Real Deals: Bentonville strip center checks out $3.9M sale
by May 27, 2024 10:30 am 953 views
A 12,592-square-foot retail center in Bentonville sold recently for $3.9 million. The purchase price equals $309.99 per square foot.
Curtis Jared, a commercial real estate investor in Springfield, Mo., bought the 1.62-acre Eden Brooke Shopping Center at 1001 S.W. Regional Airport Blvd. Coal Gap LLC, led by Tom Rystrom, was the seller.
Guaranty Bank of Springfield, Mo., backed the deal with a $2.34 million loan. Rystrom and Steve Lane with Colliers Arkansas in Rogers represented the seller. City Title & Closing was the title agent.
Colliers formed the investment group that purchased the property in 2022 for $2.95 million ($234.27 per square foot), subsequently providing leasing and management services before selling the property on behalf of the investment group.
The retail center is fully leased. Tenants include Pizza Hut, Lavande Nail Bar, The Buttered Biscuit, Supercuts and Hawaiian Bros Island Grill, the newest tenant. Mary Claire Ryan and Alan Cole with Colliers Arkansas represented the landlord for the Hawaiian Brothers lease (2,300 square feet). Oksana DeMaris with Focus Commercial Real Estate in Bentonville represented the tenant.
HEALTHCARE PROPERTY
A healthcare development in Bentonville sold recently for $3.5 million.
A limited liability company led by David and Ramah Sue Slone bought the property at 2205 and 2508 S.E. 20th St., just off Moberly Lane. Behavioral health provider Arisa Health was the seller.
The 4-acre property has two buildings. The largest is the Miriam Enfield Center for Community Mental Health.
Arvest Bank backed the deal with an eight-year loan worth $3.5 million. City Title & Closing was the title agent. Matthew Allen, Johnny Galloway and Tom Allen with Cushman & Wakefield/Sage Partners in Rogers brokered the deal.
Arisa Health owns property on South 40th Street in Rogers, east of Promenade Boulevard, and plans to build a 20,000-square-foot facility to consolidate service locations. It will remain a tenant on Southeast 20th Street until that project is complete.
David Slone is chairman and CEO of Fayetteville-based Superior Automotive Group, which operates four dealerships on Moberly Lane.
UPTOWN FAYETTEVILLE LAND
A 3.6-acre commercial land sale in Fayetteville registered $2.67 million. The purchase price equals $17.03 per square foot.
Sain St. Development LLC bought the lot on East Sain St., adjacent to Regions Bank at 1465 E. Joyce Blvd. JK Real Estate Development LLC, managed by Josh Roller, was the seller.
Legacy National Bank of Springdale backed the purchase with a one-year loan worth $2.05 million. Marshall Saviers with Cushman & Wakefield/Sage Partners in Rogers represented the seller. Josie White with High Street Real Estate & Development in Fayetteville represented the buyer.
HERITAGE HILLS HOME
A 5,878-square-foot residence in Springdale’s Heritage Hills subdivision sold recently for $1.28 million. The purchase price equals $218 per square foot.
Jeffrey and Melissa Smith bought the five-bedroom home on Heritage Hills Drive from Lorne and Kimberli Campbell.
Jaime Howell with Keller Williams Market Pro Realty represented the seller. Jessica Godsey with Carlton Realty represented the buyer. Allegiance Title Co. of Arkansas was the title agent.
In July 2016, Campbell paid Riggins Properties Inc. $750,000 for the home.
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.