Pennsylvania REIT Takes Abuelos in Deal Worth Nearly $3.5M (REAL DEALS)
by July 22, 2013 12:00 am 149 views
An 8,011-SF commercial property in Rogers has a new owner following a $3.47 million sale.
American Realty Capital of Jenkintown, Pa., through its ARC CAFEUSA001 LLC, bought the Abuelo’s-Mexican Food Embassy restaurant at 4005 W. Walnut St.
GE Capital Franchise Finance Corp. of Florida was the seller.
Sherrie Berry with First National Title Co. in Little Rock was the closing agent.
The restaurant was built on 1.43 acres in 2003 and appraised in 2011 for $2.42 million.
GE Capital acquired the building in November 2006 for $3.01 million. The seller was Food Concepts International LP.
Bank Building
A building permit valued at $1.4 million is backing construction of a Fayetteville branch location for Legacy Bank of Springdale.
Construction of the 4,923-SF building at 1325 E. Joyce Blvd. is scheduled to be complete by the end of July.
Milestone Construction Co. of Springdale is the general contractor.
Engineering Elements of Fayetteville is handling the HVAC work. The Springdale office of Roberts-McNutt Inc. is the roofing contractor. Marrs Electric in Springdale is handling the electrical work.
Other subcontractors include Quality Plumbing & Backflow of Lowell and Frank Sharum Landscape Design Inc. of Fort Smith.
Commercial Property
Ownership of a 3.5-acre commercial property in Springdale changed hands in a $1.05 million deal.
David Mancia, through his Mancia Properties LLC, bought the property at 707 N. Thompson St.
The seller was Pat R. Henry Properties LLC, managed by Earlene B. Henry.
The property includes a 21,800-SF building, formerly a Frank Fletcher Chevrolet dealership, built in 1964.
The development appraised for $637,700 in 2010.
Dowell Deal
Ownership of a half-acre commercial tract in the Dowell Addition in Bentonville recently changed hands for $550,000.
Spartan Properties LLC of Mountain Home, led by Eric and Kathleen Arp, bought the 4,860-SF building at 1201 N. Walton Blvd.
Express Coffee House and Vintage Charm are tenants.
The seller was the Keith L. Dowell Revocable Trust, represented by Lisbeth A. Holmes.
First Federal Bank of Harrison provided financing with a $495,000 mortgage.
City Title & Closing LLC of Fayetteville was the closing agent.
The property appraised in 2011 for $276,750.
Earlier this year, Arp paid $7.34 million in a 20-year sale-leaseback deal for the Harps Food Store at 1209 N. Walton Blvd.