Real Deals: Shakiba Capital completes 3rd Springdale deal for $18.3M

by Paul Gatling ([email protected]) 1,034 views 

A 120-unit multifamily community under construction in Springdale sold recently for $18.3 million. The purchase price equals $152,500 per unit.

Houston-based private equity real estate firm Shakiba Capital bought the 10-acre Silos on the Square development located in an opportunity zone at 1506 Powell Street. L&J Brothers Realty LLC, led by Jian Fei Lin, was the seller.

First National Bank of Fort Smith backed the deal with a three-year, $12.9 million loan. Waco Title Co. of Springdale was the title agent. Commercial real estate brokerage Global Real Estate Advisors (GREA), led in Arkansas by Zac Thomas and Sam Hewitt, represented the buyer. L&J Brothers Realty paid $660,000 for the land in March 2020.

Silos on the Square has eight two-story buildings with 60 one-bedroom (824 square feet) and 60 two-bedroom (1,032 square feet) units. Monthly lease rates range from $1,150 to $1,350. Trevor Shakiba, president of Shakiba Capital, said construction is scheduled to be completed this spring. Winfield Property Management of Tulsa will manage the property.

Shakiba said a silo-themed clubhouse with a modern fitness center and a large outdoor green space are among amenities being planned.

The deal represents Shakiba’s third Springdale acquisition in three years. The others are The Reserve at Springdale (168 units; $23.4 million) and The Reserve at Tontitown (162 units; $20.2 million).

APARTMENT PROJECT
A 24.6-acre land sale in Springdale closed recently for $5.09 million. The purchase price equals $4.76 per square foot. Southland Clear Creek LLC, led by Mississippi developer Steve H. Bryan, bought the land on Gene George Boulevard west of Interstate 49.

The site is south of Sam’s Club, which previously owned the land through its Sam’s Real Estate Business Trust.

Arvest Bank in Springdale backed the deal with a $2.77 million loan. David Erstine with CBRE in Fayetteville represented the buyer. Butch Gurganus with Focus Commercial Real Estate in Bentonville represented the seller. The new owner plans to develop the land into an apartment complex with 374 units.

FAYETTEVILLE COMMERCIAL
An 8,390-square-foot commercial building near uptown Fayetteville’s Steele Boulevard/Van Asche Drive intersection drew a $3.07 million sale. The purchase price equals $366 per square foot.

Curtis Jared, a commercial real estate investor in Springfield, Mo., bought the single-story building at 3727 N. Investment Drive. Investment Drive Plaza III LLC, managed by Jeff Kemp, was the seller.

Guaranty Bank in Missouri backed the deal with a $1.84 million loan. Allegiance Title Co. in Fayetteville was the title agent.

The previous owner bought the land (1.07 acres) in May 2020 for $466,092. The building is 100% leased to KabaFusion, a home infusion therapy provider.

PRIME PROPERTY
A commercial land sale in Rogers’ Pleasant Crossing area west of Interstate 49 registered $1.41 million.

Prime Restaurant Group LLC, led by Mark Dean, bought the 1.62-acre lot at 1723 W. Pleasant Grove Road at the northwest corner of the Concord Street intersection. The purchase price equals $20 per square foot. Whisinvest Realty of Little Rock was the seller. City Title & Closing of Fayetteville was the title agent.

The new owner plans to develop the land to include a Blue Ember Smokehouse restaurant.

SCISSORTAIL SALE
New residential construction in Phase I of Rogers’ gated Scissortail neighborhood sold recently for $1.32 million.

Kevin and Tracy Butzlaff bought the 4,641-square-foot residence on Scissortail Drive. The purchase price equals $285 per square foot. Tall Oaks Construction of Bentonville was the seller.

The Bank of Missouri backed the deal with a 30-year, $1.05 million loan. First National Title of Bentonville was the title agent. Somer Adams with Lindsey & Associates in Rogers brokered the deal. Tall Oaks paid $157,000 for the 0.77-acre lot in October 2021.

DOWNTOWN BENTONVILLE
A 2,549-square-foot residence in downtown Bentonville’s Market District changed hands recently for $1.22 million. The purchase price equals $481 per square foot.

Jack and Stephanie Reibling bought the three-bedroom home on Southeast Third Street. Lisa Herschbach and Ian Stanley were the sellers. Bank of America N.A. backed the deal with a 30-year, $980,000 loan. Waco Title Co. of Springdale was the title agent. Natalie Edwards with Better Homes and Gardens Real Estate Journey in Bentonville brokered the deal.

Stanley and Herschbach paid $515,000 for the 0.19-acre property in August 2016.

TYSON DEAL
Tyson Foods completed a land acquisition near its Springdale headquarters in a recent deal worth $1.15 million.

Tyson Shared Services Inc. bought the 2.76-acre property at 3602 Johnson Road. The site is at the southwest corner of Johnson Road and Don Tyson Parkway. The Courtney Lynn Hillard Davis Anderson Family Revocable Trust was the seller. The property includes a 3,458-square-foot residence built in 1976.

MISSION HEIGHTS
New construction in Phase II of east Fayetteville’s Mission Heights neighborhood sold recently for $1.12 million.

William and Shaina Brunner bought the 3,891-square-foot residence on East Panorama Place. The purchase price equals $288 per square foot. Exclusive Investments LLC, led by Chris Dinwiddie, was the seller.

Dinwiddie, principal broker at Exclusive Real Estate Group of Fayetteville, represented the seller. Wendy Martin with Prime Real Estate & Development of Fayetteville represented the buyer. Exclusive Investments paid $80,000 for the 0.15-acre lot in October 2021.

BLACK FOREST LAND
A commercial land sale just south of Wedington Drive in Fayetteville registered $1.1 million. 3549 W Black Forest Fayetteville LLC, managed by Harminder Thind, bought the 2.11-acre lot at the same address west of Interstate 49. The purchase price equals $11.97 per square foot. Lots 102 Holdings LLC, managed by Melissa Sims, was the seller.

Waco Title Co. of Springdale was the title agent.

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.