Real Deals: Virginia REIT sells pair of Rogers hotels for $33.5M

A pair of Hilton-flagged hotels in Rogers with a combined 248 rooms sold recently for $33.5 million. The purchase price equals $135,080 per room.

Gurjinder Sigh Sarai of Russellville, through his UPX1725 Hospitality LLC, bought the Hampton Inn at 4501 W. Walnut St (122 rooms) and the Homewood Suites at 4302 W. Walnut St. (126 rooms). The two properties total 152,955 square feet.

Virginia-based Apple Hospitality REIT Inc., a real estate investment trust (REIT), was the seller. Southern Bank in Cabot backed the deal with a five-year loan worth $25.1 million.

The four-story Hampton Inn has 58,766 square feet. It opened in 1998 with a full renovation in 2020. The four-story Homewood Suites has 94,189 square feet and opened in 2006.

VAN ASCHE COMMERCIAL
An 8,917-square-foot commercial building in Fayetteville sold recently for $3.56 million. The purchase price equals $400 per square foot.

Curtis Jared, a commercial real estate investor in Springfield, Mo., bought the single-story building at 201 W. Van Asche Drive. Wesley Cox, through his WKC Real Estate LLC, was the seller.

Guaranty Bank in Missouri backed the deal with a $2.14 million loan. City Title & Closing of Fayetteville was the title agent. Marshall Saviers with Cushman & Wakefield/Sage Partners in Rogers represented the seller. Jeff Kemp with Commercial Realty in Fayetteville represented the buyer.

The building was built in 2016 and is currently built-out for medical office use. UAMS Health uses the building for an orthopedics and sports medicine clinic and will remain as the tenant.

The land (1.23 acres) sold in May 2014 for $535,000.

BENTON COUNTY LAND
A 96.5-acre land sale in Benton County registered $2.8 million. The purchase price equals $0.67 per square foot.

Ya Mar Land & Development LLC, a Delaware entity, bought the undeveloped property at 13012 Pierce Road, east of Arkansas Highway 279. Mary Gocio, trustee of The Bettye J. Gocio Trust, was the seller.

City Title & Closing of Fayetteville was the title agent. Pat Kennedy with Dick Weaver & Associates in Bentonville was the listing agent.

The property also wraps around the intersection of Callis and Bullock roads. It includes a 1,000-square-foot residence.

BEAVER LAKE HOME
A 4,653-square-foot Beaver Lake home in the Pointe Clear Heights addition of Rogers recently sold for $2.3 million. The purchase price equals $494 per square foot.

Louis Gladfelter bought the gated 3.85-acre property on Landwehr Road. RPC Realty LLC, led by Patrick Cameron, was the seller.

Arvest Bank backed the deal with a 30-year, $1 million loan. City Title & Closing was the title agent. Chanika Ogle with Wheelhouse Real Estate Management in Bentonville represented the seller. Cindy Switzer with Coldwell Banker Harris McHaney Faucette in Rogers represented the buyer.

The five-bedroom home that was built in 2003 includes 1,000 feet of shoreline and a private, two-slip dock with a swim platform.

RPC Realty paid $1.25 million for the property in September 2017. Double Honor Ministries was the seller.

‘CROSSINGS’ CLAIM
A 1.36-acre commercial lot in The Crossings retail development west of Interstate 49 in Springdale sold recently for $1.5 million. The purchase price equals $25.32 per square foot.

412 Building Co. LLC, managed by Allen Wills, bought the property near the southeast corner of Gene George Boulevard and West Sunset Avenue. Sam’s Club, through its Sam’s Real Estate Business Trust, was the seller.

Arvest Bank backed the deal with a one-year loan of $1.12 million. Waco Title Co. was the title agent. Alan Cole with Colliers Arkansas in Rogers represented the buyer. Butch Gurganus with Focus Commercial Real Estate in Bentonville represented the seller.

Wills is a franchisee of Missouri-based Pickleman’s Gourmet Cafe, an upscale deli and catering company. He’ll develop the site for the restaurant’s third Northwest Arkansas location.

Wills said the Springdale location will be Pickleman’s flagship store in Northwest Arkansas, joining others in Fayetteville and Rogers. He said there are plans to also build a Bentonville store but did not disclose the location.

ANGEL FALLS ABODE
A 4,128-square-foot residence in Bentonville’s Angel Falls neighborhood near Coler Mountain Bike Preserve sold recently for $1.16 million. The purchase price equals $282 per square foot.

Brandom and Alison Gengelbach bought the five-bedroom home on Angel Falls Road. Paul and Rebecca Esterer were the sellers.

Arvest Bank backed the deal with a 30-year, $868,000 loan. Waco Title Co. of Springdale was the title agent. Lauren Boozman Northey with Portfolio Sotheby’s International Realty in Rogers represented the seller. Scott Waymire with Berkshire Hathaway Homeservices Solutions in Bentonville represented the buyer.

The single-family home was built in 2017. Esterer paid $582,000 for the 0.6-acre property in January 2018. Landmarc Custom Homes was the seller.

TANGLEBRIAR RESIDENCE
A 6,100-square-foot residence on Mount Sequoyah in Fayetteville sold recently for $900,000. The purchase price equals $147 per square foot.

Mark and Sonya Zweig bought the three-bedroom residence on North Tanglebriar Lane. Jim and Nancy Blair were the sellers.

First Western Bank in Rogers provided financing. Jackson Williams with Navigate Real Estate in Fayetteville was the listing agent.

The original home was built in 1979 and has two additions completed by Fayetteville architect Marlon Blackwell.

Jim Blair is a philanthropist and retired legal, business and political figure. He may be best known as the former general counsel for Tyson Foods Inc. and as a close friend of Bill and Hillary Clinton.

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.