Walmart Assembles Neighborhood Market Land For $2.42M

Land for a new grocery store on North Walton Boulevard in Bentonville tipped the scales at $2.42 million.

Wal-Mart Stores Inc. of Bentonville assembled the land (8.92 acres) from five property owners — Thomas and Nicole Reynolds, Thomas and Judith Terrell, Allied Bank of Mulberry, L.B. Granata Inc. and Elrod Real Estate LLC.

The largest transaction involved the former Bentonville Bowling Center at 902 N.W. 14th St. The 2.58-acre development, which closed Aug. 2, was owned by former Tontitown mayor Tommy Granata and sold for $1.3 million.

Walmart plans to build a Neighborhood Market at the site.

Waco Title Co. of Springdale was the title agent in all five transactions.

 

Mile Tree Manor

A custom-built home near the Arkansas River in Fort Smith recently drew a $1.5 million sale.

Josh and Jenny Kilgore bought the five-bedroom home on Mile Tree Drive near Carol Ann Cross Park.

Darrell Jones was the seller.

Waco Title Co. of Springdale was the closing agent.

Nancy Smith-Robinson with Sagely & Edwards Realtors of Fort Smith had the listing.

The approximately 7,000-SF home was built by Lee Jackson Construction Inc. of Mulberry in 2010.

Jones bought the lot in September 2009 for $125,000 from Robert and Glenda Kraus.

Amenities include a four-car garage, in-ground swimming pool and outdoor kitchen.

The home was listed in February for $2.69 million.

 

Promenade Property

Undeveloped land just north of Pinnacle Hills Promenade in Rogers recently sold for $1.29 million.

The Sterling Group, a real estate development firm based in the South Bend, Indiana, suburb of Mishawaka, bought 8.46 acres at the southwest corner of New Hope and Bellview roads.

The firm is planning to develop the Rogers at Promenade Apartments at the site, a gated development valued at $14.7 million.

The purchase was made in the name of HSB Rogers Apartments I LLC.

Highland Commercial Mortgage LLC of Birmingham, Alabama, is providing financing with a mortgage of $22.1 million.

Pinnacle New Hope LLC, led by Johnelle Hunt, was the seller.

Waco Title Co. of Springdale was the closing agent.

The Sterling Group, according to its website, has properties in 16 states throughout the Midwest and Southeast.

The Rogers development includes eight buildings and 200 units. The first two buildings will be completed by October 2015.

 

Downtown Development

A building permit valued at $1.12 million is backing construction of a boutique-style condominium development in downtown Bentonville.

Fairchild Construction Inc. of Bentonville is using the permit to build a 10,800-SF building, American Flats, at 212 S.E. A Street.

Maria Obregon of Bentonville, senior manager for global organizational culture development at Wal-Mart Stores Inc., is the developer.

Kim Fugitt of Fayetteville is the architect and Arvest Bank is financing the project.

Nicki Rogers with Lindsey & Associates in Rogers is marketing the property.

The building will have 10 units with a blend of classic and contemporary design. Sizes range from 728 SF (one bedroom) to 1,160 SF (two bedroom).

Sale prices range from $255 per SF for finished-out residences to $230 for white box residences.

Each unit will have 10-foot ceilings, with a two-foot buffer in between floors.

The property features an elevator and a protected parking lot.

A groundbreaking for the project was held Nov. 11 and construction is expected to last nine months.

Obregon, a real estate developer in her native Guatemala, bought the 0.34-acre lot and 1,488-SF home in July 2006 for $75,000. She made the purchase in the name of Mayadventures Inc.

 

Shadow Valley Sale

A 6,241-SF home in Phase V of the gated Shadow Valley subdivision in Rogers came off the market in a sale worth $847,500.

Joey and Lisa Matos bought the four-bedroom home on South Altamonte Road from Mark and Stacey Riecks.

Wells Fargo Bank NA in South Dakota financed the purchase with a 30-year, $678,000 mortgage.

Mercury Title LLC in Fayetteville represented the sellers at the closing.

Nicky Dou with Keller Williams Market Pro Realty in Bentonville had the listing.

The home was built in 2010 and appraised in 2011 for $762,600.

Riecks bought the home for $810,000 in June 2011 from Tanglewood Homes Inc., led by John Tidwell.

 

Caerleon Abode

A 5,051-SF home in the gated St. Valery Downs subdivision of Cave Springs recently sold for $795,000.

Brian and Lisa Christianson bought the newly constructed two-story home on Caerleon Circle from Tanglewood Homes Inc., led by John Tidwell.

Wells Fargo Bank NA of Iowa provided financing with a 30-year, $636,000 mortgage.

Kings River Title was the closing agent.

Sara Tidwell with Lindsey & Associates in Rogers had the listing.

Tanglewood bought the 0.81-acre lot and three others in March 2004 from The Arnold D. Lehman Revocable Trust for $284,000.

 

Talamore Property

A 5,134-SF estate home in Phase II of Bentonville’s Talamore subdivision has a new owner after a $703,000 sale.

Gavin Bailey and Julia Kilbourne bought the 4.18-acre property on Millstead Lane. Jack and Caren Parks were the sellers.

Simmons First National Bank of Pine Bluff financed the deal with a mortgage of $360,000.

First National Title Co. in Bentonville was the title agent.

Heather Campbell with Weichert, Realtors – The Griffin Co. in Bentonville was the listing agent.

The four-bedroom home was built in 2004 and appraised in 2011 for $878,650. Amenities include a putting green and heated, 27,000-gallon pool.

Parks bought the lot in January 2002 for $74,000. 3-Putz LLC was the seller. 

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.