Real Deals: Investors buy senior living property in Rogers for $5.82M

by Paul Gatling ([email protected]) 1,375 views 

A multifamily transaction in Rogers tipped the scales at $5.82 million.

Natural Capital of Little Rock bought the eight-acre development at 2000 W. Savannah Drive. Tom Embach of Leisure Homes Corp. in Mountain Home was the seller. City Title and Closing of Fayetteville was the title agent.

The property, The Meadows of Rogers, is a senior citizen community (ages 55 and older) with 60 two-bedroom, two-bathroom apartments. It was built in 2012.

Natural Capital is an investment firm focusing on private market investments. Brad Henry is the managing partner.

MCP Bentonville Investors LLC, a Texas entity, recently secured a five-year, $4.69 million construction loan from The American National Bank of Texas in Dallas.

The funding agreement is backing construction of a 14,776-square-foot medical office and endoscopy surgery center in Bentonville’s Fountain Plaza commercial development. The site is at the northwest corner of Dodson Road and Southeast Plaza Avenue. Texas-based GI Alliance, a national network of gastroenterology providers, has agreed to be the tenant.

MCP Bentonville Investors bought the 1.55-acre site in June for $1.17 million. The purchase price equals $17.40 per square foot. Hal Hyneman was the seller. City Title & Closing was the title agent. Clinton Bennett, principal of Bennett Commercial Real Estate in Rogers, represented the developer.

Brian Bollich manages MCP Bentonville Investors. He’s a partner at Dallas-based medical real estate firm MedCore Partners.

A land transaction in Rogers closed recently for $2.5 million.

Elm Springs Center LLC, managed by John and Joyce Pak, bought 9.62 acres along South Promenade Boulevard. The land is bordered to the east by Phase II of the Bloomfield subdivision. The purchase price equals $5.97 per square foot.

Huffman Properties LLC, managed by Brandon Huffman, was the seller.

A land transaction in Centerton closed recently for $2.65 million.

KEP Centerton LLC, an affiliate of Kaled Management Group of New York, bought 9.9 acres at the southwest corner of Arkansas Highway 102 and Womack Road. The purchase price equals $6.15 per square foot.

Patty Knaust and Denise Wagner, trustees of the Andrew Lee Moreman and Della Irene Moreman Revocable Trust, were the sellers.

Waco Title Co. of Springdale was the title agent.

Kaled Management Group is the property management division of real estate developer The Kalikow Group. Kalikow has received a Planned Unit Development (PUD) approval for a mixed-use commercial and multifamily development at the site.  It will include approximately 15,000 square feet of commercial space and 330 apartments.

Fayetteville firms Modus Studio (architect) and McClelland Consulting Engineers are partners on the project.

A 34.81-acre land sale east of Interstate 49 in Johnson (Washington County) closed recently for $1.95 million. The purchase price equals $1.29 per square foot.

Cindy Springs LLC, an affiliate of Walton Enterprises in Bentonville, bought the land at 5309 Carley Road. CNAK Consulting LLC of Louisiana was the seller.

Daniel Smith and Alan Cole with Colliers Arkansas in Rogers represented the seller. John Kopek with Weichert, Realtors-The Griffin Co. in Bentonville represented the buyer.

The property is east of the Johnson Square development along Johnson Mill Boulevard.

Details regarding future development plans were not disclosed.

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.