Broiler Farm Near Summers Rings Up $7.2 Million Sale

A 292-acre broiler farm operation just north of Summers in western Washington County recently sold for $7.2 million.

Calvin Truong and his wife, Thuylinh Thi Pham, bought the property at 10373 N. Highway 59.

Heartiness LLC, led by Man Ngo, was the seller.

Rabo Agrifinance Inc. provided financing with a 10-year mortgage of $5.96 million.

The property includes 16, 55-by-600-foot broiler houses, two dwellings and three litter sheds, all on the west side of Highway 59.

Ngo bought the land in 2011 for $600,000, then built out the farm with financing provided by Arvest Bank of Fayetteville.

Greg Cheshier, principal broker for Team AG Real Estate and Appraisals in Lincoln, appraised the property for the sale.

The farm is a contract grower for Tyson Foods Inc. of Springdale.

 

Multifamily Sale

An income-producing multifamily property two miles east of the University of Arkansas in Fayetteville has sold for $4.5 million.

Raymond Merrill of Sallisaw, Oklahoma, through his Levi Storage Center LLC, is the new owner of the Mountain View Apartments, near Happy Hollow and East Huntsville roads.

RCB Bank in Broken Arrow, Oklahoma, provided financing with a 20-year mortgage of $3.8 million.

The seller of the property at 788 South Silverado Drive was PVG Investments LLC of Fort Smith, led by Rick Parker, Mark Vogt and Robert Gunn.

The property includes five buildings and 114 units. At the time of sale the occupancy rate was 94 percent.

Bleaux Barnes with Mathias Properties in Fayetteville had the listing.

Trinity Multifamily of Fort Smith is the property manager.

The apartment complex once belonged to Northwest Arkansas real estate developers Brandon Barber and Gary Combs, but a group of four banks — Cross County Bank of Wynne, Fidelity National Bank of West Memphis, Central Bank of Little Rock and First State Bank of Lonoke — acquired joint ownership interest in the property from 2010 until PVG bought it in 2012 for $3.9 million.

Combs, who died in a California hospital in 2012 from cancer complications, bought the property from Barber for $6.2 million in July 2008.

Barber paid $900,000 for the 3.84 acres in July 2005, and purchased building permits totaling $6.3 million in January 2006.

The complex, originally called Fairlane Apartments, was built that same year.

 

Lease Activity

An arts and crafts provider has leased space in a 42,253-SF retail center in Fayetteville.

Scott McGowen, owner of Scott Frame & Art, signed the five-year lease for a 2,878-SF space in The Shoppes at Steele Crossing at 100-160 E. Joyce Blvd.

Shoppes at Steele Crossing LLC, a local investment group managed by Bobby G. Shaw, is the property owner, acquiring the development in July for $8.42 million.

Scott Frame and Art was founded as a full-service custom frame shop and art gallery in 2006. The business is headquartered in Rogers and has multiple locations in Northwest Arkansas.

Brian Shaw, managing partner with Sage Partners in Fayetteville, represented the landlord in the transaction.

Craig Hull with Hull & Co. Commercial Real Estate in Rogers represented the tenant.

 

Whataburger Lease

Flake & Kelley Commercial has brokered a ground lease that will result in Fayetteville’s second Whataburger location.

The Texas-based restaurant chain signed a 20-year lease for the 1.7-acre site at the northeast corner of College Avenue and Joyce Boulevard

The land owner is El Dorado-based Munoco Co., a family-owned company engaged in oil and gas exploration and production, as well as timber, real estate and farming operations.

Two buildings on the site will be razed to make room for the 3,600-SF restaurant, which is scheduled to open in the summer of 2016.

Philip Schmidt, Jordan Jeter and John Flake handled the transaction. 

Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected].