Real Deals: LA firm pays $8.17 million for BNSF building in Springdale
by February 28, 2019 4:05 pm 1,468 views
A 30,339-square-foot commercial building along Interstate 49 in Springdale has a new owner after a sale worth $8.17 million.
Los Angeles-based commercial real estate firm NAS Investment Solutions (NASIS) bought the single-tenant, Class A office building at 2710 S. 48th St. The purchase price equals $269.29 per square foot.
Commercial real estate firm Cushman & Wakefield/Sage Partners of Rogers was the seller.
The mortgage lender was New York-based Ladder Capital Finance LLC.
Built in 2015, the property serves as the North American headquarters for global third-party logistics services provider BNSF Logistics. The privately held company is an indirect, wholly owned subsidiary of Burlington Northern Santa Fe LLC, a Berkshire Hathaway company, and operates approximately 30 offices in North America.
The tenant is on a long-term, triple-net lease.
Sage Partners, through its 48th St. Office LLC, paid $919,333 for the land (4.69 acres) in late 2014.
National Asset Services (NAS) has assumed property management of the building. The company’s total nationwide management portfolio now includes more than 90 properties, comprised of nearly 10.5 million square feet of commercial real estate in 25 states.
DENTAL DEAL
A 1.68-acre medical/office development in Bentonville recently sold for $3.2 million.
Mauze Properties LLC of St. Louis, managed by James F. Mauze, bought the property at 1907-1909 E. Central Ave.
Professional Office Properties LLC, managed by William T. Mahon, was the seller.
Waco Title Co. of Springdale was the title agent. First Security Bank backed the deal with a three-year loan of $2.19 million.
Ethan Tisdale with commercial real estate firm Steve Fineberg & Associates of Bentonville was the listing agent.
The property includes two buildings totaling 7,180 square feet that are triple-net leased through 2027. My Village Pediatric Dentistry & Orthodontics is the tenant.
The cap rate for the property is 7.6%.
INDUSTRIAL PURCHASE
A shuttered industrial property on 52.77 acres in Springdale has sold for $2 million.
Old Mo East LLC, managed by Darrell Robinson and Scott Senyard, bought the former Apex Tool manufacturing facility at 1609 Old Missouri Road, 0.5 miles north of Springdale Municipal Airport. The single-story facility was built in 1969 and includes 242,000 square feet of warehouse/office space. A rail line borders the eastern border of the property and is served by Arkansas & Missouri Railroad.
Apex Tool Group LLC of Huntersville, N.C., was the seller. The company closed its Springdale facility in 2014 after 45 years.
The First National Bank of Fort Smith provided financing with a five-year loan of $1.6 million.
City Title & Closing of Fayetteville was the title agent.
Holmes Davis with Binswanger in Dallas represented the seller. Marshall Saviers with Cushman & Wakefield/Sage Partners represented the buyer.
The new owner purchased the property as an investment and will market the facility for new tenants.