Arizona REIT Takes Boomerang Properties for $7.38M

A publicly traded Arizona REIT now owns two car washes in Benton County and another in Washington County, after completing a sale-leaseback deal for a combined $7.38 million.

Store Capital Corp. of Scottsdale, Arizona, through its Store Master Funding VII LLC, bought Boomerang Car Wash developments at 2000 W. Pleasant Grove Road in Rogers ($2.62 million), 1004 S. Walton Blvd. in Bentonville ($2.49 million) and 3107 W. Wedington Drive in Fayetteville ($2.27 million).

Little Rock-based Boomerang Holdings LLC, led by president John Bailey, was the seller of all three.

Citibank NA in New York funded the deal.

Boomerang signed 20-year leases for all three developments concurrent with Store Capital’s purchase.

Lenders Title Co. in Little Rock was the title agent.

 

Crossmark Contract

Austin, Texas-based AIC Ventures has acquired an 18,500-SF office building in Bentonville in a sale-leaseback deal worth $6 million.

NL Ventures IX F Street LLC, controlled by AIC Ventures, bought the Crossmark Center for Collaboration at 607 S.W. F St., near the Wal-Mart Stores Inc. headquarters.

Crossmark Inc. of Plano, Texas, was the seller.

Waco Title Co. of Springdale was the title agent.

Crossmark, a sales and marketing services company in the consumer goods industry, signed a long-term lease for the facility concurrent with AIC’s purchase of the building. The company opened the collaboration center last year.

AIC is a private real estate investment fund manager, which specializes in financing via sale-leaseback transactions.

Crossmark acquired the 1-acre lot in October 2011 for $700,000. The Marjorie L. Townsend Trust was the seller.

 

Storage Sale

Ownership of a 110,650-SF industrial property in Bella Vista has changed hands in a $4.24 million deal.

Blue Mountain Storage LLC, registered to Carl Baumeister of Fort Smith, bought the 15.99-acre Blue Mountain Storage development at 8231 Trafalgar Road.

Fredericks Construction Co. of Bella Vista was the seller.

BancorpSouth Bank of Tupelo, Mississippi, financed the deal with a five-year mortgage of $3.60 million.

Waco Title Co. of Springdale was the title agent.

The property was built in 2002 and is 97 percent occupied. It includes 2,000-SF of office/apartment space, 435 storage units and 96 boat/RV parking spaces.

The property was listed at $4.45 million. Ed Belto and Josh Singleterry with Newmark Grubb Arkansas in Bentonville had the listing.

 

Kum & Go Deal

Ownership of a new gas station and convenience store development in Farmington changed hands in a $3.87 million sale-leaseback deal.

BBR Oil IV LLC of Iowa City, Iowa, managed by David Barker, bought the Kum & Go at 90 E. Main St.

Kum & Go was the seller, through its KG Store 423 LLC.

United Bank & Trust Co. in Lincoln, Nebraska, provided funding with a mortgage of $2.98 million.

Waco Title Co. of Springdale was the title agent.

Kum & Go signed a 20-year lease for the property concurrent with BBR’s purchase of the building.

Kum & Go assembled the land last year, approximately 1.6 acres, from three separate landowners for a combined $812,000

David Erstine with CBRE-Northwest Arkansas in Fayetteville represented Kum & Go in the acquisition.

 

Commercial Sale

A pair of Class A commercial buildings in Bentonville recently sold for $2.41 million.

Haizen Investments LLC of Pocola, Oklahoma, led by David Reeder and Patrick Byrd, bought the buildings, which are part of South Walton Plaza and are located at 109 and 113 S.E. 22nd St.

Both 12,200-SF office buildings are 100 percent occupied. The 109 property (12,200 SF) is leased to Reynolds Consumer Products. The 113 property (12,214 SF) is leased to Earth Science Laboratories Inc. (7,439 SF) and RockTenn (4,775 SF).

Each building has a cap rate of 8.0 percent.

Butch Gurganus with Colliers International in Bentonville had the listing.

Legis Co. of Hot Springs and Giles Properties LP of Little Rock were the sellers. John D. Selig manages both entities.

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

BancorpSouth Bank of Tupelo, Mississippi, financed the deal with a five-year mortgage of $2.05 million.

The buildings were built in 2006 and had a combined appraisal in 2012 of $2.88 million.

Legis and Giles paid $3.04 million for the two buildings in February 2007. Procon Inc. of Bella Vista was the seller. John Burkhart, Edward Fox and Richard Werts were members of Procon.

 

Bethel Heights Buy

A 479-unit storage facility in Bethel Heights recently sold for $2.12 million.

Brunwick Development Group LLC of Fort Smith, led by Carl Baumeister, bought the 102,000-SF Always Safe Storage development on 5274 N. Oak St.

Haizen Investments LLC of Pocola, Oklahoma, led by David Reeder and Patrick Byrd, was the seller.

BancorpSouth Bank of Tupelo, Mississippi, backed the deal with a five-year mortgage of $1.8 million.

Guaranty Abstract & Title Co. of Fort Smith was the closing agent.

The 6.25-acre development was most recently appraised in 2011 for $2.02 million.

Haizen acquired the property from Legacy National Bank of Springdale in December 2013 for $1.37 million.

The property includes an onsite management office and 1,430-SF residence.

 

Panda Pair

A pair of Panda Express locations are in development following two recent land deals worth a combined $1.45 million

Panda Restaurant Group Inc. of Rosemead, California, acquired a 1.28-acre lot in Springdale for $838,815 and a 0.86-acre lot in Siloam Springs for $615,000.

Hall Family Investments LLC, managed by Tom Lundstrum of Springdale, was the seller of the Springdale lot, located just north of the Walmart gas station west of Interstate 49 at the Elm Springs Road exit.

WLH LLC, led by Rob Lewis of Fayetteville, was the seller of the Siloam Springs property, a former Happy Bays Car Wash at 2775 Highway 412 East near a Walmart Supercenter.

The car wash will be razed and the site prepped for the restaurant development.

Waco Title Co. of Springdale was the title agent for the Springdale sale. First National Title Co. in Fayetteville closed the Siloam Springs sale.

Alan Cole with Colliers International of Bentonville represented Panda in the acquisitions. 

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.