REIT Buys Springdale Retirement Facility for $7.5M

A health care real estate investment trust based in Irvine, California, is the new owner of a 4.09-acre assisted living facility in Springdale after an all-cash purchase of $7.51 million.

American Healthcare Investors, through its GAHC3 Springdale AR ALF LLC, bought the 52,500-SF Homestyle Assisted Living Facility at 2175 Orchard St., just east of the intersection of highways 265 and 412.

Wade and Allison Cothran, owners of HSAL LLC, were the sellers.

American Healthcare Investors and Griffin Capital Corp. of El Segundo, California, are co-sponsors of a nationwide portfolio of health-care-related real estate on behalf of Griffin-American Healthcare REIT II. The REIT has $2.9 billion in assets under management.

The facility was built in 1998, with an addition of 15,344 SF in 2005. It has 76 beds and is 95 percent occupied.

Cothran bought the property in November 1997 for $187,000. One Springdale Inc. was the seller.

 

Retail Center

A 50,000-SF retail building in Springdale has a new owner after a sale worth $2.5 million.

Gary Nichols, through his Hillcrest Holdings LLC, bought the multi-tenant property at 812 N. Thompson St.

71 Investment Co. LLC, led by Matt Dearnley, was the seller.

Waco Title Co. of Springdale was the title agent.

Jordan Jeter with Flake & Kelly Commercial Northwest of Springdale represented the buyer.

The property, Mathias Plaza, was built in 1974 and is approximately 95 percent occupied.

71 Investments bought the 3-acre development in February 2006 for $1.28 million. John and Jane Mathias were the sellers.

The property’s most recent appraisal was for $2.7 million.

 

Buckingham Buy

New construction in Phase IV of the Pinnacle subdivision of Rogers sold recently for $1.17 million.

Taylor and Katherine Smith bought the 5,443-SF home on West Buckingham Drive.

John Starnes of Rogers, through his ROM828 LLC, was the seller.

Realty Title & Closing Services LLC was the title agent.

Arvest Mortgage Co. financed the deal with a 30-year mortgage of $938,960.

Starnes bought the 0.51-acre lot in October 2013 for $160,000. Six Little Babes LLC, led by Shelley Simpson, was the seller.

 

Peaks Properties

Residential lots in Rogers that were part of developer John David Lindsey’s $169.6 million bankruptcy in 2010 have a new owner after a $1.17 million sale.

Allen Walker, Ralph Walker and Carl Walker, through their business, ARC Construction & Development Inc. of Centerton, bought 26 lots in Phase III of The Peaks subdivision, just east of the intersection of Bellview and Perry roads.

Fireblaze IX LLC was the seller.

Waco Title Co. was the title agent.

Fireblaze is one of several LLCs organized by Lindsey’s father, Jim Lindsey, to buy properties that were part of his son’s bankruptcy. 

Metropolitan National Bank foreclosed on 40 of the lots in November 2010. Fireblaze acquired 39 of the lots the following month.

ARC is planning construction of single-family homes ranging from 2,900 SF to 3,400 SF. Amenities will include wood flooring, custom cabinets, chef-style kitchens, covered patios, privacy fences, three-car garages and outdoor fireplaces,

Bank of Arkansas is providing financing.

Sean T. Morris of Walker & Associates Realtors Inc. of Centerton is the listing agent.

There are 96 existing homes in the subdivision.

 

Commerce Centre Activity

A 10,144-SF office building in the Commerce Centre addition of Bentonville recently sold for $785,000.

Rose Development LLC, led by Dr. Larry Rose, bought the single-story building at 304 S.W. 16th St.

James and Patricia McClelland were the sellers.

First Western Bank in Rogers financed the deal with a mortgage of $628,000.

Michael Adams with Lindsey & Associates in Rogers had the listing.

The building was built in 1999 on a 0.78-acre lot. There are currently five tenants leasing space. Rose, who owns two other buildings in Commerce Centre, plans to refurbish the building and continue to lease.

McClelland bought the building in 1999 for $1.05 million. Commerce Plaza LLC, an investment group whose members included Mark Marquess, Collins Haynes, Dan Dykema, Vic Evans and Rick McCullough, was the seller.

 

Altamonte Construction

New construction in Phase VII of the Shadow Valley neighborhood of Rogers sold recently for $712,950.

RMV Properties LLC of Paradise Valley, Arizona, bought the 4,410-SF home on Altamonte Drive.

JBC Inc., led by Springdale home builder Lance Johnson, was the seller.

Waco Title Co. of Springdale was the title agent.

The E.J. Johnson Group with Keller Williams Market Pro Realty in Bentonville had the listing.

Johnson bought the half-acre lot in April for $85,000.

The five-bedroom, custom home includes a three-car garage.

 

Crossover Building

A multi-tenant office building in Fayetteville has a new owner after a $700,000 sale.

Kristen Beavers and Angela R. Broomfield, through their Crossover Properties LLC, bought the 12,000-SF building at 2131 N. Crossover Road.

Broomfield and Beavers are owners of Beavers and Broomfield Family Dentistry, one of the building’s tenants.

Kirk Elsass, through his KEE LLC, was the seller.

The Bank of Fayetteville financed the deal with a five-year mortgage of $1.05 million.

Realty Title & Closing Services LLC was the title agent.

The two-story building was built in 2005.

Elsass bought the half-acre lot in October 1993 for $25,000.

 

Pediatric Property

Commercial land in Bentonville was recently sold for $686,070.

Farm Teeth LLC, led by Tonya Triplett, bought 1.75 acres at the southwest corner of Highways 12 and 112.

Triplett is a pediatric dentist and principal owner of Pediatric Dental Associates and Orthodontics at 1607 E. Rainforest Drive in Fayetteville.

HCL LLC, led by John T. Hampton, was the seller.

Arvest Bank of Fayetteville provided financing.

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

 

Van Dyke Development

An office/warehouse development is in motion after a land purchase worth $679,967.

Mathias Shopping Centers Inc. of Springdale, led by president Arthur Thurman, bought five lots (18 through 22) in the Van Dyke Center addition of Rogers totaling 6.74 acres. The location is on North 17th Street, just east of the intersection of Hudson and Dixieland roads in Rogers.

Huntsville-chartered Today’s Bank was the seller.

Paragould-chartered First National Bank financed the deal.

Realty Title & Closing Services LLC of Springdale was the title agent.

The bank acquired the property, about 20 acres, in June 2012 for $615,000. RL Regi Arkansas LLC was the seller.