Real Deals: Seller financing used to structure $6.25M deal for Rogers site

A 9.8-acre commercial development in Rogers sold recently for $6.25 million.

Pleasant Partners LLC, managed by Fayetteville real estate investor TJ Lefler, bought the property at the northeast corner of Pleasant Grove Road and Concord Street east of Interstate 49. Jeffrey and Jodi Bay were the sellers.

Allegiance Title Co. in Fayetteville was the title agent. Reese Taylor with Collier & Associates in Bentonville and Grady Mathews with Mathews Real Estate Investments in Bentonville brokered the deal.

The property was purchased using seller financing worth $5.25 million to be able to structure the deal. The site includes 10 triplexes and eight duplexes and Lloyd’s Little Land Preschool, which is being leased back to the sellers. The preschool square footage is 7,948. The residential buildings are a combined 35,664 square feet.

The site is catty corner from land where Washington-based retailer Costco has filed a large-scale development plan (LSDP) with the city of Lowell to build a store. The retailer later canceled a land contract to buy the property.

FAYETTEVILLE APARTMENTS
A 56-unit apartment complex in Fayetteville changed hands recently for $4.9 million. The purchase price equals $87,500 per unit.

StoutCap, a New York-based multifamily real estate investment firm, bought the 50,400-square-foot Willow Park Apartments on West Preservation Drive near Asbell Park. J&J Sons Holdings, managed by Bennett Harrell, was the seller.

ProLand Title in Benton was the title agent. StoutCap raised $2.5 million in funding for the deal and expects to double the return for investors in six years.

The 3.9-acre property was 100% leased when it changed hands. It last sold in June 2012 for $1.95 million. Washington County appraisers valued the six-building development this year at $5.49 million.

LOWELL INDUSTRIAL
A 13.8-acre industrial/warehouse property in Lowell changed hands recently for $2.3 million.

Naples Tierra LLC, led by Kyle Naples, bought the 40,390-square-foot building at 121 S. Lincoln St. Delaware-registered MoistureShield Inc. (f/k/a Advanced Environmental Recycling Technologies Inc.) was the seller.

First State Bank of Russellville backed the deal with a one-year loan worth $2.8 million. City Title & Closing of Fayetteville was the title agent. David Erstine and Alex Schemel with CBRE of Fayetteville brokered the deal.

The single-story building was built in 1997.

The new owner has no immediate plans for the property.  The prior owner will remain on-site as a tenant for the interim.

FAYETTEVILLE LAND
An 18.4-acre land sale west of Interstate 49 in Fayetteville tipped the scales at $1.9 million. The purchase price equals $2.37 per square foot.

Wedington & Broyles LLC, led by Haitham Alley, bought the land near the southeast corner of the intersection of those two streets. Wedington Drive LLC, led by Tom Embach, was the seller.

First National Title Co. in Fayetteville was the title agent. Arvest Bank backed the deal with a two-year loan worth $1.52 million.

Embach paid $600,000 for the land ($0.75 per square foot) in June 2013.

The owner’s development plans were not immediately available.

BENTONVILLE LAND
A Los Angeles developer completed a Bentonville land assemblage along East Central Avenue (Arkansas Highway 72) recently with a $1.82 million acquisition.

Uncommon Developers bought the 1.4-acre parcel at 2600 E. Central Ave. JDL Cache River Investments LLC, led by John David Lindsey, was the seller. The site includes a 6,900-square-foot building occupied by a florist and gift shop.

Waco Title Co. of Springdale was the title agent. Grady Mathews with Mathews Real Estate Investments in Bentonville represented the buyer. Clay Porter with Lindsey & Associates in Fayetteville represented the seller.

Earlier this year, Uncommon Developers paid Dalton and Linda Lott $7.3 million for 7.55 acres at the site. The buyer 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.

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

CLEAR CREEK RESIDENCE
A 4,476-square-foot residence in the gated Clear Creek neighborhood in Johnson registered a $1.27 million sale. The purchase price equals $285 per square foot.

Aubrey and Peter Grabow bought the five-bedroom home on Caddo Lane from Lisa and Burdge Green.

Bank of America provided financing with a 30-year loan worth $892,500.

Waco Title Co. of Springdale was the title agent. Michael Sims with Bassett Mix & Associates of Fayetteville was the listing agent. Holly McMaster with Lindsey & Associates in Rogers represented the buyer.

The home was built in 2012 as part of Clear Creek’s Phase IV development. Green paid $745,000 for the residence in 2014. Ashley and Allyson Patrick were the sellers.

The property’s assessment in 2023 was valued at $1.27 million.

LEASE ACTIVITY
Friendship Community Care Inc. (FCC) of Russellville has signed a 10-year lease to occupy 23,183 square feet inside a 67,000-square-foot building at 3605 Southern Hills Boulevard west of Interstate 49 in Rogers.

FCC is a nonprofit organization providing services to children and adults with disabilities through a network of locations throughout the state. The Southern Hills location will be a central hub for FCC’s services in Northwest Arkansas.

Harold E. Johnson Cos. Inc. of Columbia, Mo., is the building owner. Clinton Bennett and Cameron Clark with Bennett Commercial Real Estate in Rogers represented the landlord. Jennifer Welch with Lindsey and Associates represented the tenant.

Real Deals submissions: Submit tips about Northwest Arkansas 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.