western Bank backed the deal with a 12-year, $1.12 million loan. Realty Mart was the listing agency.

The farm supplies eggs to New Hampshire-based Pete and Gerry’s. The property has four egg houses and multiple structures, including a single-family home.

RIVERSIDE ABODE
A 3,850-square-foot residence in Fayetteville’s Riverside Estates neighborhood sold recently for $1.03 million. The purchase price equals $268 per square foot.

Cynthia and Daniel Cross bought the four-bedroom home on River Hollow Road. Jack McCutcheon and Deborah Richardson were the sellers.

Waco Title Co. of Springdale was the title agent. Motus Group with Keller Williams Market Pro Realty in Fayetteville represented the seller. Ruby Poole Team with Collier & Associates in Bentonville represented the buyer.

The 2-acre residence includes a 3,500-square-foot main home and a detached garage with 350 square feet of living space.

McCutcheon and Richardson bought the land in November 2019 from Riggins Properties of Fayetteville for $500,000.

LEASE ACTIVITY
A local franchisee for a Texas-based restaurant chain has signed a leasing agreement for 4,174 square feet of a new 8,721-square-foot building at The Crossings retail development in Springdale.

Over Medium LLLP, led by Brian Moore, is the franchisee for Texas-based The Toasted Yolk Café, a breakfast and lunch concept.

The Crossings is at the southwest corner of Gene George Boulevard and West Sunset Avenue (U.S. Highway 412) west of Interstate 49. It will include multiple commercial buildings ranging from 6,000 to 8,000 square feet. C.L. George & Sons LP, led by Gary George and Cathy George Evans, is the owner/developer.

Alan Cole with Colliers Arkansas in Rogers represented the landlord in the lease agreement.

“With construction commencing on this phase of The Crossings, we are excited to share the first of many new tenants coming to the development,” Cole said. “The Toasted Yolk Café will be a perfect addition to Springdale’s ‘Care Corridor’ with its mix of hospitals, medical offices and commercial activity.”

The Toasted Yolk Café is expected to open in conjunction with the completion of The Crossings retail development later this year.

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.