Real Deals: Fayetteville Walgreens sells in 1031 exchange
by March 21, 2024 7:54 am 1,269 views
A 10,640-square-foot commercial building in Fayetteville sold recently in a 1031 exchange deal for $5.4 million. The purchase price equals $507.94 per square foot.
Vuong Poultry Farms LLC, managed by Van Vuong, bought the single-story building at 2750 E. Mission Blvd. Waltrust Properties Inc. was the seller.
Walgreens is the tenant on a 15-year triple-net lease. The cap rate was 5.93%.
Philip Schmidt with Kelley Commercial Partners in Springdale brokered the deal. Lenders Title Co. of Little Rock was the title agent.
PLEASANT GROVE PROPERTY
A 1.87-acre commercial lot east of Interstate 49 in Rogers sold recently for $1.34 million. The purchase price equals $16.45 per square foot.
JP Specialty LLC, led by Gurmeet Josan and Jastinder Thind, bought the land off Pleasant Grove Road next to Academy Sports+Outdoors. C Holdings LLC, managed by J.R. Meeks, was the seller.
City Title & Closing of Fayetteville was the title agent. Eric Boen with Commercial Realty in Fayetteville was the listing agent.
BENTONVILLE RESIDENCE
A 3,716-square-foot residence just off Arkansas Highway 72 west of downtown Bentonville sold recently for $1.29 million. The purchase price equals $348 per square foot.
Joshua Smith and Traci Williams bought the 1.76-acre property on Southwest Fourth Street, which was sold by Jerry and Karen Southards.
Centennial Bank, based in Conway, backed the deal with a 30-year loan worth $1.12 million. City Title & Closing of Fayetteville was the title agent. The Mayer Team with Better Homes and Gardens Real Estate Journey in Bentonville represented the seller, and Ben Fox with Better Homes and Gardens Real Estate Journey represented the buyer.
The single-story home was built in 2015. The property also includes a 1,900-square-foot RV barn/workshop.
Southards paid $860,000 for the property in May 2020. Bruce and Shonda Painter were the sellers.
PANERA PLANS
A standalone restaurant west of Interstate 49 in Springdale is in the works after a 1.19-acre land sale worth $1.01 million. The purchase price equals $19.59 per square foot.
Terra Springdale LLC, led by Alabama developer Allen Hawkins, bought the commercial lot near the southeast corner of Gene George Boulevard and U.S. Highway 412. The site is north of Sam’s Club, which previously owned the land through its Sam’s Real Estate Business Trust.
CommerceOne Bank of Alabama financed the deal with a six-month, $355,000 loan. Butch Gurganus with Focus Commercial Real Estate in Bentonville represented the seller. Jeff Snyder with Moses Tucker Partners in Bentonville represented the buyer.
The new owner plans to develop the site to include a Panera Bread restaurant. City planners have approved the 3,700-square-foot project.
CAR WASH CONSTRUCTION
The city of Springdale recently issued a building permit valued at $545,065 to Boen-Kemp Construction of Fayetteville.
The contractor is using the permit to build a tunnel car wash at 3598 S. 48th St., near the Don Tyson Parkway/Interstate 49 interchange.
Missouri-based Club Car Wash bought the 2.63-acre site last year for $1.65 million. The purchase price equals $14.40 per square foot.
Real Deals submissions: Email Paul Gatling at [email protected] with tips about Northwest Arkansas lease activity, construction, transactions, or upcoming projects valued at $300,000 or more. Please write ‘Real Deals’ in the subject line.