Business Good for Bellafont Pizza-Maker
by January 7, 2012 11:10 pm 81 views
One of our Bellafont operatives in Fayetteville reports a noteworthy real estate transaction from that area at the tail end of 2011.
Local restaurateur Kevin Kestner, who owns a pair of Mellow Mushroom pizzeria franchises in Northwest Arkansas, made a further investment in the Fayetteville location when he bought the 4,048-SF building for $700,000, amounting to $172.92 per SF.
Enterprise Bank & Trust of Clayton, Mo., which helped finance the Bellafont retail project of failed Northwest Arkansas developer Brandon Barber, had been the previous owner since July 2009, when Barber filed his Chapter 7 bankruptcy petition.
Jordan Jeter and Eric Bowen of Flake & Kelly Commercial Northwest represented the buyer.
Since opening in November 2008 at 1460 E. Augustine Lane near Joyce Boulevard, Mellow Mushroom has become a popular sit-down restaurant.
According to the most recent figures from the Fayetteville Advertising & Promotion Commission, the restaurant collected $1.02 million in revenue through the first nine months of fiscal 2011.
Kestner and his wife, Jennifer, opened a second location last summer at Village on the Creeks in Rogers.
Revenue figures in Rogers can’t be reported because the city does not collect the 1 percent hotel-motel-restaurant tax. But going by this deal, we’re comfortable in assuming that location is humming along very well, too.