Hot Property

As one would expect, the new Walmart Supercenter just west of Interstate 49 in northwest Springdale has burst the commercial development dam in the Hall Crossing addition at the Elm Springs Road exit.

McDonald’s Real Estate Co. of Illinois paid $856,000 for a 1.4-acre lot at the northeast corner of Elm Springs Road and North 48th Street. Ground has already been broken for a 4,400-SF restaurant expected to open in November.

Across North 48th Street, Arvest Bank of Fayetteville bought a 1.86-acre lot for $1.13 million. A new branch location is expected to be open in the second quarter of 2015.

The most recent deal involves a 1.58-acre lot adjacent to the McDonald’s development.

48th & Elm Springs LLC, an entity led by Memphis real estate developer and University of Arkansas alum Joe Jarratt, paid $1.03 million for that property.

Clinton Bennett with commercial real estate firm CBRE Northwest Arkansas has a minority interest in the company and will be the leasing broker.

He tells us there are no definitive development plans, but an approximately 8,000-SF multi-tenant building is a possibility

“We’ve received a few offers to lease space, but nothing finalized,” Bennett said. “I think we are going to take a few weeks to work on building designs and to make sure that we identify all available options before we move forward.”

What might be next for Hall Crossing? We hear Panda Restaurant Group Inc. of California is studying the area for a Panda Express restaurant but there’s no deal imminent.

The selling entity of all this land, by the way, is Hall Family Investments LLC, a company managed by Tom Lundstrum, president of Springdale industrial cleaning company ChemStation.

Lundstrum is married to Robin Lundstrum, who is running unopposed for a state House seat from District 87 and is the daughter of property namesakes Oscar Maxey “Max” and Margie Hall, whose farm once occupied the 70-acre site years ago.

Max Hall was one of Springdale’s notable citizens. He died in 2000 at age 64 due to multiple myeloma bone cancer from Agent Orange exposure while serving in Vietnam. According to his obituary, he flew 540 combat hours and 812 combat missions in Vietnam.

At age 54, he was later the oldest helicopter pilot trainer to fly in the Persian Gulf War.

Hall helped develop the Springdale Municipal Airport, was a director of the Springdale Chamber of Commerce and also founded Springdale-based firm Engineering Services Inc. in 1971.