Real Deals: Fayetteville commercial building sells for $16 million

A 43,919-square-foot commercial building along northbound Interstate 49 in Fayetteville changed hands recently for $16 million. The purchase price equals $364.30 per square foot.

McMillan & Wedington LLC, managed by Springdale businessman Travis Ruff, bought the 3.85-acre property at 2736 W. McMillan Drive near the Wedington Road exit. California-based Maverick Investments, through its Maverick Decatur Georgia LLC, was the seller.

Fayetteville-chartered Arvest Bank backed the deal with a five-year loan worth $14.8 million. City Title & Closing of Fayetteville was the title agent.

Iconix Fitness was the building’s most recent tenant. Fitness One occupied the space before that.

The building is adjacent to Cross Church. The congregation will use the facility for expansion. Ruff is a Cross Church member and has entered into a lease-purchase agreement with the church.

“The church made a down payment and will pay a monthly lease-purchase amount,” said Ben Mayes, the church’s executive pastor of finance and operations. “At the end of the five-year lease-purchase agreement, the church will own the building.”

Maverick Investments paid $9.69 million for the property this past January. Fitness One, through its WGC Wedington LLC, was the seller.

Fitness One paid $2.54 for the land in September 2016. The building construction was completed in December 2017.

‘UNCOMMON’ DEAL
A high-profile land sale in Bentonville closed recently for $7.3 million.

Los Angeles-based Uncommon Developers bought five parcels totaling 7.55 acres at the corner of East Central Avenue (Arkansas Highway 72) and East Battlefield Boulevard. The purchase price equals $22.20 per square foot. Dalton and Linda Lott were the sellers.

Grady Mathews with Mathews Real Estate Investments in Bentonville represented the buyer. Steve Fineberg with Steve Fineberg & Associates of Bentonville represented the seller. Chicago Title in Los Angeles was the title agent.

In three separate deals in 1996, 2006 and 2015, Lott paid $1.08 million for the land.

Uncommon Developers has an additional 1.4-acre parcel at the site — Samantha’s Garden at 2606 E. Central Ave. — under contract with a separate owner. That is scheduled to close this summer.

Uncommon Developers plans to redevelop the 8.9 acres to include 9,000 square feet of retail space, 40,000 square feet of office space, a 150-room hotel and 500 multifamily housing units, according to planning documents filed with the city. Rogers attorney Bill Watkins, who represents the developer, told the Northwest Arkansas Democrat-Gazette the redevelopment is an approximately $200 million project.

City officials rezoned the land earlier this year to planned unit development.

ORCHARD LAND
A land sale west of Interstate 49 in Springdale registered $4.4 million.

Orchard Properties of Tontitown, through its PHP Holdings LLC, bought approximately 36 acres at 5984 Sisemore Lane, west of Gene George Boulevard. The purchase price equals $2.81 per square foot. Springdale School District was the seller.

Realty Title & Closing Services of Springdale was the title agent. Sarah Brothers with Weichert, Realtors-The Griffin Co. was the listing agent.

BENTONVILLE RESIDENCE
A 6,286-square-foot residence near downtown Bentonville changed hands recently for $3.25 million. The purchase price equals $517.02 per square foot.

The 401 W. Central Trust bought the property on Central Avenue from Steve and Julie Freeman. Silicon Valley Bank, a division of North Carolina-based First Citizens Bank & Trust Co., is the trustee.

First Citizens Bank backed the deal with a 30-year, $2.6 million loan. Realty Title & Closing Services of Springdale was the title agent.

Meza Harris with Lindsey & Associates in Rogers represented the seller, and Jan Holland with Coldwell Banker Harris McHaney & Faucette in Bentonville represented the buyer.

Cecil Stanfield designed the home, and master builder Truman Boling built it in 1954.

Freeman bought the 0.54-acre property from Don Bacigalupi in July 2015 for $850,000. Freeman spent 2.5 years remodeling the original 3,928-square-foot residence and added 2,358 square feet of living space. The remodel also included adding a new 1,404-square-foot heated/cooled, four-car garage with custom mahogany wood doors and a full kitchen.

Bacigalupi, the founding president of Crystal Bridges Museum of American Art in Bentonville, paid $385,000 for the property in August 2010.

SPRINGDALE LAND
Three parcels totaling 24.1 acres in Springdale sold recently for $2.24 million. The purchase price equals $2.13 per square foot.

PAV Holdings LLC, a Delaware-registered entity, bought the property at 1101 Cooper Drive. It’s situated behind the Schmieding Center, west of U.S. Highway 71 Business. James Mathias and John Mathias were the sellers.

City Title & Closing in Fayetteville was the title agent. Lauren Boozman Northey with Portfolio Sotheby’s International Realty in Rogers represented the buyer. Aaron Hawes with Landmark Real Estate & Investment in Fayetteville represented the buyer.

The land is zoned MF 24 and has access to the Razorback Regional Greenway.

GREENLAND LAND
A 163.3-acre land sale in Washington County registered $2.11 million. The purchase price equals $0.30 per square foot.

Best Choice Holdings LLC, led by Robert Norman Jr., bought the land on West Napier Drive east of Interstate 49 in Greenland. DeAndra Beck, the successor trustee of the Marvin E. and Anne P. Beck Living Trust, was the seller.

Oklahoma-based Armstrong Bank backed the deal with a one-year loan worth $2.11 million. Liberty Title & Escrow of Arkansas in Fayetteville was the title agent. Brit Stearman and Patsy Stephens with Weichert, Realtors-The Griffin Co. in Bentonville were the listing agents. Aaron Hawes with Landmark Real Estate & Investment in Fayetteville was the selling agent.

The new owner plans to divide the acreage into multiple tracts with various commercial and residential uses.

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.