Real Deals: Florida group assembles Fayetteville land for $6.79M

by Paul Gatling ([email protected]) 654 views 

A land assemblage totaling approximately 27 acres near the Fayetteville/Johnson border closed recently for $6.79 million.

Soltura Development Group of Florida assembled the property near the intersection of West Joyce Boulevard and Wilkerson Street. Limited liability companies controlled by Tracy Hoskins and John Pak were the sellers.

Kansas-based Equity Bank backed the deal with a one-year loan worth $4.76 million. Jordan Jeter, Philip Schmidt and Matt Strom with Kelley Commercial Partners in Springdale brokered the deal.

The owner plans to develop the property for retail and multifamily use.

New residential construction in Centerton changed hands recently in two deals worth $3.8 million.

Little Rock private investment firm Natural Capital, through its Heartland Neighborhoods LLC, bought 21 units in a planned 630-unit single-family workforce housing development at the intersection of Kimmel and Womack roads south of Arkansas Highway 102. SM DDB LLC, managed by Rob Kimbel, was the seller.

Natural Capital is the lead investor in the Featherston Village project with a contract to purchase units from the development group as they are constructed. The completed units range from 800 to 1,100 square feet. First Western Bank in Rogers is financing construction.

Natural Capital is pursuing a hybrid sales and lease strategy with the help of property manager and broker Elevation Real Estate and Management.

A 6,625-square-foot freestanding retail building in Springdale west of Interstate 49 sold recently for $3.19 million. The purchase price equals $482.75 per square foot.

CVT AR LLC, led by Christina Amato, bought the single-story building at 1155 E. Henri De Tonti Blvd. Missouri-based CareVet, through its AR412 Tontitown LLC, was the seller.

Fayetteville-based Arvest Bank backed the deal with a five-year, $1.6 million loan. Waco Title Co. of Springdale was the title agent.

CareVet, a privately held veterinary practice management group that manages and supports hospitals throughout the U.S., bought the 1.48-acre lot in May 2021 for $900,000 ($13.96 per square foot). Lots 102 Holdings LLC, organized by Melissa Sims, was the seller.

The single-story building was built in 2002. Hancock Veterinary Services is the tenant on a 15-year lease.

Deeter Construction Inc. of Cave Springs recently paid the city of Rogers for a commercial building permit valued at $2.44 million.

The permit is backing construction of an 11,400-square-foot building at 5400 S. Pinnacle Hills Parkway near the West Pleasant Grove Road intersection.

Lin Brothers Investments LLC, whose members include Jian Gong Lin and Jian Fei Lin, is the property owner and developer. Arvest Bank is financing construction with a five-year loan worth $2.69 million.

The mixed-use project, Whitney Plaza, will include retail tenants and a full-service restaurant. Ozark Civil Engineering of Bentonville is the engineer. Burris Architecture of Bentonville is the design firm.

Lin Brothers bought the 1.9-acre site in August 2021 for $770,000. Warren Family LLC, managed by David Warren, was the seller.

A 5,320-square-foot residence inside the gated Pinnacle Country Club neighborhood in Rogers sold recently for $1.22 million. The purchase price equals $230 per square foot.

Henry and Alison Plager bought the four-bedroom home on South Mission Hills Circle from Timothy and Karla Hunt.

Wells Fargo Bank N.A. of Iowa backed the deal with a 30-year, $980,000 loan. Waco Title Co. of Springdale was the title agent. The Harris Group with Keller Williams Market Pro Realty in Bentonville represented the seller. Lauren Boozman Northey with Portfolio Sotheby’s International Realty in Rogers represented the buyer.

Hunt paid $815,000 for the 0.4-acre residence in June 2017. Charles and Stephanie Nevin were the sellers.

C.R. Crawford Construction of Fayetteville recently paid the city of Rogers for a commercial building permit valued at $981,814.

The permit is backing construction of a 5,419-square-foot building at 1100 S. 52nd St. in Rogers. The 1.62-acre lot is at the southwest corner of 52nd Street and Horsebarn Road.

Arkansas-based Armor Bank, a full-service community bank headquartered in Forrest City, is the landowner and developer. The building will house its first retail bank location in Northwest Arkansas.

Roark Perkins Perry Yelvington Architects of Little Rock and Rogers engineer Crafton Tull led the initial design work.

Armor Bank paid $2.25 million for the land in February 2022. The purchase price equals $31.88 per square foot. Horse Barn Partners LLC, managed by Ivan Crossland Jr., 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.