Real Deals: Courtyard Fayetteville changes hands for $16.7 million

The four-story, 72,242-square-foot Courtyard Fayetteville at 600 E. Van Asche Drive in Fayetteville sold recently for $16.7 million. The purchase price equals $231 per square foot.

The buyer of the 114-room hotel on 3.31 acres was Rogers-based CFH Group LLC, whose members include president Arun Chawla and manager Vasu Chawla.

The seller was B&T Hospitality Management, a hotel management company of Idaho Falls, Idaho-based developer Ball Ventures LLC. The title agent was Advantage Title & Escrow in Bentonville.

Stabilis Lending LLC, with offices at New York-based investment firm Stabilis Capital Management LP, provided financing of $14.39 million. B&T acquired the property in January 2014 for $13.48 million.

Bentonville Buy
The city of Bentonville recently acquired a 4,914-square-foot office building on 0.6 acres at 221 S. Main St. for $4.65 million. The purchase price equals $946 per square foot. The seller was Benton County.

According to city records, Bentonville acquired the property for its Quilt of Parks project, and the existing building will be used for city offices. The Walton Family Foundation provided a $2 million grant and a five-year, $2.7 million loan to purchase the property. The zero-interest loan will be repaid in three $900,000 installments, starting Aug. 1, 2027.

In May 2003, Downtown Bentonville Inc. transferred the property to Benton County. In July 1994, Downtown Bentonville Inc. purchased the property from Benton County Farm Bureau for $250,000.

Springdale Sale
The city of Springdale recently bought a 59,400-square-foot industrial building on 5.13 acres at 1403 S. Powell St. for $3.2 million. The purchase price equals $53 per square foot.

Tennessee-based manufacturer ATCO Rubber Products Inc. was the seller. Jeffery Martin, vice president of finance and treasurer of ATCO Rubber Products, signed the transaction.

The city doesn’t have definitive plans for the property, but ATCO will continue operating there in the near term. In June, Springdale City Council voted 5-2 to allow the company to lease the approximately 60-year-old metal building for up to two years. The zero-rent lease includes reimbursing the city for property taxes and insurance, city records show.

Springdale Mayor Doug Sprouse said long-range plans for the property adjacent to Springdale Municipal Airport are aviation-related and include a new airport entrance when Powell Street is improved. Also, East Sunset Avenue will be extended to Powell Street, with a roundabout right in front of the ATCO building.

In July 2018, Memphis, Tenn.-based industrial manufacturer Mueller Industries Inc. acquired ATCO Rubber Products for $162.8 million. ATCO produces insulated flexible ducts for heating, ventilation and air conditioning systems. In July 2001, ATCO purchased the Powell Street property for $1.19 million.

Timberglen Transaction
A 6,061-square-foot home on Timberglen Lane in east Fayetteville has new owners after a sale worth $2.45 million. The purchase price equals $404 per square foot.

Mark King and Alexandra Bodishbaugh purchased the home on 2.81 acres in the Rose Hill addition. The sellers were Steffan Brett Sarkin and Catherine G. Sarkin.

Built in 1979, the four-bedroom, five-and-a-half-bathroom house was remodeled in 2010 and includes a pool, finished basement and detached three-car garage.

Jana-Wrenay Elkins with Gabel Realty represented the seller. Lindsey Clark with Homes & Spaces Real Estate represented the buyer. City Title & Closing LLC in Fayetteville was the title agent. In January 2003, the Sarkins purchased the property for $420,000.

Farmington Lots
Vision Custom Homes LLC, managed by Craig Young, has acquired 30 lots in the 42-acre phase two of the Summerfield addition in Farmington for $1.95 million. The purchase price equals $65,000 per lot.

The seller was DRP Holdings LLC, managed by Darrin Pitts, president of United Built Homes and board chairman of Springdale-based United Bank. Vision Custom Homes has offices at United Built Homes’ corporate office in Springdale. Pitts and Young are executive officers of United Holding Co., the Springdale entity that owns United Bank and United Built Homes.

The Summerfield addition is northwest of West Watson Lane and North Hunter Street.

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