Springdale Kum & Go Store Acquired for $2 Million-plus (Real Deals)

A gas station/convenience store development in Springdale has a new owner after a $2.24 million sale.

According to a special warranty deed, Roddimeyer III LLC of Paradise Valley, Ariz., bout the 3,312-SF Kum & Go at 500 N. Old Missouri Road.

Maine-based Denture Venture LLC, led by Thomas J. Auger, was the seller.

The deal was financed with a $2.4 million mortgage held by BOKF NA DBA Bank of Arizona. Denture Venture paid $2.1 million for the property in December 2008.

Kum & Go paid $751,667 for the 1.97 acres in August 2008.

The Springdale property features a 20-year NNN lease with 16 years remaining and 1.5 percent annual increases in base term.

 

Restaurant Sale

A vacant restaurant in Phase II of the CMN Business Park II in Fayetteville sold recently for $1.2 million, the second ownership change in four months.

SNS Choi LLC, led by Soonae C. Lee, bought the 7,202-SF building at 643 E. Van Asche Drive.

United Bank of Springdale financed the deal with a five-year mortgage worth $782,000.

Kobe Hibachi Grill & Sushi will occupy the building later this fall, moving from its current Fayetteville location on Shiloh Drive.

Kendall and Patricia Combs of Hollister, Mo., through their 643 East Van Asche LLC, purchased the property — with previous restaurant tenants that included Northern Exposure and Smokey Bones — for $807,000 in April.

The building and 1.82 acres last appraised in 2010 for $1.25 million.

 

Multifamily Buy

A bank-owned multifamily property in Fayetteville drew a $1.07 million sale.

Dwayne and Vonda Boggs, through their University Estates LLC, bought the Oakland Street Apartments at 1320 N. Oakland Ave.

First State Bank in Fayetteville financed the deal with a seven-year mortgage worth $1.07 million. The bank took ownership of the property in January.

The two-story building, constructed in 1981, is 20,640 SF on 0.83 acres.

The newly remodeled development includes 26 two-bedroom apartments, each approximately 800 SF.

 

Pinnacle Purchase

A 5,126-SF home in Phase IV of the Pinnacle subdivision in Rogers rang up an $875,000 sale.

Ryan and Mindy Harrington bought the Oxford Drive home on 0.5 acres.

The deal was funded with a $700,000 mortgage held by Wells Fargo Bank.

The seller was the Cornell Revocable Living Trust, led by trustees Brian and Martha Cornell.

Brian Cornell is the CEO of PepsiCo Americas Foods at PepsiCo Inc. He was formerly CEO of the Sam’s Club division of Wal-Mart Stores Inc.

Cornell bought the property in June 2011 for $990,000.

 

Candlewood Abode

A 5,328 SF home in the Candlewood subdivision of Fayetteville has a new owner after a $725,000 sale.

Mark Zweig Inc., led by Fayetteville businessman Mark Zweig, bought the Candlewood Drive home on 0.7 acres.

The deal was financed by Signature Bank of Arkansas.

Ruth Ann Trumbo with Lindsey & Associates in Fayetteville was the listing agent.

The sellers were Kirk and Sue Stone.

Stone bought the property from Paul and Lisa Bingham in December 2009 for $660,000.

The two-story home was built in 2002. It appraised in 2010 for $665,600.

 

Station Addition

Clinard Construction Co. of Bentonville is nearing completion of an expansion to a fire department substation in Bentonville, being done with a $452,696 building permit.

Clinard is the general contractor for an 800-SF sleeping area addition at Bentonville Fire Station No. 2 at 1610 S.E. Moberly Lane.

Subcontractors working on the renovation include Smith Tile of Springdale, Estes Wood Designs of Bentonville, Quality Metal Inc. of Gentry, Chuck’s Paint Services of Springdale and Wil-Shar Steel Erectors of Rogers.

The project is scheduled for completion later this month.

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.