Real Deals: Bentonville retail development checks out $2.95M sale
by August 11, 2022 8:23 am 1,840 views
A 12,592-square-foot retail center in Bentonville sold recently for $2.95 million. The purchase price equals $234.27 per square foot.
Coal Gap LLC, led by Steve Lane, bought the Eden Brooke Shopping Center at 1001 S.W. Regional Airport Blvd. Cabe Ranch Leasing LLC, led by Kyle Naples, was the seller.
BancorpSouth Bank, a division of Cadence Bank of Mississippi, backed the deal with a 25-year loan worth $2.36 million. City Title & Closing was the title agent.
The single-story building on 1.62 acres was built in 2017 and is almost fully leased by multiple tenants including The Buttered Biscuit, Angus Jack, Supercuts, CBD and Lavande Nail Bar.
RETAIL DEVELOPMENT
The city of Bentonville recently issued a commercial building permit valued at $2.39 million.
Baldwin & Shell Construction Co. is using the permit to build a 11,181-square-foot retail center at 1101 S. Walton Blvd. It’s part of the 8.68-acre Redbud Place commercial development led by real estate services firm Colliers Arkansas.
Starbucks has signed a lease for 2,202 square feet to anchor the single-story building. Five additional spaces are available for lease.
SCOTTSDALE SALE
A 15,200-square-foot commercial building in Rogers’ Scottsdale Center retail development sold recently for $1.8 million.
Mockingbird Holdings LLC, led by Kezie Odunukwe, bought the single-story building at 529 N. 46th St. Wells Street Capital VII LLC of Chicago, managed by Sheenal Patel, was the seller.
First National Bank of NWA backed the deal with a five-year, $1.57 million loan. City Title & Closing was the title agent. Jenelle McMann with Mockingbird Real Estate Group in Rogers represented the seller. Odunukwe represented the buyer’s side.
The building is vacant. Previous tenants were retailers Gap, Shoe Dept. and Signed, Sealed, Delivered.
BLOCK STREET BUY
A 5,438-square-foot commercial building in downtown Fayetteville changed hands recently for $925,000. The purchase price equals $170.09 per square foot.
Block Street Corner LLC, led by Cameron Clark, bought the single-story building at 102-104 N. Block Ave. The William and Ligia Craft Living Trust was the seller.
Century Bank of the Ozarks in Mountain Home backed the deal. Allegiance Title Co. in Fayetteville was the title agent. Jason Keeling with Steve Fineberg & Associates in Bentonville was the listing agent.
A dry cleaner (Four Seasons) and dive bar (Tables & Ale) are the current tenants.
BRAUM’S DEVELOPMENT
A 2.8-acre land sale in Fort Smith’s Patriot Square commercial development tipped the scales at $850,000. The purchase price equals $6.97 per square foot.
AEX Corp. bought the land on South Zero Street. Patriot Square LLC, registered to Benny Westphal, was the seller.
Jim Nunnelee with Nunnelee & Wright Commercial Properties brokered the deal.
The land will be developed for a Braum’s restaurant.
Real Deals submissions: Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.