Auto Mall Near I-49 in Rogers Acquired For $25.4M

A 12.5-acre auto mall along the southbound lane of Interstate 49 in Rogers has a new owner after three separate acquisitions worth a combined $25.4 million.

LL Ark Properties LLC, an entity controlled by Landers Auto Group of Little Rock and Luther Auto Group of the Minneapolis, suburb of St. Louis Park, is the new owner of the former Toyota of Northwest Arkansas at 411 S. Metro Parkway.

The property has been rebranded Steve Landers Toyota of Northwest Arkansas. Scott Landers is the owner-operator.

Included in the deal were three tracts totaling 16.5 acres along South 52nd Street.

Sellers were:

• HCH Toyota LLC, led by Rogers developer Hunter Haynes, which owned a 40,000-SF new car lot facility on 8.3 acres. The sale was worth $16.25 million.

• Sachs/Haynes 503 LLC, led by Haynes and The Sachs Family of New York, which owned a 10,000-SF pre-owned car lot and service facility on 4.09 acres; the sale was worth $7.75 million.

• Germain Real Estate Company LLC, a subsidiary of the previous tenant, which owned an undeveloped 4.09-acre lot south of the auto mall. The sale was worth $1.4 million.

Toyota of Northwest Arkansas was owned by Columbus, Ohio-based Germain Motors. The dealership opened in 2006, under a 10-year lease agreement with an option to renew.

Wells Fargo Bank N.A. provided financing with a seven-year mortgage of $15.9 million.

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

 

Medical Investment

A new medical office building in Siloam Springs recently sold to a pair of Nevada investors for $4.1 million.

Florencio and Ana Andres of Las Vegas bought the 10,471-SF Siloam Springs Medical Plaza at 3721 E. Highway 412. The purchase price equals $391.55 per SF.

412 East Med-Group LLC, led by Jeff Kemp, was the seller.

KeyPoint Credit Union of Santa Clara, California, helped fund the acquisition with a 10-year mortgage of $2.59 million.

Waco Title Co. of Springdale was the title agent.

SSMP tenants include Siloam Springs Internal Medicine and Siloam Springs Express Care.

412 East acquired the 1.6-acre site in May for $442,000.

 

Marquess Moves in Centerton

A Fayetteville home builder recently closed a deal to buy 74 residential lots in Phase III of the Sienna at Cooper’s Farm subdivision in Centerton for $2.13 million.

Mark Marquess, through his Riverwood Homes LLC, bought the lots for an average of $28,783 per lot.

2188 LLC owned 19 of the lots and Sienna Estates LLC owned 74 of the lots. Lyndy Lindsey of Fayetteville is the manager of 2188. Lindsey, David Slone and Travis Woods are listed as managers of Sienna Estates.

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

Phase III includes 144 lots and Marquess has the option to purchase the remaining 70 lots.

Sienna Estates, at the time led by John David Lindsey, acquired the lots in August 2005 for $3.45 million. Home Town Developers LLC, of which Gary Combs and Neil Johnson were members, was the seller.

The lots range in size from 0.23 to 0.27 acres. Marquess said the subdivision, just off Main Street north of Arkansas Highway 102, will be renamed to Bellewood, and there will be 11 starts in the neighborhood in mid-February.

First Bank in Rogers and Bank of Gravett are providing financing.

Marquess said the all-brick homes will range from 1,350 SF to 1,750 SF and list from $145,000 up to the low $200,000’s.

 

Johnson Acquisition

A 26,292-SF office/warehouse in the Hawk’s Landing Business Park in Johnson has a new owner after a $1.24 million sale, a purchase price of $47.16 per SF.

D.C. Goff Revocable Trust, led by Dewitt Clinton Goff, bought the building at 2213 Hawk’s Landing.

WWW Johnson South LLC, led by David Prewett of Russellville, was the seller.

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

RGC Glass Inc. will remain the building talent. The building includes 2,927 SF of office space, 21,425 SF of warehouse space and 1,940 SF of expansion area.

Reggie Greer with R.G. Real Estate Services had the listing at $1.4 million.

Mitch Weigel with Downtown Properties Real Estate Group of Fayetteville was the selling agent.

The property was most recently tied to a 2009 mortgage of $1.55 million held by Regions Bank of Birmingham, Alabama.

 

Beaver Lake Property

Two parcels totaling 75 acres east of Springdale recently sold for $1 million.

Greg and Linda Spencer bought the property on Hickory Flat Road. Billy and Patricia Smith were the sellers.

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

Dave Hodges with Keller Williams Market Pro Realty in Fayetteville had the listing at $1.22 million.

The property includes a 7,100-SF custom home and approximately 2,500 feet of Beaver Lake frontage.

Also included on the property are a 1,800-SF guest house/office and a 1,500-SF shop.

Smith bought the land in January 2000 from John and Donna Spence for $150,000.

 

Commercial Sale

A 2.24-acre commercial lot in north Fayetteville drew a $903,539 sale, a purchase price of 9.26 per SF.

JET Enterprises LLC, whose members include Jody Thornton and Kevin Necessary, bought the property at the southwest corner of Van Asche Drive and Steele Boulevard.

Nanchar Inc. and MSB Properties LLC, entities led, respectively, by Charlotte Steele and Marjorie Brooks, was the seller.

Legacy National Bank of Springdale provided financing with a five-year mortgage of $675,000.

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

Little Rock-based Irwin Partners was the listing agent for the property.

Thornton, the owner of Fayetteville-based restaurant chain JJ’s Grill, is planning to build a 12,000-SF building at the site to house a restaurant and bar, a brewery and the JJ’s corporate offices.

Construction should begin by the end of March. Crossland Construction and Core Architects, both in Rogers, are both working on the project.

 

Oak Tree Sale

An estate home on 1.88 acres in Centerton’s Oak Tree subdivision recently sold for $880,000.

Rob and Toby Noiles bought the 5,650-SF home from Homes of Distinction Inc. of Bentonville, led by president James D. Cooper. The purchase price equals $155.75 per SF.

Stewart Title in Bentonville was the title agent.

Loandepot.com of California helped finance the deal.

Marcus Necessary with Weichert, Realtors — The Griffin Co. of Bentonville had the listing at $899,900.

Homes of Distinction bought the lot in November 2013 for $106,000. Oak Tree developer Bob David, through his Oak Tree Associates LLC, was the seller.

 

Clear Creek Property

A 4,526-SF home in Phase II of the Clear Creek neighborhood in Johnson has a new owner after a sale worth $813,500, a purchase price of $179.73 per SF.

Lance Belline bought the five-bedroom home on Jean Lane.

The Glen D. Nichols Trust and Elizabeth K. Nichols Trust was the seller.

Legacy National Bank of Springdale provided financing.

Waco Title Co. of Springdale was the title agent.

Lana Patrick with Basset Mix & Associates of Fayetteville had the listing at $839,000.

The home was built in 2004. Nichols was deeded the property from Thomas Keith Nichols in December 2011.

Nichols bought the two-story home in November 2009 from Elmer and Shelly Vazquez for $753,000. Vazquez bought the one-acre lot in June 2003 from Clear Creek Development LLC for $140,000.

 

Pope Property

Ownership of two parcels totaling 4.23 acres near Pinnacle Country Club in Rogers has changed hands for $520,000.

Candlewood-Conner LLC, which lists Gus Blass III of Little Rock as the registered agent, paid for the property on South Pope Road, near the intersection of South Rainbow and West Northgate roads. The purchase price equals $2.82 per SF.

The wooded acreage sits off the seventh fairway at PCC.

Buddy and Beverly Wright were the sellers.

Waco Title Co. of Springdale was the title agent.

Wright acquired the land in June 1985 for $8,500

 

Chapel View Residence

New residential construction in east Fayetteville’s Chapel View subdivision recently sold for $530,000.

Laith and Alexis Smith bought the 4,134-SF home from Kendall Riggins & Associates LLC of Springdale. The purchase price equals $128.20 per SF.

The deal was backed by a 30-year, $417,000 mortgage from Bear State Bank N.A. in Lowell.

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

Kendall Riggins with Lindsey & Associates of Fayetteville had the listing at $600,000.

Riggins bought the one-acre lot in May 2014 for $125,000. Construction of the five-bedroom residence was backed by a one-year loan of $468,000 from First Security Bank of Springdale. 

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.