Michigan REIT Buys Christian Brothers Auto Property

A real estate investment trust in Michigan recently paid $2.31 million for a 4,841-SF building in Bentonville’s Fountain Plaza commercial addition.

Agree Realty Corp., a publicly traded REIT headquartered in Bloomfield Hills, bought the building at 600 S.E. Walton Blvd.

Gregel Realty Associates LLC of Cincinnati, Ohio, was the seller.

Waco Title Co. of Springdale was the title agent.

Christian Brothers Automotive, a national auto repair franchise, is the building’s single tenant.

Gregel paid $1.8 million for the building and 0.75-acre lot in June 2011.

 

Diamond Deal

A Springdale developer has closed on the purchase of two parcels totaling 80.2 acres in Centerton for $1.62 million, a purchase price of $2.15 per SF.

Rich Richardson, president of Can-Ark Diamond Realty, bought the land that sits west of the under-construction Bentonville West High School campus, near the intersection of Seba and Gamble roads.

Morningside Development of Centerton LLC, an entity controlled by Dale Lancaster of Boothbay Harbor, Maine, was the seller.

Lenders Title Co. of Fayetteville was the title agent.

The property will be developed as the Diamond Estates subdivision, with 275 lots. Earthplan Design Alternatives of Springdale is the engineer on the project.

Richardson is also developing a 55-acre subdivision north of BWHS called Maple Estates, with 192 lots. Crafton Tull of Rogers is the engineer on the project.

C3 Inc. of Springdale, led by Joey Stevens and Kirby Burks, will be the preferred builder. Richardson said he expects to build homes on approximately 50 percent of the lots, and make the rest available for sale to a group of approved home builders.

BWHS, an $86 million project, is scheduled to open in August. The 430,000-SF campus will have a capacity for 2,250 students.

 

Bank Building

The city of Bentonville recently issued a building permit to Oelke Construction Co. of Springdale valued at $1.35 million.

The permit is being used to build an 8,700-SF building at 402 S.W. A St.

First National Bank of NWA will be the tenant.

Architecture Plus of Fort Smith handled the design work.

The two-story building is expected to be complete before the end of the year.

The bank acquired the half-acre site in July 2014 for $635,000.

 

Restaurant Real Estate

A Louisiana restaurant chain is making plans for a second Fayetteville location after buying a 5,775-SF building for $1.31 million.

Raising Cane’s Restaurants LLC of Louisiana bought the property and 1.1-acre site at 1740 W. Martin Luther King Blvd., a purchase price of $27.33 per SF.

Douglas Tao Tsan Lee and Jennifer Shu-Chen Lee, trustees of The Lee Family Trust, were the sellers.

J.D. China restaurant was the previous tenant. The new owners plan to raze the building and build a 3,600-SF building.

Raising Cane’s entered the Arkansas market when it opened its first restaurant at 859 E. Millsap Road in Fayetteville.

Jeff Pederson and Phil “Gumbo” Madison with Lindsey & Associates of Fayetteville had the listing.

 

Vineyard Abode

A 6,100-SF home on 2.67 acres in the gated Vineyard subdivision east of Fayetteville in Goshen has a new owner after a recent sale worth $985,000, a purchase price of $161.47 per SF.

Michael and Shannon Arcana bought the property on Sonoma Circle from Charles and Myrna Parsley.

Signature Bank of Arkansas in Fayetteville provided financing with a 30-year mortgage of $785,000.

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

Terri McNaughton of McNaughton Real Estate in Fayetteville had the listing at $1.04 million.

The five-bedroom home was built in 2006. Amenities include media room, wine cellar, sandstone walls, copper roofing and black slate, walnut and red oak hardwood floors.

Parsley acquired the property in March 2008 for $500,000. First Federal Bank was the seller.

 

Heathrow Home

A 4,696-SF residence in Bentonville’s Heathrow subdivision has a new owner after a sale worth $875,000, a purchase price of $186.32 per SF.

William and Summer Hooper bought the home on Northwest Harvard Walk from James and Suzanne Derouin.

First National Bank in Southlake, Texas, helped finance the deal with a 30-year mortgage of $612,500.

Waco Title Co. of Springdale was the title agent.

The home was built in 2009. Derouin bought the property in May 2010 for $675,000. Alex and Theresa Cook were the sellers.

Cook bought the 0.84-acre lot in June 2008 for $95,000. Dale Beamon was the seller.

 

Multifamily Investment

A 10-unit apartment/townhouse development in Bentonville recently sold for $848,000.

Arlington Properties LLC, led by James Atkinson and Jonathan Bayat, bought the property at 1007 S.E. 5th St., at the corner of Southeast J Street.

Plateau Properties LLC, led by Aaron and Rebecca Burkes, was the seller.

Generations Bank in Rogers provided financing with a five-year mortgage of $714,000.

Capital Abstract & Title Co. LLC in Fayetteville was the title agent.

The property was built in 1999 and has a cap rate of 7.7 percent. It includes six two-bedroom units and four three-bedroom units with attached single-car garages. The occupancy rate at the time of sale was 100 percent. Total SF of the 10 units is 13,152.

Steven Atwell with Buyer’s First Realty in Sulphur Springs represented the seller.

Daniel Hawes with Landmark Real Estate & Investment LLC in Fayetteville had the listing at $1.02 million.

Plateau bought the property in November 2007 for $600,000. Hensley Investments Inc. was the seller.

 

Champions Residence

A 4,013-SF home in the Champions Golf & Country Club addition at Pinnacle Country Club in Rogers has sold for $583,000, a purchase price of $145.27 per SF.

Christopher and Amaris Lewis bought the Champions Boulevard home from David and Bonny Tover.

IberiaBank Corp. of Louisiana provided financing.

Sherry Hardie with Coldwell Banker Harris McHaney Faucette in Bentonville had the listing.

Mercury Title LLC in Fayetteville was the title agent.

The five-bedroom home was built in 2006 and appraised in 2013 for $472,700.

Tover bought the home and 0.30-acre lot in October 2006 from Camelot Construction LLC for $560,000.

 

Hindu Holdings

Undeveloped pasture land north of Arkansas Highway 12 in Bentonville recently sold for $400,000.

The Hindu Association of NWA Inc. (HANWA) bought 7.74 acres, which equals $1.18 per SF. The land is directly north of the HANWA temple, just east of the intersection of Highway 12 and Southwest Featherston Road.

The Coughlin Family Revocable Trust, led by Cynthia Coughlin, was the seller.

City Title & Closing LLC of Fayetteville was the seller.