Pennsylvania Group Buys FedEx Ground in $8.77 Million Deal (Real Deals)

Ownership of a 68,425-SF industrial property in the Commerce Park addition of Lowell recently changed hands in an $8.77 million sale.

American Realty Capital Trust Inc. of York, Pa., bought the FedEx Ground facility at 1201 Federal Way just off Arkansas Highway 264.

The seller was the Leder Group, a real estate holding and development company based in Boca Raton, Fla.

The distribution center will continue to cover all of Benton, Washington and Madison counties, as well as portions of Oklahoma in Adair County.

The building was built in 2007. It will be used as a net lease investment with six years left on the lease with FedEx.

The Leder Group took ownership of the nine-acre development in July 2007 from Kevin R. Jones, through his Jones Fayetteville LLC entity.

Jones bought the land in January 2007 from 264 Investments LLC, led by Lance Beaty, for $1.76 million.

The development appraised in 2012 for $3.82 million.

 

Storage Sold

A mini-storage development in Bentonville recently sold for $1.65 million.

Carl Baumeister, Charles Burfield and Patrick Byrd, through their 3-B Storage LLC entity of Fort Smith, bought the Airport Boulevard Mini-Storage at 3400 S.W. F St. just off Arkansas Highway 12.

The sellers were Billy and Wanda Moore.

Bancorpsouth Bank of Tupelo, Miss., helped fund the deal with a five-year mortgage of $1.32 million.

The 6.7-acre development appraised in 2011 for $1.25 million. It includes about 52,000 SF of storage space.

 

Spring Creek Sale

Ownership of 15 bank-owned homes in the Spring Creek Park subdivision off East Wagon Wheel Road in Springdale recently changed hands in a $1.5 million deal.

Sequoyah Fund LLC, managed by Robert East Jr. and Jordan Jeter, paid for the properties.

The seller was First State Bank of Fayetteville.

The acquired property includes single-family homes at 4507, 4531, 4547, 4571, 4593, 4615, 4633, 4655, 4679, 4701 and 4727 Sadie St.; and 6114, 6090, 6066 and 6048 Clay Ave. They range in size from 1,200 to 1,600 SF

First Security Bank of Searcy provided the financing with a $1.2 million loan.

City Title and Closing LLC of Fayetteville was the title agent.

First State Bank acquired a combined 35 homes and lots in the subdivision in April 2010.

The previous owner was Springcreek I LLC, whose sole member was Carpenter Construction Inc., owned by Tad Carpenter.

 

Queensborough Residence

A 5,671-SF, newly constructed home in Phase IV of the Pinnacle subdivision in Rogers recently drew a $1.14 million sale.

John and Rosalind Brewer bought the Queensborough Lane property. Rosalind Brewer is the CEO of Sam’s Club.

The seller was Randall Johnson, through his RSJ Property Management LLC entity.

Sherry Hardie with Coldwell Banker Harris McHaney Faucette in Rogers was the listing agent.

Mercury Title LLC in Rogers was the closing agent.

Johnson bought the 1.09-acre lot from Tallchamps LLC in March 2011 for $130,000.

The land’s most recent appraisal was that same year for $117,500.

 

Borghese Property

Bank-owned lots in the Borghese subdivision of Lowell were recently sold for $970,000.

Robert and Kathryn Bader, through their Sprout Holdings LLC, bought 58 lots — an average of $16,724 per lot — in the subdivision west of Interstate 540 just off Arkansas Highway 264.

Lot sizes in the subdivision are about 0.33 acres.

First Federal Bank of Harrison was the seller.

Arvest Bank of Fayetteville helped fund the deal with a mortgage of $750,000.

The land has been in First Federal’s OREO portfolio since 2008.

Clinton and Molly Miller sold the 40 acres to Northwest Arkansas Investment Capital LLC, led by developer Michael Spainhower, in December 2004 for $1.95 million.

 

Convenient Sale

A 3,577-SF shuttered commercial development in Highfill rang up a $955,000 sale.

The Branding Iron Market and Grille LLC, led by Leon and Lisa Jones, bought the former Village Market Grille at 14939 W. Highway 12, west of the Northwest Arkansas Regional Airport.

The seller was GMS Properties LLC, led by Mahmoud R. Chitsazan.

First State Bank of Fayetteville provided the financing with two commercial mortgages totaling $986,200.

The Phillips 66 gas and convenience store development was built in 2006, and appraised in 2012 for $670,150.

Chitsazan and Susan Walker bough the two-acre property in June 2005 from Robert Ray Hutcheck for $230,000.

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.