Bentonville Commercial Properties Tip Scales at $7.4 Million

A pair of commercial buildings in Bentonville totaling nearly 100,000 SF recently sold for $7.4 million.

According to a warranty deed, DEI Property Management LLC (managed by Dean Eisma), DBR Properties LLC (managed by Jeff Engleman) and Ultima Solutions (managed by Joe and Kimberly Grady) are the new owners of the 9.3-acre development at 2501 and 2503 S.E. J St.

J Street Development Inc., led by Robert L. Laman, was the seller.

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

Arvest Bank of Fayetteville provided financing with a 15-year mortgage of $6.29 million.

The Rogers office of Lindsey & Associates had the listing.

The office/warehouse buildings — one at 50,000 SF and the other at 43,750 SF — are fully occupied by two tenants.

 

Pasofino Properties

J. Bruce Loftin and David Estes, through their 700 Jones Road LLC, recently paid $1.74 million for six single-family rental homes in the Shenandoah Hills subdivision of Springdale, near the intersection of West Stutz Road and North Thompson Street.

First State Bank of Lonoke was the seller.

Loftin is president of FSB; Estes is the CEO.

Cross County Bank of Wynne helped finance the deal with a 25-year mortgage of $1.62 million.

The homes purchased from the bank are a 2,901-SF home at 3515 Pasofino Loop, a 3,303-SF home at 3625 Pasofino Loop, a 2,900-SF home at 3651 Pasofino Loop, a 3,513-SF home at 3697 Pasofino Loop, a 3,097-SF home at 3584 Pasofino Loop and a 2,858-SF home at 3562 Pasofino Loop.

All of the homes were built in 2005 and sit on lots that range in size from 0.23 acres to 0.36 acres.

The bank took ownership of the properties in October 2012 via commissioner’s deed. Rick D. Culver, through his RDC Investments LLC of Springdale, was the previous owner.

Culver paid $2.75 million for the six homes and one other in May 2007. Roth Family Inc. of Springdale was the seller. Members of Roth Family Inc. are Randy, Jeff, Grant and Frank Roth.

Foreclosed Land

Foreclosed property on West Pleasant Grove Road in Rogers recently sold for $1.7 million.

Lin & Nguyen LLC, led by Jian Gong Lin and Ken Nguyen, bought three parcels totaling 9.14 acres from Arvest Bank of Fayetteville. The site is at the northwest corner of Interstate 49 and Pleasant Grove Road in Rogers.

Waco Title Co. of Springdale was the title agent.

Arvest funded the deal with a one-year mortgage of $1.27 million. The bank took ownership of the property in September 2010. The site includes two existing houses.

Richard L. Grubbs Jr. of Farmington was the previous owner. Grubbs acquired the land, 9.92 acres, in February 2005 for $2.9 million.

Dr. Mario Costaldi of Rogers was the seller.

 

Multifamily Deal

A 16-unit multifamily property in Fayetteville recently sold for $1.25 million.

Yagoobian Family Trust, led by Larry and Jerrilyn Yagoobian, bought the two-story Presley Place apartment complex at 2060 N. Leverett Ave.

PBS Properties LLC, led by Paul Schmidt Jr., was the seller.

The property was built in 2004 and includes 14,210 SF of living space.

First-floor units rent for $750 and second-floor units rent for $695.

Will Schmidt with Arkansas Heritage Realty Co. had the listing at $1.3 million.

 

Greenway Plaza Sale

A 10-unit multifamily property in Rogers recently sold in an all-cash transaction for $800,000.

The David L. Bogle Trust, led by David Bogle, bought the Greenway Plaza townhouse development at 402-420 S. 20th St., near the intersection of West Walnut Street and Dixieland Road.

Arline A. Daut was the seller.

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

Elissa Sontag with Steve Fineberg & Associates Inc. of Bentonville had the listing at $950,000.

The property was built in 1993 and had a 2011 appraisal of $661,100.

The 2.55-acre development has a cap rate of 4.5 percent and an occupancy rate of 100 percent.

It includes 10 buildings and has eight three-bedroom units and two two-bedroom units. Each unit has a two-car garage.

The property has an annual gross operating income of $91,800.

Daut bought the land in September 1992 for $70,000. International Paper Co. was the seller.

 

Altamonte Abode

A 4,080-SF home in Phase VII of the Shadow Valley subdivision of Rogers recently sold for $655,000, equal to $160 per SF.

MAKB Enterprises LLC, led by Patrick Byrd, bought the four-bedroom home on West Altamonte Circle from Bruce and Jennie Lynn Randall.

The First National Bank of Fort Smith provided financing with a five-year mortgage of $556,750.

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

Nicky Dou of Keller Williams Market Pro Realty in Bentonville had the listing at $685,000.

The home was built in 2010 and appraised in 2014 for $665,850.

Randall bought the home in December for $640,000. The Reyes-Gamboa Trust, led by Manuel Reyes Cabal and Ivonne Gamboa Boehm, was the seller.

Boehm and Cabal bought the home in April 2010 for $675,000. Kurt Puttkammer Homes Inc. of Rogers was the seller.

Puttkammer bought the 0.39-acre lot in December 2008 for $110,000. The C.R. Reaves Family Limited Partnership was the seller.

 

Blossom Way Buy

A 3,818-SF home in Phase III of the Blossom Way Creek addition of Rogers has a new owner after a $555,000 sale, equal to $145 per SF.

Mark and Kelly Hauser bought the property on South 44th Place from Chris and Cara Wetzel.

Grand Savings Bank of Grove, Oklahoma, provided financing with a 20-year mortgage of $417,000.

The four-bedroom home was built on a 0.57-acre lot in 2005 and appraised in 2011 for $492,000.

Wetzel bought the home in January 2014 for $555,000. Kelly Killingsworth and Christopher Straut were the sellers.

Killingsworth and Straut bought the home in July 2010 for $555,000. John and Shannon Davis were the sellers.

Davis paid $640,000 for the home in May 2005. Jeff Mortensen, through his Five Star Property LLC, was the seller.

 

Downtown Property

A 6,456-SF commercial building at the corner of College Avenue and Center Street in downtown Fayetteville has a new owner after a $475,000 sale.

Marlon and Meryati Blackwell of Fayetteville, through their Gratitude Projects LLC, bought the vacant building at 38 E. Center St. and 3-9 N. College Ave. It previously housed The Stolen Glass Bar & Club and Pearson & Chadwick Law Firm.

Pearson Family Trust, led by trustee Wyma Pearson, was the seller.

The Bank of Fayetteville provided financing with a four-year, $900,000 mortgage.

Will Schmidt with Arkansas Heritage Realty Co. had the listing at $550,000. 

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.