Real Deals: Investors pay $5.7M for Pea Ridge multifamily asset

by Paul Gatling ([email protected]) 1,520 views 

New multifamily construction in Pea Ridge changed hands recently for $5.7 million.

Booker Circle Pea Ridge LLC, led by Harminder and Gurpreet Thind, bought the 33,861-square-foot property on Booker Circle. The purchase price equals $168 per square foot.

The 2.56-acre development is north of Arkansas Highway 94 across from Blackhawk Stadium. L&J Brothers Realty, whose members include Jian Fei Lin, Jian Gong Lin, Qingjuan Liao-Price and Wen Jing Xu, was the seller.

Armstrong Bank in Springdale backed the deal with a 25-year, $2.51 million loan. Harbor Closing & Title in Rogers was the title agent. Joel Treat with Weichert, Realtors-The Griffin Co. in Springdale was the listing agent. The Limbird Team at Limbird Real Estate Group in Rogers represented the buyer.

The 24-unit portfolio includes three duplexes, two triplexes and three fourplexes. The average square footage is 1,410.

DOWNTOWN DEAL
A vacant auto body shop in downtown Bentonville changed hands for $3.25 million.

Downtown Central LLC, a Delaware-registered entity, bought the former Jimmy’s Body Shop property at the southwest corner of Southwest A and Sixth streets. The Dean Revocable Trust was the seller.

City Title & Closing of Fayetteville was the title agent. Larry Horton with Bentonville Real Estate was the listing agent.

The 1.05-acre site includes a 5,700-square-foot, single-story structure. The property carries a Downtown Core/Downtown Edge commercial zoning.

Downtown Central owns multiple properties in downtown Bentonville at 121 and 610 S. Main St., 115-117 W. Central Ave., and 607, 701 and 703 S.W. A St.

PIZZA PROPERTY
A 2.59-acre commercial lot in Fayetteville changed hands recently for $2.63. The purchase price equals $23.31 per square foot.

A&M Pizza Real Estate LLC of Missouri, led by Art Hurteau, bought the lot on North Crossover Road north of the Mission Boulevard intersection. Hillcrest Holdings LLC, managed by Gary Nichols, was the seller.

Missouri-based Great Southern Bank backed the deal with a two-year loan worth $1.57 million. Waco Title Co. of Springdale was the title agent. Alan Cole with Colliers Arkansas in Rogers represented the buyer.

A&M Pizza is a multi-state Domino’s Pizza franchisee and will develop part of the land as a standalone restaurant with a drive-thru window. The company will relocate its existing Fayetteville store nearby (1814 N. Crossover) to the new construction.

Cole said A&M will have additional land available to develop at the North Crossover Road site following the new restaurant’s construction. Colliers Arkansas will market that land.

BEAVER LAKE RESIDENCE
A 1.8-acre residential property on Beaver Lake in Benton County sold recently for $2.26 million.

Lago Castor LLC, managed by Brian Cleary, bought the 3,460-square-foot residence on Pine Log Road in Garfield. The purchase price equals $623 per square foot. The Douglass Family Trust was the seller.

The Duley Group with Keller Williams Market Pro Realty in Rogers listed and sold the property. Pinnacle Title in Little Rock was the title agent.

The two-story home includes four bedrooms, was built in 1999 and has undergone numerous upgrades since. The deal includes a private four-slip dock, with three slips featuring boat lifts and one slip equipped with two PWC lifts.

Douglass paid $797,000 for the property in June 2011.

SUMMERSBY SALE
An updated residence on 0.6 acres in east Fayetteville’s Summersby neighborhood sold recently for $1.8 million.

Aaron and Erin Crawley bought the 7,068-square-foot home on North Montview Drive. The purchase price equals $255 per square foot. Hunter and Jennifer Yurachek were the sellers.

Grand Savings Bank in Fayetteville backed the deal with a $1.5 million loan. City Title & Closing of Fayetteville was the title agent. Martha Haguewood with Lindsey & Associates in Fayetteville was the listing agent. Jody Cohen with Keller Williams Market Pro Realty in Fayetteville represented the buyer.

The two-story home was built in 2009. Yurachek paid $1.2 million for the 0.58-acre property in June 2018.

Haguewood listed the residence, which has four bedrooms, for sale in July with an asking price of $2.25 million. The property has a 2023 appraised value of $1.47 million, according to county property records.

FAYETTEVILLE APARTMENTS
A 26-unit apartment complex near the Lewis Soccer Complex in Fayetteville sold recently for $1.8 million. The purchase price equals $69,230 per unit.

Harmony Heights Apartments LLC, managed by Phillip Brooks, bought the 20,544-square-foot development on North Lewis Avenue south of the West Deane Street intersection. Alston and Morrison Properties LLC, led by managed by Jack Alston, was the seller.

City Title & Closing of Fayetteville was the title agent. Ryan Russell with Equity Partners Realty was the listing agent.

The 0.94-acre property sits in an Opportunity Zone. The two-story complex has an onsite laundry facility and includes 25 two-bed/one-bath units and one one-bed/one-bath unit. It was built in 1972.

The property last changed hands in July 2014 for $857,000.

PINNACLE ABODE
A 6,233-square-foot residence inside the gated Pinnacle Country Club neighborhood in Rogers sold recently for $1.3 million. The purchase price equals $209 per square foot.

Michael Cullen bought the six-bedroom home on West Champions Drive. Mejia Enterprises LLC, led by Jay Mejia, was the seller.

Eden Mejia-Ashburn with Collier & Associates in Rogers represented the seller. The Limbird Team with Limbird Real Estate Group in Rogers represented the buyer. Best Title in Rogers was the title agent.

The 0.67-acre residence was built in 2002. Mejia paid $850,000 for the property in January 2022. The Marciniak Trust was the seller.

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.