Real Deals: Bentonville hotel sells for $3.9M; Coach Calipari buys home

by Talk Business & Politics staff ([email protected]) 0 views 

A 102-room hotel in Bentonville sold recently for $3.9 million. The purchase price equals $38,235 per room. Walton Blvd VIII LLC, an affiliate of Rhode Island-based Magna Hospitality, bought the 4.03-acre Quality Inn development at 215 S.E. Walton Blvd.

VE Bentonville LLC, managed by David McIntyre, was the seller. The 41,025-square-foot, two-story building was built in 1998. The limited-service hotel has undergone close to $500,000 in renovations over the past two years. It last sold in 2017 for $3.45 million.

Cottage Lane Funding
Cottage Lane Village LLC, a wholly owned subsidiary of regional nonprofit housing developer Community Development NWA, recently picked up a funding agreement from Arvest Bank worth $3.73 million.

The construction loan is backing a 40-unit mixed-income multifamily project in Bella Vista called Cottage Lane Village. The 2.69-acre site is off Forest Hills Boulevard near Cottage Lane. The project is also receiving $1.76 million in financing from the Arkansas Development Finance Authority.

Waco Title Co. of Springdale executed the mortgage filings. CEI of Bentonville is the engineer. Krein Development of Gentry is the general contractor.

New Hope Land
A 9.26-acre land sale in Rogers tipped the scales at $3.2 million. The purchase price equals $7.93 per square foot. AndMark Willow Creek Apartment Homes LLC, a California entity, bought the undeveloped property on West New Hope Road. The site is situated between Eighth and 11th streets. Brabo Investments LLC, managed by Chris Bradley and Tim Boudrey, was the seller.

Capital Abstract and Title of Fort Smith was the seller.

AndMark is a Los Angeles-based real estate investment and advisory firm. Bradley and Boudrey are co-owners of Landmarc Custom Homes in Springdale. They paid $1 million for the land ($2.48 per square foot) in January 2020. New Hope Investment Properties LLC, managed by Kerri Elder, was the seller.

Penguin Property
A commercial building near The Momentary in downtown Bentonville sold recently for $2.7 million.

Emma Properties LLC, managed by Bill Mathews, bought the 4,392 square-foot warehouse building at 701 S.E. Fifth St. The purchase price equals $614.75 per square foot. Penguin Enterprises LLC, led by David Routon, was the seller.

Arvest Bank of Fayetteville financed the deal with a three-year, $2.06 million loan. City Title & Closing of Fayetteville was the title agent. Heather Herzik with Better Homes and Gardens Real Estate Journey in Bentonville represented the buyer.

Mathews is a principal for Springdale-based McDonald’s franchisee Mathews Management Co. A company spokesman said the site will not be developed for a McDonald’s restaurant. It’s a private real estate investment.

Penguin Enterprises paid $190,000 for the 0.52-acre development in 2011. The building was built more than 30 years ago. David and Paula Routon own Parachuting Penguins, a printing and graphic design business in Bentonville. They use the Fifth Street building as a warehouse and will continue as tenants. Parachuting Penguins’ primary address is on Walton Boulevard, but the company is building a new Bentonville location on 22nd Street that will combine operations under one roof.

Calipari Claim
A 7,350-square-foot residence at Blessings Golf Club in Phase II of the gated Clear Creek neighborhood in Johnson sold recently for $2.2 million. The purchase price equals $299.31 per square foot.

John Calipari bought the five-bedroom residence on Jean Lane. Taylor and Brooks White, through their T&B White Family Trust, were the sellers.

Waco Title Co. of Springdale was the title agent. Mary Bassett and Michael Sims with Basset Mix & Associates of Fayetteville brokered the transaction. The home was built in 2006. White paid Matt and Jessica Dearnley $1.22 million for the property in February 2023. Dearnley paid $155,000 for the 0.6-acre lot in 2004. Clear Creek Residential LLC was the seller.

D Street Dwelling
A 3,168-square-foot residence in downtown Bentonville changed hands recently for $1.65 million. The purchase price equals $521 per square foot.

B-242 SPE LLC, a Delaware-registered entity, bought the three-story residence on Southwest D Street. Rich and Anna Marie Gonzalez were the sellers. Waco Title Co. of Springdale was the title agent. Natalie Edwards with Better Homes and Gardens Real Estate Journey in Bentonville was the listing agent. Motus Group with Keller Williams Market Pro Realty in Fayetteville represented the buyer.

The four-bedroom home was built in 2015 by Lamplighter Restorations of Bentonville.
Gonzalez paid Todd and Dana Renfrow $743,000 for the property in December 2016.

Lowell Office
A 4,520-square-foot office building in Lowell sold recently for $844,000. The purchase price equals $186.72 per square foot.

R&S Investments LLC, managed by Logan Humphrey, bought the vacant Class B building at 100 Parkwood St. The nonprofit group United Way of Northwest Arkansas (UWNWA) was the seller.

Century Bank of the Ozarks in Mountain Home backed the deal with a $680,000 loan. City Title & Closing of Fayetteville was the title agent. Marshall Saviers and Ethan Fowler with Cushman & Wakefield/Sage Partners of Rogers marketed the property.

The single-story building was built in 2000 on 0.47 acres. It includes 12 private offices, one large conference room, two kitchenettes, three bathrooms and a basement with double door loading/unloading available. UWNWA paid $530,333 for the property in 2010. Parkway Bank was the seller.

Executive director Hannah Savage said UWNWA staff (six workers) is currently working remotely but will move into the JTL Center for Nonprofits in Springdale later this summer.
Humphrey is the founder and CEO of Cohova, a vacation rental management company. He plans to relocate the business from Bentonville to the Lowell building.

Lease Activity
Minnesota-based AVI Systems, an IT services and consulting company, recently signed a lease to occupy a 7,084-square-foot building at 905 S.E. 21st St. in Bentonville.

Johnny Galloway with Cushman & Wakefield/Sage Partners in Rogers represented the tenant. Palmer Hays with Bennett Commercial Real Estate in Rogers represented the landlord.

Migration Properties LLC, led by Jason Keathley, is the building owner. The company paid $1.38 million for the property earlier this year. The purchase price equals $194.81 per square foot.