Israel Property Ideal for Quick Shop
by February 7, 2000 12:00 am 63 views
Developer Ben Israel is excited about the corner lot he acquired in December at the intersection of U.S. Highway 412 and Hidden Lake Road in east Springdale. Israel sold his personal farm in Goshen for $550,000 and got the 1.89-acre lot as part of a trade involving both the residential parcel and some commercial property.
The empty lot was recently appraised at $250,000. Israel has already spoken to several interested parties and would like to develop the property to suit tenants. He says the location is ideal for a convenience store.
Israel, owner of Israel Residential Properties LLC and Country Club Center LLC, also recently refinanced two properties Dec. 30 totaling $1 million.
The first was a pair of four-plexes at 2118 to 2122 Frazier St. in Fayetteville that he got a $333,000 loan for from Simmons First Bank of Northwest Arkansas. The 1,100-SF units occupy about an acre lot in Fayetteville’s Meadowridge Subdivision.
The other note was a $687,000 loan issued Dec. 30 by First State Bank of Lonoke that Israel used to refinance Country Club Plaza across from the Springdale Country Club on South Thompson Avenue. The facility is 71,440 SF and contains Benchmark Cleaners and the Fabric Gallery.