RoArk Group Closes Sale-Leaseback Deal For $4 Million

An 89,739-SF warehouse/industrial/office building in the Rogers Industrial Park recently sold in a sale-leaseback deal for $4 million, a purchase price of $44.57 per SF.

Missouri businessman Jerry Marti, through his Marti Acquisition LLC, bought the building at 1600 N. 35th St.

Bubbs Investment LLC, managed by brothers Ron Garman and Don Garman, was the seller.

INTRUST Bank of Wichita, Kansas, backed the deal with a seven-year, $3.2 million mortgage.

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

The RoArk Group Inc., a commercial printing company, is the tenant and has signed a long-term lease with Marti. Financial terms were not disclosed.

The single-story building was built in 2002 and appraised in 2011 for $3.54 million.

Bubbs bought the land (5.71 acres) in 2000 for $445,000.

 

Strip Center

An 11,510-SF retail center on Walton Boulevard in Bentonville has a new owner after a $1.76 million sale, a purchase price of $152.91 per SF.

John Lykins of Gravette, through his Lykins Leasing LLC, bought the strip center at 1706 S.E. Walton Blvd.

Bluewater LLC, led by Kenneth B. Ewing, was the seller.

Armstrong Bank in Springdale handled financing with a mortgage of $1.44 million.

Waco Title Co. of Springdale was the title agent.

The development is 100 percent occupied by multiple tenants including Game X Change, John David’s Salon, Santos Chiropractic and Lafferty Family Care.

The Razorback Regional Greenway runs next to the property.

 

Highway 112 Land

Residential acreage adjacent to the St. Valery Downs neighborhood in Cave Springs recently sold for $889,000, a purchase price of $35,832 an acre.

Fayetteville developer Brandon Sewell, president of GBS Development Inc., bought the property totaling 24.81 acres at the intersection of Arkansas Highway 112 and Windmill Road. The purchase was made in the name of Sewell Family Development LLC.

Lorane LLC, led by Ravi and Lori Kumar, was the seller.

Lenders Title Co. in Fayetteville was the title agent.

Lorane took ownership of the property in March 2007 for $730,000. SCB Investments LLC, previously owned by Brandon Barber, was the seller.

 

Medical/Office Property

An 11,175-SF medical/office building in the CMN Business Park addition of Fayetteville recently sold for $1.3 million, a purchase price of $116.33 per SF.

Folden Holdings LLC of Jonesboro, led by Kurt Folden, bought the two-story building at 361 E. Millsap Road.

Raymond Merrill of Sallisaw, Oklahoma, through his Levi Storage Center LLC, was the seller.

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

First National Bank of Paragould provided financing with a five-year mortgage of $1.2 million.

Merrill bought the 1.44-acre development in November for $350,000.

Arkansas Medical Imaging & Open MRI is a primary tenant of the building, which was built in 1997.

 

Riverwood Land

Two parcels totaling approximately 60 acres west of Interstate 49 in Fayetteville recently sold for $1.17 million.

Home builder Mark Marquess, through his Riverwood Homes LLC, purchased the residential acreage, which sits between North Broyles Road and the proposed Rupple Road extension.

Bear State Bank of Harrison was the seller.

First Bank in Fayetteville provided financing with a one-year mortgage of $1.1 million.

Lenders Title Co. of Fayetteville was the title agent.

Bear State acquired the land through foreclosure in July 2010. FGP LLC, led by Charles W. Sloan, was the previous owner.

The land was previously tied to a June 2008 mortgage of $3.3 million held by Bear State, previously known as First Federal Bank.

 

Walton Purchase

A 5,143-SF home on 6.77 acres in Bentonville recently sold for $930,000, a purchase price of $180.82 per SF.

El Contento Property LLC, an entity controlled by the Walton family, bought the two-story residence just off Arkansas Highway 72 near the El Contento Acres subdivision.

Wayne and Lisa Bohn were the sellers.

Waco Title Co. of Springdale was the title agent.

Bohn acquired the property in November 1999 for $418,000.  Gary and Lynne Newman were the sellers.

Newman bought the home in January 1990 for $250,000. Larry and Karen Cooper were the sellers.

 

Heritage Heights Holdings

Rausch Coleman Homes of Fayetteville recently paid $723,900 for 63 single-family lots in the Heritage Heights subdivision of Bethel Heights in Benton County. The price equates to $11,490 per lot.

Rhonda Anderson was the seller.

First National Title Co. of Fayetteville was the title agent.

Arvest Bank of Fayetteville provided financing.

The lots are approximately 0.20 acres. Heritage Heights is just east of the intersection of Highway 71 Business and West Morris Avenue.

Rausch Coleman offers eight floor plans for buyers, ranging from 1,488 SF to 2,648 SF.

 

Bridgewater Residence

An estate home on 3 acres in Fayetteville’s Bridgewater Estates addition has a new owner after a recent sale worth $720,000, a purchase price of $161.50 per SF.

Jeffrey and Janet Swetnam bought the 4,458-SF residence on East Bridgwater Lane from Rick and Melissa Bennett.

Arvest Bank of Fayetteville provided financing with a 15-year, $417,000 mortgage.

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

The four-bedroom home was listed by Kirk Elsass with Lindsey & Associates of Fayetteville.

The home was built in 2003. Bennett paid $698,000 for the property in January 2011. David Mix was the seller.

 

Beaver Lake Abode

A 3,466-SF home on Beaver Lake in Garfield rang up a $657,400 sale, a purchase price of $189.55 per SF.

Kevin Kapales bought the 2.76-acre property on Pine Log Drive from Patricia Ann Gardner.

Arvest Bank of Fayetteville provided financing with a 30-year mortgage of $417,000.

PCI Advance Title LLC in Rogers was the title agent.

The property includes approximately 900 feet of shoreline and a four-stall boat dock with lifts. The home was built in 1999 and the property appraised earlier this year for $650,000.

Gardner acquired the property in June 2011 for $650,000. Glass Investments Inc. was the seller.

 

Restaurant Site

A 1-acre commercial development on South Thompson Street in Springdale recently sold for $510,000.

Smitco Eateries Inc., led by restaurant franchise developer Brian D. Smith of Fayetteville, bought the vacant property at 909 S. Thompson St.

Quad LLC of Oklahoma, led by Alan Chapman and Nick Southerland, was the seller.

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

Arvest Bank of Fayetteville provided financing with a two-month mortgage of $510,000.

Troy Jacobs with Coldwell Banker Harris McHaney Faucette in Bentonville had the listing at $599,000.

SmitCo is developing a new Captain D’s restaurant on the site, with a target opening date of November 2015.

 

Laurel Crossing Abode

A 4,558-SF residence in Lowell’s Laurel Crossing neighborhood has a new owner after a $485,000 sale, a purchase price of $106 per SF.

Ronnie G. Sherwood bought the home on South Laurel Crossing from Kip and Christie Guthrie.

Lenders Title Co. was the title agent.

Chambers Bank in Bentonville provided financing.

The Mayer Team with Coldwell Banker Harris McHaney Faucette in Rogers had the listing at $500,000.

The four-bedroom home includes an in-ground swimming pool and was built in 2001. It had an appraisal earlier this year for $458,500.

 

D Street Deal

A repurposed residence near downtown Bentonville has a new owner after a recent sale worth $630,700.

Leslie and Janice Saumweber bought the 2,880-SF home on Southwest D Street, a purchase price of $218.99 per SF.

Lamplighter Restorations LLC of Bentonville, owned by Todd Renfrow and Patrick Sbarra, was the seller.

Waco Title Co. of Springdale was the title agent.

The four-bedroom home was listed by Natalie Edwards with the Bentonville office of Coldwell Banker Harris McHaney Faucette for $634,500.

Lamplighter acquired the property in October 2013 for $207,000. Susan Duvall was the seller.

 

Talon Plaza Ownership

An 11,770-SF retail strip center in Springdale recently sold to an investment group for $536,082, a purchase price of $45.54 per SF.

EAC Clark Properties LLC of Fayetteville, led by Carter Clark, bought the 1.97-acre Talon Plaza development at 2257 Old Wire Road.

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

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

The property is comprised of a 9,850-SF strip center with 10 units, and a 1,920-SF warehouse.

There are seven tenants, and the new owners are working to sign lease agreements with an additional three.

 

Lease Activity

A transportation services provided has leased space in a 30,000-SF commercial building in the Polo Park Business Campus just north of Northwest Arkansas Regional Airport.

Dane Zimmerman, owner of Ambassador Transportation Services, signed the multi-year lease with Old Farm LLC, the owner of the single-story building. Developer Michael Horn of Dallas is the manager of Old Farm.

ATS will occupy 2,760 SF of the building. The company offers executive car services, airport/hotel shuttles and taxi services.

Commercial real estate agent Craig Hull with Hull & Co. Commercial Real Estate represented both sides in the transaction.