Salter Seizes Property Near Pleasant Grove For $1.35M

Bank-owned commercial acreage near the Pleasant Grove Road exit in Rogers came off the books recently in a $1.35 million sale.

Real estate development company Salter Properties of Conway, through its Salter Acquisitions LLC, bought 20.02 acres near the intersection of Pleasant Crossing Boulevard and North 24th Street. The property is adjacent to Academy Sports+Outdoors.

Bank of Oklahoma was the seller.

Chambers Bank of Danville provided financing with a $1.01 million mortage.

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

Philip Schmidt of Flake & Kelley Commercial Northwest in Springdale represented the seller.

Potential Parking

The University of Arkansas recently closed on a $995,000 land purchase of three tracts totaling 0.63 acres near Donald W. Reynolds Razorback Stadium.

The UA acquired the property at the northwest corner of West Maple Street and North Oliver Avenue, just west of the UA chancellor’s residence, known as the Wallace W. and Jama M. Fowler House.

Andrew and Stacey Hague, Aaron Birdsong, Betina Post and Matthew “Grub” Christie were the sellers.

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

Residential structures on the acquired property will be demolished and removed. The site will be developed into a parking lot to accommodate the expansion of the chancellor’s residence, and the $2.93 million construction of the Fowler House Garden and Conservatory.

The conservatory will be located to the west of the existing chancellor’s residence on the same parcel of land. The garden will be located between the house and the conservatory.

Completed in 2008, Fowler House is used to host students, faculty, staff, alumni and friends in a variety of campus celebrations.

Hague and Christie bought the property from Hometown Properties, led by Robert Schmitt, in August 2005 for $340,000.

Shadow Valley Home

A 5,411-SF home in Phase I of the Shadow Valley subdivision of Rogers recently sold for $751,500.

Jeff and Kristi McEwin bought the four-bedroom home on West Shadow Valley Road from Ronnie and Brenda Whaley.

Wells Fargo Bank NA of Des Moines, Iowa, financed the deal with a 30-year mortgage of $601,200.

City Title & Closing of Fayetteville and Stewart Title of Bentonville were the title agents.

The home was built in 2005 and appraised in 2011 for $766,900.

Whaley bought the property in March 2007 for $996,000. Danny and Rebecca Hames were the sellers. Hames bought the 0.41-acre lot in May 2003 for $110,000. C.R. Reaves Family LP was the seller.

Life for Legacy Estates

A vacant subdivision off of Harmon Road in Washington County south of Tontitown has been sold to a real estate investment group for $725,000.

Eagle Creek Holdings LLC bought the 70.6-acre Legacy Estates subdivision. Ryan Russell and Keith Marrs are the principals of Eagle Creek.

Rialto Capital Management of Miami, Florida, was the seller.

Arvest Bank of Fayetteville financed the deal with a one-year mortgage of $740,000.

Waco Title Co. of Springdale was the title agent.

Rialto acquired the property in 2011.

Gary Brandon Enterprises Inc. bought the property in August 2004 for $955,000. Jerry and Joan White were the sellers.

The improved subdivision has 110 buildable lots, with an average size of about a 0.45 acres.