Arizona REIT Gives $3M For Bentonville Kum & Go
by May 27, 2013 12:00 am 145 views
A 4,958-SF gas station and convenience store development in Bentonville has a new owner after a $3.05 million transaction.
Cole Real Estate Investments of Phoenix through its Cole KG Bentonville (Central) AR LLC, bought the Kum & Go at 2811 E. Central Ave.
BRB Oil II LLC of Iowa City, Iowa, was the seller.
The building was built in 2010, and is leased through 2030.
The 2.07-acre location was acquired in August 2010 for $900,000 in a deal with Mor-Wise Investments LLC, led by Jeffrey Wisener.
The property appraised in 2012 for $1.51 million.
Premier Purchase
A bank-owned medical office development in Bentonville recently sold in a $1.95 million deal.
Premier Concepts LLC of Bentonville, led by Darren Horton, bought the Bentonville Professional Center at 2701 S.E. J St. at the intersection of Southeast 28th Street.
Arvest Bank in Bentonville funded the deal with a one-year mortgage of $300,000 and a 15-year mortgage of $1.94 million.
The property was previously linked with two mortgages in February 2007 totaling $2.38 million held by Arvest.
Butch Gurganus with Colliers International in Bentonville was the listing agent representing the seller.
Jeff Kemp with Commercial Realty LLC in Fayetteville represented the buyer.
The 1.92-acre development appraised in 2012 for $1.92 million.
Convenient Buy
A 3,536-SF retail development in Springdale has a new owner after a $595,000 sale.
Global Brothers Investment Inc. of Texas bought the Phillips 66 Fast Trax No. 1 gas station at 4451 N. Thompson St.
Shepherd Oil Acquisition LLC of Oklahoma, led by Robert Michael Shepherd, was the seller.
Jonesboro-based Liberty Bank of Arkansas provided the financing with a three-year mortgage of $500,000.
The 1.71-acre development appraised in 2012 for $651,500.
The building was built in 1987. The current tenant’s lease expires in December 2014. w
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.