Springdale Medical Buildings Tip Scales at Combined $3.02 Million

A pair of medical buildings in Springdale tipped the scales at a combined $3.02 million.

Northwest Arkansas Medical LLC of Arkansas and Abees-Springdale LLC of Kansas, both managed by Stephen J. Block, purchased a 3,223-SF facility at 2060 Orchard St. and an 8,474-SF facility at 3875 W. Sunset Ave.

AmeriMedical LLC of Russellville, managed by Jim Knight, was the seller.

Citizens Bank & Trust Co. of
Kansas City, Mo., financed the deal with an eight-year, $1.65 million mortgage.

Abees-Springdale is the majority owner of both properties, which are each 100 percent occupied by Northwest Health System.

Both buildings have a 10-year lease term, expiring in April 2021.

The properties were previously tied to June 2011 mortgages of $2.1 million each, both held by First National Bank of Fort Smith.

The Orchard Street property last appraised in 2010 for $482,800. The Sunset Avenue building last appraised in 2010 for $899,600. 

 

Packaging Property

Two commercial buildings totaling 11,375 SF in the Dunn and Davis addition near downtown Bentonville recently sold for $1.3 million.

Dean Eisma, through his Arkansas Land Project LLC sold the three-parcel development at 502 S.W. A St. and 409 S.W. B St.

The buyer was Mark Mathes, through his Mathes Investments LLC of Kansas City, Mo.

Mathes is CEO Of Kansas City-based Vanguard Packaging Inc., which currently has a Bentonville office on Southwest 2nd Street.

Ed Belto of Newmark Grubb Arkansas was the listing agent.

City Title & Closing LLC of Fayetteville was the closing agent.

The deal was funded with a $1.3 million mortgage from Pony Express Bank of Liberty, Mo.

 

Bankruptcy Buy

A Springdale commercial development was sold out of bankruptcy in a deal worth $1.28 million.

SFP Pool Six LLC of Michigan bought the 14,035-SF strip center at 2002 S. Pleasant St.

Retail store Dollar Tree is the building’s primary tenant.

The bankruptcy estate of Coldwater Portfolio Partners II LLC, led by Kenneth and Cynthia Klein, was the seller.

The deal is financed The PrivateBank & Trust Co. of Illinois.

Klein bought the property in April 2006 for $1.76 million.

 

Hotel Acquisition

A 63-room hotel property in Bentonville has a new owner after a $1.23 million sale.

QHotels LLC, led by Arun Chawla, bought the Days Inn & Suites at 3408 S.E. Moberly Lane.

G.V.M. Inc. was the seller.

The Bank of Fayetteville provided financing.

The two-story hotel was built in 1993.The 1.48-acre development last appraised in 2011 for $1.17 million.

 

Equestrian Development

A 123-acre equestrian development in Siloam Springs recently sold for $825,000.

Tim and Kelly Layman of Springdale bought the Twin Springs Equestrian Center at 18707 Bill Young Road.

Allens Inc. of Siloam Springs was the seller.

First State Bank of Northwest Arkansas provided financing with a one-year mortgage of $829,196.

Allen’s acquired the property in July 2009 for $910,000. James and Joy Mathias were the sellers. 

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.