Cabaness Takes Ownership of Graystone Development (Real Deals)

Cliff Cabaness, through his Graystone of NWA LLC, recently paid $3.5 million for the 36-lot Graystone subdivision off Arkansas Highway 102 in Centerton.

Cabaness is president and COO of Trinity Property Management LLC in Fort Smith.

The seller was Stonegray LLC, led by Bill Lazenby.

The deal was backed with a $4.42 million mortgage held by First Western Bank & Trust Co. of Booneville.

The subdivision includes 34 duplex units, built in 2005. Each lot is 0.19 acres.

Lazenby bought the land from Mike Pennington of Pennington Developments Inc. in April 2005 for $1.3 million.

Each duplex unit is 1,129 SF with all-brick exterior.

 

Apartment Acquisition

A 103-unit apartment complex in Fayetteville has a new owner after a $2.9 million transaction.

Garland Heights LLC, which lists Rayburn Green as the registered agent, paid for the Maria H. Apartments at 891 W. Melmar Drive, just off Garland Avenue.

The seller was Little Rock developer Henry Jordan Jr., through his Jordan Rentals LLC.

The deal was funded by Fayetteville’s Signature Bank of Arkansas.

The property has one-, two- and three-bedroom units ranging from 750 to 1250 SF, as well as a clubhouse and swimming pool.

 

Industrial Property

A 17,600 SF industrial property in Fayetteville drew a $1.3 million sale.

C B Realty Corp., led by E. Fletcher Lord Jr. of Little Rock, paid for the property at 1895 W. Martin Luther King Blvd., across the street from Braum’s Ice Cream & Dairy Store.

The seller was Tracy Hoskins, managing member of Metro Building LLC.

The single-story building, formerly a Metro Collision Center auto body repair shop, was built in 1990 and sits on 1.34 acres.

The building consists of 7,500 SF of warehouse/office space and 10,100 SF of shop space.

David Erstine with Sage Partners in Fayetteville was the listing agent.

Lord is CEO of Replacement Parts Inc. of Little Rock, one of the largest privately held aftermarket auto parts operations in the country with 160 store locations in six states.

Lord also owns a 6,000-SF auto parts location, known as The Parts Store, at 1513 W. Martin Luther King Blvd. It will move to the new MLK location later this fall after remodeling is finished.

The new store will operate under the Bumper to Bumper flag that the company uses in most of its locations.

 

Bellafont Activity

Ownership of five acres and a 10,415-SF building in Fayetteville’s Bellafont retail center off Joyce Boulevard recently changed hands in a $1.1 million deal.

According to a warranty deed, Brunwick Development Group LLC of Fort Smith, which lists Alex Baumeister as the registered agent, bought the building on 1.4 acres, and an additional 3.6 acres surrounding the land.

Enterprise Bank of Kansas City, Mo., was the seller.

First National Bank of Fort Smith financed the deal.

Existing tenants of the building include Firehouse Subs, The Bottle Wine & Spirits and Fayetteville Nutrition.

Brunwick plans to lease the remaining 1,825 SF in the building, which was built in 2009, and sell or develop the additional land.

T.J. Lefler with Sage Partners in Fayetteville brokered the transaction.

 

Townhouse Purchase

A bank-owned multifamily property in the Huntingdon subdivision of Fayetteville sold recently for $765,000.

According to a special warranty deed, Darryl and Martha Riddell bought the North Barnsbury Terrace property from First Federal Bank.

Darryl Riddell is the owner of South Delta Aviation Inc. in West Helena.

Centennial Bank of North Little Rock backed the deal.

The two-story property includes 12 townhouse units — each about 1,500 SF — and was built in 2010. The occupancy rate is 100 percent.

Carter Clark with Weichert Realtors – The Griffin Co. in Rogers was the listing agent.

 

More Casey’s

A 4,200-SF convenience store and gas station in Rogers is in the works after a $725,000 land purchase.

Casey’s Marketing Co. of Ankeny, Iowa, bought 1.61 acres just off West Pleasant Grove Road east of Interstate 540, near First Bank.

North Allies LLC, led by George William Keating, was the seller.

The property will be developed into a Casey’s General Store.

Casey’s, a publicly traded company, operates about 1,700 convenience stores in 13 states across the Midwest.

The company opened its first Arkansas locations in Bella Vista and Springdale in early 2011.

It has since opened three locations in Bentonville and another in Berryville. Another is being planned for Elkins.

The company is also planning a store at 2401 Olive St.

A vacant convenience store under the Citgo flag, known as the Lucky C Mart, sits on that 2.04-acre property.

Casey’s acquired the site from Pinnacle Bank of Rogers in June for $700,000.

Both Rogers stores are expected to be complete by December, each with a construction cost of about $2.5 million. They will be the company’s latest store designs, which will expand on its prepared food offerings.

Casey’s is a top 10 pizza retailer in the U.S.

 

Bowling Buy

A bank-owned bowling center in Fort Smith changed ownership recently in a $500,000 deal.

Bartholomy Bowling Centers of Springfield, Mo., led by Andy Bartholomy, paid for the Midland Bowl development at 2600 N. 32nd St.

Great Southern Bank of Springfield provided the financing.

The seller was Benefit Bank of Fort Smith.

Bartholomy operates seven bowling centers in Missouri, Oklahoma and Tennessee.

Midland Bowl, with 32 synthetic surfaced lanes, is the oldest bowling alley in Fort Smith. The single-story, 34,472-SF building was built in 1967 and sits on 5.29 acres.

The property last appraised in 2011 for $1.45 million.

Dawayne Murdock with the Fort Smith/River Valley office of CBI-Sunbelt Business Advisors of the Ozarks brokered the transaction.

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.