Real Deals: Nearly 100 lots in Centerton sell for $9 million

by Jeff Della Rosa (JDellaRosa@nwabj.com) 1,902 views 

Nearly 100 residential lots north of Arkansas Highway 102 in Centerton recently changed hands after two transactions worth a combined $9.25 million. The purchase price equals $95,443 per lot.

Joplin, Mo.-based homebuilder Schuber Mitchell Homes bought 97 lots in the Woodcrest Walk addition west of Reach Church. The lots are in the 200 blocks of Kristen Lane and Ryker Ridge; the 1000 and 1100 blocks of Garrett Lane; the 1000, 1100 and 1200 blocks of Ari Avenue; and the 100, 200 and 300 blocks of Spicewood Trail.

The seller was Three Pistols LLC, managed by Thomas J. Underwood of Centerton. Three Pistols bought portions of the pastureland property spanning 35.97 acres for a combined $1.95 million in March 2018 and January 2019. The sellers were Robert D. Erickson and Loretta L. Erickson, and Jae Woon Shim and Jae Ok Shim.

Fayetteville Warehouses
A 76,096-square-foot commercial development southeast of Baum-Walker Stadium in Fayetteville recently sold for $6.32 million. The purchase price equals $83 per square foot.

IAI SEP Sunchase LLC, whose authorized agent is Grant Reaves, bought The Space Center at West Sunchase Court and South Garland Avenue. Reaves is co-founder of Stoic Equity Partners, a Daphne, Ala.-based commercial real estate investment firm.

The seller was Hews Ark LLC, managed by Edward Hurley. The seller and Scott Wilson of Irving, Texas, provided loans in the amounts of $1.2 million and $2.8 million, respectively. City Title & Closing LLC in Fayetteville was the title agent.

Built in 1998, the 8.1-acre development comprises 10 single-story warehouses.

Bentonville Commercial
An 11,834-square-foot retail and medical office building in Bentonville recently sold for $3.87 million. The purchase price equals $327 per square foot.

701SW LLC, managed by Scott DeMott of Tontitown, bought 701 S.W. Regional Airport Boulevard. The buyer was represented by Jordan Jeter, partner of Kelley Commercial Partners in Springdale.

The seller was Oklahoma-based Because I Love Horses LLC, whose members are Kevin Fuksa and Traci Fuksa. Listing agent was Matt Imhoff, founder and principal broker of Imhoff Commercial. City Title & Closing LLC in Fayetteville was the title agent. Russellville-based First State Bank provided a five-year loan of $2.76 million.

Built in 2008, the 1.9-acre property includes a single-story building and five double-sided gas pumps under a canopy. Tenants of the 100% NNN-leased property comprise Medical Associates of Northwest Arkansas, Specialized Physical Therapy and White Oak Station.

Because I Love Horses paid $3 million for the property in December 2018. The seller was Harrison-based Petromark Inc.

Centerton Land
More than 50 residential lots north of Arkansas Highway 102 in Centerton have a new owner after a recent transaction worth $3.97 million. The purchase price equals $75,000 per lot.

Arlington, Texas-based homebuilder D.R. Horton Inc. bought 53 lots in the West Wind addition northwest of Highway 102 and Kitty Road. The lots are in the 3000 and 3100 blocks of Rosalee Lane, the 3000 and 3100 blocks of Amarillo Way, and the 2900, 3000 and 3100 blocks of Laredo Lane.

The seller was Bentonville-based FSSCL LLC, whose member is Merlin Joe. FSSCL paid $850,000 for the 60.13-acre pastureland property in May 2017. The seller was First Western Bank.

Bentonville Retail
A 25,000-square-foot shopping center on Southwest 14th Street (Arkansas Highway 102) in Bentonville recently sold for $3.5 million. The purchase price equals $140 per square foot.

Hillcrest Holdings LLC, managed by Gary Nichols, bought Milestone Plaza at 2500-2502 S.W. 14th St. The seller was Milestone Enterprise LLC, managed by Gary Knox and Tracy Chen. Springdale-based Legacy National Bank provided a three-year loan of $10.8 million. Allegiance Title in Fayetteville was the title agent.

Built in 2006, the 4.32-acre development includes two single-story buildings. The NNN-leased property comprises multiple tenants, including Beef O’ Brady’s and Marco’s Pizza.

Milestone paid $233,000 for the property in August 2005. The seller was Will-Moore Partnership.

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

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