Texas Company Locks Up Another Self-Storage Purchase
by June 9, 2014 12:00 am 332 views
An Austin, Texas, company added to its Northwest Arkansas portfolio of self-storage developments recently with a $3.17 million acquisition.
Virtus Real Estate Capital, through its VSI IV Bentonville Center Avenue LLC, bought the facility at 2113 E. Central Ave., which operated as Bentonville Storage.
Bentonville Storage Inc., led by president Eldon Blackaby, was the seller.
Independent Bank of Manor, Texas, funded the deal with a five-year mortgage of $2.06 million.
The 3.95-acre development most recently appraised in 2012 for $1.9 million. It includes nine buildings and 398 units. It was originally built in 2002.
Virtus entered the Northwest Arkansas market earlier this year with a $3.79 million acquisition of two properties with a combined 800 units, also in Benton County.
The company paid $2.17 million for a facility at 104 N. 24th St. in Rogers and $1.62 million for a development at 804 S.E. J St. in Bentonville.
A group of California investors had been the previous owners.
Absolute Storage Management Inc. of Memphis, Tennessee, is the property manager for all three facilities.
Facial Funding
The owners of a vacant retail outlet near Joyce Boulevard in Fayetteville recently landed a $2.25 million construction mortgage.
MSC Investments LLC, led by Scott Bolding, Steve Skoch and Aneet Sharma, obtained the three-year loan from First State Bank in Russellville.
The 18,753-SF building on 1.59 acres at 3880 Front St., formerly a Colony Shop retail outlet, was acquired for $1 million in January 2012 from Colony Development Co. LLC, which listed Joseph W. Dugan as managing member.
Bolding, Skoch and Sharma practice at the Oral and Facial Surgery Center of Springdale. Bolding and Skoch are co-owners of the company, which also has clinics in Fayetteville and Fort Smith.
Vendor Office
A 45,000-SF vendor office building near Rainbow Curve in Bentonville is in the works following a $1.52 million land deal.
Morrison Tract II LLC bought the 3.58-acre Lot 5 in Phase II of the 71 Business Center addition in Bentonville.
Rainbow Holdings II LLC was the seller.
The two entities are related and owned by local development company Kyleton Real Estate Group of Bentonville.
KREG is owned by Josh Kyles.
The undeveloped property is at the northeast corner of Southeast Macy and 34th streets.
The deal is backed with a construction mortgage secured through Parkway Bank of Rogers for $6.58 million.
Consumer products company Jarden Corp. will be the sole tenant. Bentonville-based AK Enterprise of NWA Inc. will be the general contractor.
Dave Burris, principal architect of Mangold Burris Architecture of Rogers, is handling the design work of the single-story building.
Food Hub Deal
A vacant industrial property southeast of Bentonville’s downtown square recently sold to a group of local investors for $1.45 million.
In an all-cash transaction, Food Hub NWA LLC bought the 55,000-SF property at 507 S.E. E St.
Kraft Foods Group Inc. of Virginia was the seller.
Paul Esterer and Ed Belto with Newmark Grubb Arkansas in Bentonville represented the buyer.
Kelley Hanson with Portfolio Luxury Real Estate in Rogers represented the seller.
Lenders Title Co. in Maumelle was the closing agent.
The former Kraft manufacturing plant closed in 2013. The 6.6-acre development last appraised in 2013 for $3.15 million.
Volunteer Acquisition
A multifamily development in Fayetteville recently sold for $1.45 million.
Volunteer Holdings LLC, managed by Terry W. Smith, bought the Washington Plaza apartment complex at 1705 N. Templeton Place.
RV Ventures LLC, led by Brandon Rains, was the seller.
Legacy National Bank of Springdale financed the deal with a five-year mortgage of $1.16 million.
The development has 128 total units with 35 assisted living units.
Rains bought the development from Dodson Capital LLC in August 2010 for $1.05 million.
Pinnacle Abode
A 5,954-SF home in Phase IV of the Pinnacle subdivision of Rogers has a new owner after a $1.12 million sale.
Enrique and Maria Cortina bought the home on South Newhaven Court from Randall Johnson of Rogers, through his RSJ Property Management LLC.
Mercury Title LLC in Fayetteville was the closing agent.
Sherry Hardie with the Rogers office of Coldwell Banker Harris McHaney Faucette had the listing and the sale.
Johnson bought the 0.47-acre lot in March 2013 for $160,000. Six Little Babes LLC was the seller.
Randall Johnson Builders built the home in 2013.
Prestwick Property
A 5,356-SF home in Phase III of the Clear Creek subdivision of Johnson has a new owner after an $870,000 sale.
Scott Price bought the Prestwick Circle property, at $162.44 per SF, from Matt and Diann Muratore.
Mary Bassett with Bassett Mix & Associates of Fayetteville had the listing.
Trina Hammond with RE/MAX Real Estate Results of Fayetteville was the selling agent.
Lenders Title Co. in Fayetteville was the closing agent.
The four-bedroom home was built in 2005 and appraised in 2010 for $746,100.
Muratore bought the two-story home in April 2006 from Barber Development Inc. for $770,000. SBC Investments LLC bought the lot in October 2004 from Clear Creek Residential LLC for $285,000.
Balmoral Buy
A 5,672-SF home in Phase VII of the Shadow Valley subdivision of Rogers has a new owner after a $740,000 sale.
Mark and Cynthia Marsiglio bought the property on Balmoral Drive from Michael and Barbara Grammar.
Legacy National Bank of Springdale funded the purchase.
Stewart Title in Bentonville was the closing agent.
Grammar bought the home from Vince and Kimberly Biondo in April 2013 for $680,000.
Biondo bought the 0.36-acre lot in April 2006 for $105,000. Charles Reaves was the seller.
Retail Lease
Owners of an upscale clothing boutique recently leased space in The Dickson development on Dickson Street in Fayetteville.
Gatsby’s Boutique LLC, led by Nadia Haydar and Nicole Silvey, signed a three-year lease for 1,282 SF.
Gatsby’s will open in the space later this summer. The property, at 609 W. Dickson St., is on the street level of the nine-story, mixed-use building.
It was listed by Sheree Alt with Downtown Real Estate Properties Inc. for $18 per SF.
Lindsey & Associates of Fayetteville represented the tenant.
Fayetteville developer Ted Belden is the building owner.