Real Deals: New Springdale apartment complex sells for $33.2M

A 157-unit multifamily property west of Interstate 49 in Springdale sold recently for $33.2 million. The purchase price equals approximately $212,000 per unit.

Kansas City, Mo.-based Block Real Estate bought the 15.8-acre Hillcrest Village property on Cornell Drive, south of Arvest Ballpark. Developing Equity LLC, led by Allissa Sims and Ben Harvey, was the seller.

The Central Trust Bank in Shawnee, Kan., backed the deal with a $22.3 million loan. Cushman & Wakefield Sunbelt Multifamily Advisory Group, led by managing director Martin Bynum, was the listing agent. City Title & Closing of Fayetteville was the title agent.

Developing Equity paid $2.1 million for the land in June 2021. Construction was completed in February 2024, led by general contractor Brittenum Construction of Fayetteville, and the property was 30% leased at closing.

CENTERTON COMMONS
Work is nearing completion on a building renovation that will anchor a $2.8 million commercial redevelopment of a former soccer facility in Centerton.

Centerton Commons is at 11301 Highway 72 West, across the highway from one of Benton County’s most upscale neighborhoods (Talamore/Oak Tree). Heimata Rutgers is the managing partner and developer. He led an investment group that paid $2.25 million for the 22-acre property in July 2023. It includes a 12,800-square-foot building. The Arkansas Conference of the United Methodist Church was the seller.

Joe and Lori O’Connor developed the original 45-acre site 20 years ago as the headquarters for a soccer club called Ingram Futbol Club. It’s been closed for several years, and the O’Connors sold the property five years ago to the church for $3.1 million.

“By most accounts, the soccer complex has been closed for over 10 years,” Rutgers said. “I think the people of Centerton will be so excited to have this amenity in their backyard.”

Rutgers said the renovated building’s first tenant is Culture Fitness, owned by Tia Wright. She signed a three-year lease for 3,700 square feet.

“We are still in discussion for the 8,500-square-foot gym/warehouse, and we have a lot of interest now that the remodel is nearly complete,” Rutgers said. “We hope to have the first tenant open by the second or third week of May and the second tenant by the end of the second quarter this year.”

Rogers architect John Mack and Cave Springs contractor Kyle Sargent led the building redevelopment. CEI in Bentonville was the project engineer, and GA Engineers of Fayetteville, led by Greg Anderson, was the structural engineer.

BENTON COUNTY ACREAGE
An 80.8-acre lot in Gentry has a new owner after a $1.8 million sale. The purchase price equals $0.51 per square foot.

Matthew Preston bought the land on Gailey Hollow Road. Joe and Charlotte Holland were the sellers.

Doug Gibson with Crye-Leike Realtors in Rogers was the listing agent. The Limbird Team with Limbird Real Estate Group in Rogers represented the buyer.

Centennial Bank of Conway backed the deal with a $1.1 million loan. Harbor Closing & Title in Rogers was the title agent.

LEASE ACTIVITY
Louisville, Ky.-based Superior Van & Mobility, which sells and services wheelchair/scooter accessible vans, has signed a 10-year lease to relocate its Northwest Arkansas office and showroom.

The company will occupy 11,250 square feet of a 22,500-square-foot building at 1110 Mathias Drive in Springdale. That location will replace Superior’s existing office at 2887 N. College Ave. in Fayetteville.

Mathias Shopping Centers Inc., led by Sam Mathias, owns the building. Jenna Gill with CRD Real Estate & Development in Rogers represented the tenant. Diane Scott with Mathias Properties represented the owner.

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.