Real Deals: Farmington townhomes change hands for $5 million

Farmington Hills LLC, led by Jian Fei Lin of Lowell, recently picked up 15 two-unit townhomes on North Fox Hunter Street in Farmington for $5.78 million. The purchase price equals $192,807 per unit.

The seller was Farmington-based Lots 102 Holdings LLC, which comprises Melissa Sims and two trusts: the Sims Family Trust and Charles G. Palmer Intervivo Trust. Melissa Sims is the principal broker at First Star Realty in Fayetteville. The title agent was Waco Title Co. of Springdale.

The townhomes are northeast of North Hunter and East Wilson streets in Farmington. In October 2020, Lots 102 Holdings purchased 16.52 acres there for $389,500. The seller was S H Holdings LLC, led by George Sykes Harvey.

GENTRY FARMS
Gentry-based Kim & Mang LLC, led by Kim Thang, recently purchased a single-family home and eight broiler houses on 40 acres on Cherokee Road in Gentry for $5.58 million. The sellers were Trung Nguyen and Hien Tran of Bentonville.

The property includes a 1,599-square-foot home and eight 33,000-square-foot broiler houses. The single-story home was built in 2017.

Live Oak Banking Co. of Wilmington, N.C., provided a five-year mortgage for $4.68 million. In November 2019, Nguyen and Tran purchased the farm for $4.82 million. The seller was T & K Farm LLC.

CENTER STREET PROPERTIES
A limited liability company led by Loren King recently acquired more than 20,000 square feet of warehouse and office buildings on 1.87 acres on Center Street in Fayetteville in separate deals for a total value of $4.68 million. The purchase price equals about $230 per square foot.

The buyer was AR-UA II Holdings LLC of Lafayette, Ind. King is the co-founder and CEO of Trinitas Ventures, a Lafayette-based firm that’s developed nearly $1 billion in university-centric real estate and is currently developing nearly $1 billion in student housing and mixed-use projects.

The sellers were John Miller and William Miller of Henderson, Nev., and The Campbell Family Trust of West Fork. The title agent was Advantage Title & Escrow in Bentonville.

The land is at the northeast and northwest corners of South Gregg Avenue and West Center Street, east of the Arkansas & Missouri Railroad tracks. The one-story buildings, ranging from 1,520 to 5,760 square feet, comprise multiple addresses in the 500 and 600 blocks of Center Street and were built in 1920, 1935 and 1960.

AR-UA II Holdings also recently reached a 55-year ground lease agreement with Fayetteville-based Tagon Corp., led by Craig Underwood, at 112 N. University Ave. The address was the location of restaurant Powerhouse Seafood & Grill, which closed in July 2023 after more than 30 years in business there. The Center Street land is to the southeast, across the railroad tracks.

BELHAVEN LAND
Belhaven Development Fund GP LLC, led by Gary Still, recently paid $3.4 million for 26.62 acres northwest of Zion Church Avenue and Bellview Street in Lowell. The purchase price equals $127,723 per acre.

Still, president and CEO of Rogers builder Bespoke Homes, said plans are still in the works for the land, but it’s likely to become a residential development. The seller was Mardis Family Revocable Trust of Rogers, with Tommy Mardis and Tammi Mardis as trustees.

Searcy-based First Security Bank provided an 18-month commercial real estate mortgage for $3 million. TitleTech of Arkansas LLC in Bentonville was the title agent. In July 2023, the Mardis Family Revocable Trust bought the land for $2.66 million. The seller was Loye Dawn Hunt.

PREMIER HOME
Premier Investments LLC of Fayetteville, led by David Slone, is the new owner of a 6,079-square-foot home on 0.36 acres on Northwest Fourth Street in Bentonville. Premier paid $2.99 million for the two-story home built in 2021. The purchase price equals $492 per square foot.

Slone is chairman and CEO of Fayetteville-based Superior Automotive Group. The sellers were Devin and Sheila Cole. The buyer and sellers were represented by Melanie Gabel with Gabel Realty. The title agent was City Title & Closing LLC of Fayetteville.

In September 2019, the Coles purchased the property for $310,000. The seller was Dennis C. Spradlin Revocable Trust.

Editor’s note: Information in this report was gathered with assistance from the office of Benton County Assessor Roderick Grieve.