Real Deals Centerton duplexes built in 2022 change hands for $8 million

BusinessNorthwest Arkansas

by Jeff Della Rosa ([email protected]) ago 0 views 

A deal to acquire a 38-unit multifamily development on Valley Oaks Lane in Centerton recently tipped the scales at $8.42 million. The purchase price equals $221,710 per unit.

BSE Valley Oaks Owner LLC of Brooklyn, N.Y., led by Bob Husni, acquired 19 duplexes in the Valley Oaks addition from JTB Real Estate LLC of Rogers. City Title & Closing was the title agent. Cleveland-based lender KeyBank National Association provided a five-year mortgage for $5.65 million.

Valley Oaks was built in 2022 on separate lots that total more than 5.5 acres. The development comprises single-story duplexes with attached garages ranging from two to three bedrooms and two bathrooms (1,340 to 1,455 square feet).

COMMERCIAL CENTER
CC ARK V LLC of Rogers is the new owner of an 11,000-square-foot shopping center on 1.43 acres in Bentonville. Redbud Holdings LLC of Little Rock sold 1101 S. Walton Boulevard for $5.7 million. The purchase price equals $518 per square foot.

In 2023, Nabholz used a $1.6 million building permit for a 3,188-square-foot tenant in-fill project there. Chase bank, the consumer banking division of New York-based JPMorgan Chase & Co., is a tenant. Baldwin & Shell Construction Co. previously built the retail center using a $2.39 million building permit. Starbucks signed a lease for 2,202 square feet to anchor the single-story building.

The building is part of a $9 million commercial redevelopment of an 8.68-acre parking lot formerly home to George Nunnally Chevrolet. Commercial real estate and development firm Colliers Arkansas led the redevelopment project called Redbud Place. Redbud Holdings, a limited liability company comprising several entities, including Colliers investors and members, paid $3.4 million for the property in October 2020.

BENTONVILLE ABODE
Samuel Carruth and Cheryl Freeman Carruth recently purchased a 3,110-square-foot home on Southeast Third Street in downtown Bentonville for $2.5 million. The purchase price equals $804 per square foot. The sellers were Michael J. Clark and Elizabeth P. Clark.

The buyers were represented by the Limbird Team at Limbird Real Estate Group. The sellers were represented by Brandie Perry with Better Homes and Gardens Real Estate Journey. City Title & Closing and Harbor Closing & Title were the title agents.

The two-story folk Victorian home on 0.19 acres includes an attached two-car garage, four bathrooms, one half-bathroom, hot tub, wet bar, marble countertops, screened-in heated porch and an outdoor heated pool.

In August 1996, the Clarks purchased the home for $85,000. The sellers were David Spradling, Mary Lou Spradling, Johnnie McBride and Sharon McBride.

POSITIVO PURCHASE
Positivo LLC recently acquired a 1,755-square-foot home on Northeast J Street near the entrance of Crystal Bridges Museum of America Art in Bentonville for $2 million, or $1,140 per square foot.

The sellers were Brenda Rateliff and Donna Myers. First National Title Co. of Bentonville was the title agent.

Established in 2019, Positivo is managed by Shelley McMillon, wife of Walmart CEO Doug McMillon. Positivo has the same Bentonville mailing address as the 41-acre property the McMillons transferred to a trust in September 2023. Springdale attorney Denton Woods, partner at RMP LLP, was the trustee.

The single-story masonry home on 0.85 acres includes two bathrooms, a half-bathroom and a fireplace. In December 2023, the property was transferred to Rateliff and Myers, trustees of The Bell Family Trust. In September 1980, K.P. Enderland and Avis Enderland sold most of the property to Thomas Bell and Irene Bell for $66,000. One year later, the Bells purchased a smaller portion of the property from the Enderlands for $7,000.