Real Deals: Lowell land west of I-49 tips scales at $5.62 million

by Paul Gatling ([email protected]) 2,024 views 

A Lowell land sale west of Interstate 49 tipped the scales recently at $5.62 million.

Can-Ark Diamond Realty Holdings 2 LLC, led by Springdale developer Rich Richardson, bought 37.5 acres on West Monroe Avenue (Arkansas Highway 264). The purchase price equals $3.44 per square foot. Randy Blevins was the seller.

The acreage fronts Highway 264 east of Atwoods Ranch and Home and extends northward and to the west of FedEx Ground on Goad Springs Road.

Richardson is selling a 1.3-acre parcel along West Monroe Avenue. Commercial real estate agents Jordan Jeter and Matt Strom with Kelley Commercial Partners in Springdale are marketing the site as a retail pad. Future land uses for the remaining acreage include self-storage (120,000 square feet) and office flex space (48,000 square feet) and a 528-unit apartment complex.

A 1.68-acre medical/office development in Bentonville recently sold for $3.75 million.

Pickering Properties Inc., Orizaba Properties Inc. and MMCS LLC of California bought the property at 1907-1909 E. Central Ave. (Arkansas Highway 72) through a tenant in common (TIC) ownership structure. Mauze Properties LLC of St. Louis, managed by James F. Mauze, was the seller.

Waco Title Co. of Springdale was the title agent.

The property includes two buildings totaling 7,180 square feet that are net leased through 2027. My Village Pediatric Dentistry & Orthodontics is the tenant.

Mauze Properties bought the property three years ago for $3.2 million. Professional Office Properties LLC, managed by William T. Mahon, was the seller.

The Platina LLC, led by Santhoshkumar Yethapur Selvaraj of Bentonville, recently paid $2.8 million for a 25.1-acre industrial property in Bentonville. Osage Creek LLC, registered to Bentonville attorney Josh Mostyn, was the seller.

Generations Bank in Bentonville backed the deal with a one-year loan worth $2.74 million. NWA House Hunters with RE/MAX Real Estate Results in Bentonville represented both sides in the deal.

Osage Creek paid $1.4 million for the property three days before flipping it. BBG Holdings LLC, managed by Sam Weathers, was the seller. BBG paid $1.73 million for the property in June 2007.

The site is 10397 Haxton Road at the intersection of Heagerty Road, west of the upscale Scissortail neighborhood. The property was formerly a fertilizer plant. A construction recycling business now occupies it.

Jessica Yankey with NWA House Hunters said the new owner doesn’t have specific long-term plans for the property.

An 8.1-acre industrial property in Springdale changed hands recently for $2.45 million.

The Arkansas and Missouri Railroad Co. bought the property at 3144-3199 American St. adjacent to the railroad west of U.S. Highway 71B (South Thompson Street). Blue Rise Trust was the seller.

City Title & Closing was the title agent. Cameron Clark and Palmer Hays with Bennett Commercial Real Estate in Rogers brokered the deal.

The property includes two dry storage warehouses totaling 35,088 square feet and a 2,800-square-foot wood frame office structure.

Five different warehouse/storage users occupy the property.

An historic commercial building sitting vacant at the corner of Rollston Avenue and Dickson Street in downtown Fayetteville has sold for $1.31 million.

Rathskeller 300 LLC, controlled by Fayetteville design firm Polk Stanley Wilcox Architects, bought the building at 300-306 W. Dickson St. It includes 3,413 square feet and a 1,700-square-foot basement. Monroe North Point LLC and Hammer Holdings LLC, managed by Steve Fowler, was the previous owner.

Bank OZK of Little Rock backed the deal with a five-year loan worth $1.84 million. City Title & Closing of Fayetteville was the title agent. David Erstine and Hunter Groce with CBRE in Fayetteville represented the buyer.

According to county records, the building was built in 1940 and last sold in 2016 for $1.3 million. Peter Steinhart and Nancy Meyer, through their South Seas Events LLC, were the sellers.

The building’s most recent tenant was San Lio restaurant. It closed in 2016 after being open for less than a year.

Another previous restaurant tenant was Aquafire Restaurant and Bistro. It closed in the spring of 2014.

Before that, the building housed 1936 Club for nearly 20 years. Steinhart owned the restaurant until he closed the business in 2012.