Real Deals: Investors pay $5.5M for Pea Ridge multifamily

A new 24-unit multifamily portfolio in Pea Ridge changed hands recently in a $5.5 million deal. The purchase price equals $229,166 per unit.

Booker Circle Pea Ridge LLC, led by Harminder and Gurpreet Thind, bought the 33,468-square-foot property on Booker Circle. The 3.1-acre development is north of Arkansas Highway 94 across from Blackhawk Stadium. K-Vest Inc., led by Linda Felgenhauer, was the seller.

Armstrong Bank in Springdale backed the deal with a $2.5 million loan. Harbor Closing & Title in Rogers was the title agent. The Mayer Team with Better Homes & Gardens Real Estate Journey in Bentonville was the listing agent. The Limbird Team at Limbird Real Estate Group in Rogers represented the buyer.

The property includes three duplexes, two triplexes and three fourplexes. Rents range from $1,250 for the two-bedroom units to $1,450 for a three-bedroom unit. There are 18 three-bedroom units and six two-bedroom units.

SPRINGDALE INDUSTRIAL
A 25,000-square-foot industrial building in Springdale sold recently for $2.05 million. The purchase price equals $82 per square foot.

Arkansas-based Middleton Heat & Air, headquartered in Bryant, bought the 2.6-acre development at 1378 June Self Drive. Northwest Arkansas Food Bank was the seller.

Marshall Saviers and Tom Allen with Cushman & Wakefield/Sage Partners in Rogers represented the seller.

The NWA Food Bank is relocating to a larger building at Pleasant Grove Road and Honeysuckle Street in north Lowell. Middleton will use the Springdale building to support its Northwest Arkansas operations.

ROGERS LAND
A 12.7-acre land sale in Rogers closed recently for $2 million. The purchase price equals $3.61 per square foot.

Mt Hebron and Garrett LLC, managed by Harbinder Thind, bought the land northeast of the roundabout at West Garrett Road and South Mount Hebron roads. Vadim and Blanche Kapustin were the sellers.

The Limbird Team at Limbird Real Estate Group in Rogers represented the buyer. Harbor Closing & Title in Rogers was the title agent.

BROWNSTONE BUY
New townhouse construction in Rogers’ Pinnacle Hills area sold recently for $1.02 million.

Charles and Lori Ray bought the 2,627-square-foot property on South Champions Drive in the Pinnacle Heights development. The purchase price equals $390 per square foot. Brownstones at Pinnacle Heights LLC, an affiliate of Little Rock-based Huffman & Co., was the seller.

Rachel Siedschlag with Portfolio Sotheby’s International Realty in Rogers represented the seller. Camilla Williamson with Weichert Realtors-The Griffin Co. in Fayetteville represented the buyer.

Waco Title Co. of Springdale was the title agent. Michigan-based Rocket Mortgage backed the purchase.

COCA-COLA LEASE
The Coca-Cola Co. recently completed a significant downsizing in the Rogers office market.

The company relocated its vendor offices from approximately 24,000 square feet inside the four-story Crossland Building at 1800 S. 52nd St. to 12,000 square feet inside the 117,000-square-foot Founders Plaza at 5001 W. Founders Way.

Rogers-based Hunt Ventures, led by Johnelle Hunt, owns the five-story building. Tom Allen with Cushman & Wakefield/Sage Partners in Rogers represented the landlord. Wade Smith with Colliers Arkansas in Rogers 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.