Crossmar Takes Bentonville Office Building for $6.5M

A 40,200-SF Class A office building in Bentonville has a new owner after a $6.5 million sale.

Crossmar Investments IV LLC, managed by Brian Shaw, Christopher Crossland, Marshall Saviers and Phillip Martz, bought the Skyline Professional Center at 2700 S.E. S St., at the corner of Southeast 28th Street.

Infinity S Street LLC, managed by Dean Eisma and Steve Kassin, was the seller.

The group is controlled and operated by Infinity Office Properties, which operates as a wholly owned subsidiary of Infinity Capital Management, a New York City-based investment company.

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

First Federal Bank in Rogers backed the deal with a five-year, $6 million mortgage.

The three-story building, built in 2006, is 100-percent occupied by IT provider Infosys.

A capital improvement project on the building, which included a lobby redesign, mechanical and security upgrades and construction of a monument sign on 28th Street, was completed in 2008.

Infinity paid Landquest Holdings LLC, led by Dominic Geric and Gaetano Ruzzo, $4.65 million for the development in December 2007.

Sage Partners in Fayetteville and Colliers International in Bentonville had the listing.

 

Hotel Acquisition

The sale of a four-story, 115-unit hotel in Bentonville recently closed for $5.3 million.

Bentonville Holdings LLC of Illinois, led by Shreyas Patel, acquired the Comfort Suites at 2011 S.E. Walton Blvd.

Fort Smith holding company CSK Hotels Inc. was the seller.

BancorpSouth Bank in Fort Smith helped fund the deal with a 10-year, $3.97 million mortgage.

The hotel was constructed in 2006.

CSK paid $1.2 million for the land, about nine acres, in February 2003.

Comfort Suites generated $1.93 million in 2013, $1.87 million in room revenue in 2012 and $1.71 million in 2011.

 

North Starr Sale

A 40-acre equestrian development in east Fayetteville recently tipped the scales at $3 million.

Michael and Kimberly Landa, through their Jasper Springs Ranch LLC, bought the Equestrian Bridges development on North Starr Drive from Mitosis Inc., led by Ben Israel.

Chambers Bank of Danville backed the deal with a five-year, $2.1 million mortgage.

Kings River Title in Fayetteville was the closing agent.

The property also includes a 2,800-SF home built in 1971 and a horse barn and stables.

Israel acquired the property in two separate deals totaling $487,000 in July 1995 and November 1999.

 

Cleo’s Deal

Ownership of a vacant retail development in north Fayetteville recently changed hands in a $2.4 million deal.

Randy and Sherry Keisler bought the 39,900-SF building at 636 E. Joyce Blvd., formerly a Hank’s Fine Furniture location. The purchase was made in the name of RSK Management LLC.

Henry “Hank” Browne of Sherwood, through his HCB LLLP, was the seller.

Waco Title Co. of Springdale was the closing agent.

Regions Bank of Birmingham, Ala., provided financing.

Randy Keisler is the CEO and owner of Little Rock-based furniture retailer Cleo’s Furniture, a retail chain with 13 locations in Arkansas and Texas.

 

Quarry Property

A 5,600-SF home in Fayetteville recently sold for $950,000.

Christopher T. Rogers, trustee of The AOW Trust, bought the Quarry Lane property from Aaron and Christie Osborn.

City Title & Closing LLC was the closing agent.

Mary Bassett of Bassett Mix & Associates of Fayetteville was the listing agent.

Centennial Bank of Fayetteville provided financing.

The home was built on 2.26 acres in 2005.

Clinton and Molly Miller bought the land in May 2004 from Philip and Lori Brandon.

Miller sold the house to Nicholas and Autumn Allen in April 2007 for $880,000.

Heather Bell, trustee of The AOA Trust, acquired the home in May 2009.

Osborne bought the home in May 2009 for $880,000.

 

Commercial Sale

A 7,560-SF commercial office building in Bentonville has a new owner after an $870,000 sale.

Conan Properties LLC of Fayetteville, managed by Laura J. McKinnon, bought the building at 2501 S.W. Aviation Drive. Stanley Black & Decker Inc. is the tenant.

Steve and Renae Mathes were the sellers.

Mitch Weigel with Downtown Properties Real Estate Group Inc. of Fayetteville represented the seller.

First State Bank of Northwest Arkansas in Fayetteville provided the financing, with a five-year mortgage of $739,500.

Kings River Title in Fayetteville was the closing agent.

The single-story building was built in 2004. Mathes bought the 1.47-acre development in September 2006 for $815,000.

Renaissance Investments Inc., led by Charles Benningfield, was the seller.

 

Leiston Abode

A 4,565-SF home in Phase I of the Pinnacle subdivision in Rogers recently sold for $640,000.

Jeffrey T. and Nina Stein Dunn bought the Leiston Drive home from Jason and Jeni Reisner.

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

Arvest Bank of Fayetteville provided financing with a 30-year mortgage of $512,000.

Kristen Boozman of Portfolio Luxury Real Estate in Rogers was the listing agent.

The four-bedroom home was built in 2001.

Reiser bought the home from Derek and Shellie Brown in October 2011 for $649,000.

Brown bought the property from James and Marcella Hagan in June 2007 for $650,000.

Hagan paid $480,000 for the home in December 2004. Patsy Simmons LP was the seller.

Simmons acquired the home in June 2004 from Greg and Helaine Dowd.

Dowd paid $475,000 for the home in March 2002. Charles Simmons Builders Inc. was the seller.

Simmons bought the half-acre lot in November 1999 from Tallchamps LLC for $63,000.