Real Deals: New Springdale hotel registers $11.1 million sale

A newly built three-story hotel with 87 units in Springdale sold recently for $11.1 million. The purchase price equals $127,586 per room.

Texas-based Sunset Galaxy Hotel LLC, managed by Kusha Rae Pokharel, bought the 65,274-square-foot Holiday Inn Express & Suites at 4401 W. Sunset Ave. east of Interstate 49. Springdale Hotels LLC, managed by Vipul Patel, was the seller.

The hotel is affiliated with InterContinental Hotels Group (IHG). It has 12 suites and 75 guest rooms. Amenities include an outdoor pool, outdoor patio with firepit, fitness center, business center, guest laundry facilities and market pantry.

Springdale Hotels bought the land (6.68 acres) in November 2017 for $750,000. Mitchell Family Holdings LLC, managed by Steve Mitchell, was the seller.

ESSENTIAL DEAL
An 18,000-square-foot animal hospital built in 2023 on 2.8 acres in Springdale sold recently for $10.86 million. The purchase price equals $603 per square foot.

Essential Properties Realty Trust Inc., a New Jersey-based REIT, bought the single-tenant building at 881 Metroplex Drive east of Interstate 49. Animal 881 Metroplex RE Owner LLC of New York, managed by Kevin Ross, was the seller.

Alliance Animal Health Hospital is the tenant. Alliance Animal Health is a multi-site owner, operator and business partner to U.S. veterinarians. The business opened earlier this year and the NNN lease is for 20 years through 2043. The property had a 6.5% cap rate when it was sold.

The previous owner paid $2.15 million for the land in December 2021. TBM Properties LLC was the seller.

RESIDENTIAL LAND
A 50-acre site in Benton County where developers are planning a residential project changed hands for $3.66 million. The purchase price equals $1.68 per square foot.

Cottages at Simpson Farms LLC, a Delaware-registered entity, bought the land at the intersection of Arkansas Highway 112 and West Scoggins Road in Bentonville north of the Cave Springs border.

The Simpson Family Revocable Trust, whose trustees include Jon Simpson, Steven Simpson, James Simpson and Pamela Mortensen, was the seller.

Realty Title & Closing of Springdale was the title agent. Dan Smith at Colliers Arkansas was the listing agent.

The new owner is a joint venture between M4 Development of Dothan, Ala., led by Jonathan Meyers and Joe Meyers, and Ritmo Properties of Washington, D.C., managed by Steve Strazzella. Since 2019, they have developed, built and operated multiple rental housing communities in historically under-supplied markets across the U.S.

Cottages at Simpson Farms will be a single-family rental community with 322 cottages, a centrally located clubhouse, pool, business center, pet park, bike storage and fitness center. Each residence will feature a detached home, a yard and dedicated parking.

COFFEE CLAIM
A trio of retail beverage stores in Northwest Arkansas sold recently for $2.6 million.

Fayetteville-based 7 Brew Coffee, through its Cart Holdings LLC, closed a deal to buy the stores from franchisee Clearwater Investments Inc., led by Kyle Blevins.

The locations are:

• 2903 S.W. 14th St.; Rogers
• 2503 N. Second St.; Rogers
• 500 S. Bloomington St.; Lowell

City Title & Closing of Fayetteville was the title agent.

CROSSOVER CLAIM
A 9,488-square-foot estate in Fayetteville sold recently for $2.53 million. The purchase price equals $267 per square foot.

The Kellina Annette Ceola Revocable Trust bought the 4.19-acre property on North Crossover Road. Kay Palmer was the seller.

Melissa Thomas with Coldwell Banker Harris Mchaney & Faucette in Bentonville was the listing agent. City Title & Closing of Fayetteville was the title agent. Alicia Demarest with Lindsey & Associates in Fayetteville represented the buyer.

The four-bedroom home was built in 1994. Lewis paid $950,000 for the property in September 2015. Signature Bank of Arkansas was the seller.

FAYETTEVILLE APARTMENTS
A 25-unit apartment complex in Fayetteville sold recently for $1.95 million. The purchase price equals $78,000 per unit.

The Deane LLC, led by Meredith Mincey Schneider, bought the 1-acre property at 1851-1855 W. Deane St. EDP 200 Enterprises LLC, led by Kaleb Plank, was the seller.

Generations Bank of Rogers backed the deal with an 18-month loan worth $1.97 million. Liberty Title & Escrow of Arkansas in Fayetteville was the title agent.

The apartment complex has three two-story buildings. Each unit is approximately 750 square feet. The development was built in 1981.

EDP paid $1.62 million for the property in March 2021. Garton Holdings LLC was the seller.

RIDGEMONTE PROPERTY
A 4,430-square-foot residence in east Fayetteville’s Ridgemonte Estates neighborhood is off the market after a sale worth $1.15 million. The purchase price equals $242 per square foot.

Britton and Drew Lott bought the East Churchill Drive residence from Jason and Meredith Bramlett.

Little Rock-based Encore Bank backed the deal with a six-year, $750,000 loan. City Title & Closing of Fayetteville was the title agent. Juliana Carlton with Homes & Spaces Real Estate of Fayetteville brokered the deal.

The four-bedroom home was built in 1999. Bramlett paid $565,000 for the 1-acre property in 2012. Peter and Romaine Kobilsek were the sellers. Kobilsek paid $595,000 for the home in 2005. Dave and Karen Van Horn were the sellers.

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.