Local Investors Pay $8.42M For Fayetteville Retail Center (REAL DEALS)

A 42,253-SF retail center in north Fayetteville tipped the scales recently in an $8.42 million sale, a purchase price of $194.78 per SF.

Shoppes at Steele Crossing LLC, an investment group managed by Bobby G. Shaw, is the new owner of The Shoppes at Steele Crossing at 100-160 E. Joyce Blvd.

Omaha, Nebraska-based Lockwood Development Inc., operating through an entity called LRDF1 Fayetteville LLC, was the seller.

The Lincoln National Life Insurance Co. of Greensboro, North Carolina, helped finance the deal.

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

Brian Shaw with Sage Partners of Fayetteville represented the buyer.

The multi-tenant property was listed for $8.64 million by Justin Zahn with Commercial Investment Advisors, as well as Bob Begley with Lockwood Realty LLC.

The single-story development was built in 2007. At the time of the sale it was 90 percent occupied by 10 tenants including Guitar Center, Cold Stone Creamery, Lenny’s Sub Shop, I.O. Metro, Smitty’s Garage and others.

Lockwood acquired the land (7.12 acres) in May 2006 for $2.54 million.

The cap rate of the development is 7.75 percent.

 

Metro Park Moves

The Strand at Metropark LLC, led by Rogers developer Hunter Haynes, recently picked up a construction mortgage of $7.81 million from Danville-based Chambers Bank.

The mortgage is tied to the 3.66-acre lot 6B of the Metro Park South commercial addition of Rogers. The undeveloped property is at the northwest corner of South 52nd Street and Horsebarn Road.

Haynes recently acquired the land for $2.31 million. Gerald Johnston, through his Horsebarn Holdings LLC entity, was the seller.

Lenders Title Co. in Fayetteville was the title agent.

The developer plans to build a 35,000-SF retail/office center called The Strand in Metropark. The building will be completed by early 2016 and already has one pre-leased tenant.

Searcy-based Hart Construction LLC will be the general contractor.

There are 21,000 SF available for lease starting at $23.50 per SF.

Marshall Saviers with Sage Partners of Fayetteville is leading the leasing efforts.

 

Commercial Building

East-Harding Inc. in Springdale is using a building permit valued at $2.63 million to build a 16,554-SF office building on a 0.84-acre lot at 1011 S.W. A St. in Bentonville.

The project, known as Main Street Business Center Phase II, is being developed by 1011 S.W. A Street LLC, an investment group led by Craig Soos and Jeff Engleman.

Modus Studio of Fayetteville is the architectural firm for the project.

First State Bank of Russellville is providing financing.

Wil-Shar Steel Erectors and Town & Country Plumbing Inc., both of Rogers, are also working on the project.

The two-story building has about 7,600 SF available for lease.

Commercial Realty LLC in Fayetteville is the leasing firm for the building.

 

Buffington Moves on Braemar

Fayetteville-based home builder Buffington Homes of Arkansas recently closed on a $1.92 million purchase of 49 undeveloped lots in the Braemar neighborhood of Centerton, a purchase price of approximately $39,000 per lot.

The purchase includes 48 building lots and one common lot that will be developed into a park and playground.

MS Arkansas LLC of Alabama, led by Merrill Stewart, was the seller. Stewart is the president and founder of Stewart Perry construction company of Birmingham, and was a partner in the original development team, an entity called Community Development of Arkansas LLC, before the financial crisis.

Centennial Bank in Fayetteville helped finance the deal with a two-year mortgage of $1.83 million.

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

The neighborhood, situated catty-corner from the Tuscany subdivision off North Main Street, is in close proximity to Centerton-Gamble Elementary School and the under-construction Bentonville West High School.

Braemer has sat vacant since being originally platted in 2006.

Clay Carlton with Buffington Homes said construction of the first homes will begin in approximately 30 days.

The homes will range in size from 2,400 SF to just over 3,000 SF and start at $265,000.

 

Elm Springs Acquisition

A commercial land sale in the Hall Crossing addition near the Walmart Supercenter in Springdale tipped the scales at $1.24 million.

Refined Retail LLC, led by Jason Pullman of Bentonville, bought the 1.91-acre lot on Elm Springs Road, situated in front of Walmart.

ABF Holdings LLC, an entity controlled by the nonprofit Arkansas Baptist Foundation, was the seller.

Bear State Bank NA of Harrison financed the deal with a construction loan of $2.65 million.

Jenny Talley with Asset Real Estate represented the seller.

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

Pullman said he is planning to develop the site into a retail center called The Shoppes at Elm Springs. It will include an 8,000-SF building and a 3,000-SF building with a drive-thru window.

The project is scheduled to be complete by February 2016.

CEI Engineering Associates Inc. is the civil engineer.

 

Heathrow Residence

A 7,345-SF house in the Heathrow subdivision of Bentonville has a new owner after a recent sale worth $875,000, a purchase price of $119.12 per SF.

William and Summer Hooper bought the six-bedroom home on Northwest Harvard Walk. James and Suzanne Derouin were the sellers.

Waco Title Co. of Springdale was the title agent.

Dana Proctor with Coldwell Banker Harris McHaney Faucette in Rogers had the listing.

The home was built in 2009.

Derouin acquired the property in May 2010 for $675,000. Alex and Theresa Cook were the sellers.

Cook paid $95,000 for the 0.84-acre lot in June 2008. Dale and Allison Beaman were the sellers.

Beaman bought the lot in 2001 from Lehman Properties LLC, led by Arnold “Tuffy” Lehman, for $75,000.

 

Hotel Acquisition

A 44,700-SF, extended-stay hotel in Bentonville has a new owner after a recent sale worth $2.85 million, a purchase price of $24,152 per unit.

WHG SU Bentonville LLC, a Delaware-registered company, bought the Suburban Extended Stay hotel at 200 S.W. Suburban Lane, just north of the intersection of Southeast Walton Boulevard and Arkansas Highway 12.

The property has been re-flagged as Home-Towne Suites.

Dante Hahn, through his Hahn Hotels of Bentonville LLC, was the seller. Hahn is the owner of Hahn Investments LLC, a real estate company based in Longview, Texas.

Hahn paid $2.62 million for the 1.87-acre property in December 2011.

The economy hotel, built in 2008, has interior corridors and 118 guest suites.

The property collected approximately $534,000 in room revenue in 2014.

 

Highway 102 Acreage

A Texas real estate developer recently purchased commercial acreage between Centerton and Bentonville for $760,227.

Michael Horn, president of Frisco-based investment firm Risknet Corp., bought two parcels totaling 3.19 acres at the southwest corner of Greenhouse Road and Arkansas Highway 102.

Horn made the purchase in the name of Greenhouse Holdings LLC.

Theodore and Bette Oehlberg were the sellers.

Arvest Bank in Bentonville financed the deal with a one-year mortgage of $570,000.

Steve Fineberg, owner of Steve Fineberg & Associates LLC of Bentonville, had the listing at $1.25 million.

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

Horn plans to develop the site for retail use.

Oehlberg acquired the property in October 1994 for $78,000.

 

Downtown Deal

A 3,950-SF home near downtown Bentonville recently sold for $850,000, a purchase price of $215.18 per SF.

Steven and Julie Freeman bought the three-bedroom home on West Central Avenue from Don Bacigalupi.

UBS Bank USA in Salt Lake City, Utah, financed the deal with a 30-year mortgage of $580,000.

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

Meza Harris with Lindsey & Associates in Rogers had the listing at $960,000.

The home, which sits on a 0.47-acre lot, was built in 1954 and designed by architect Cecil Stanfield.

Bacigalupi bought the property in August 2010 for $385,000. Ralph and Margaret Wallis were the sellers.

 

Farmington Sale

A 10,280-SF retail/office building in Farmington recently sold for $587,500.

Pure Properties LLC, led by Keith Purifoy, bought the property at 110 S. Saratoga Way, just off Arkansas Highway 62. The 1.01-acre development is known as Cardinal Court Shopping Center.

Cardinal Property Investments LLC, managed by Dan Dorman and Robert Kimbel, was the seller.

First Security Bank of Searcy provided financing with a mortgage of $470,000.

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

Tenants include the Class Event Center.

Cardinal Property acquired the property in June 2012 for $350,000. Bear State Bank NA, then known as First Federal Bank, was the seller.

 

Binswanger Building

A vacant commercial development in Fayetteville has a new owner after a $550,000 sale.

Mel and Amie Collier, through the entity M&A UAT LLC, bought the 1.09-acre property at 1764-1766 N. College Ave.

Binswanger Enterprises LLC was the seller.

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

Steve Fineberg, owner of Steve Fineberg & Associates of Bentonville, had the listing at $768,000.

The site, previously occupied by Binswanger Glass until the company closed its Fayetteville location last fall, has two buildings, one of which is 8,960 SF, the other 3,200 SF.

Mel Collier, owner of Fayetteville-based Collier Drug Stores Inc., said he is considering the site as a new home for another of his businesses, University Auto & Tire Inc. He recently bought the auto repair business at 614 N. College Ave. for $375,000.

The previous owners, Don and Lola Dingledine, sold the business upon their retirement.

Collier said University Auto employs seven professional mechanics, two service writers and turns out 20 to 30 customer cars each day.

 

Riverwater Real Estate

A 4,310-SF home in the Waterford Estates neighborhood east of Fayetteville recently sold for $480,000, a purchase price of $111 per SF.

Jeff and Shana Breeden bought the French country-style home on Riverwater Lane from Christopher and Kelsey McMurrough.

Citizens Bank & Trust Co. of Van Buren financed the deal with a six-year mortgage of $375,000.

Mercury Title LLC of Fayetteville was the title agent.

David Mix with Bassett Mix & Associates of Fayetteville had the listing at $499,900.

McMurrough bought the four-bedroom home, built in 2006, in January 2012 for $450,000. Travis and Susan Decker were the sellers.

Decker bought the home in December 2008 for $475,000. Gary Combs 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.