Real Deals: investment group closes $ 4.95 million industrial acquisition in Springdale
A nearly 100,000 square foot industrial property along Interstate 49 southbound in Springdale was recently sold for $ 4.95 million.
An investment group led by TJ Lefler, owner of Lefler Capital of Fayetteville, purchased the 13.9-acre development at 13465 Puppy Creek Road. Mountain Development II LLC, managed by John Smith, was the seller.
Russellville-based First State Bank backed the deal with a seven-year loan worth $ 4.8 million. Waco Title Co. of Springdale was the title agent. Aaron Nicholson of Cushman & Wakefield / Sage Partners at Rogers represented the buyer. Jim Sellers of RE / MAX Real Estate Results in Bentonville represented the seller.
The multi-tenant and flexible property is 98% leased. The new owners will rename the property to I-49 Commerce Center.
âI-49 Commerce Center is a strategically located complex, with easy freeway access and located in the heart of Northwest Arkansas,â Nicholson said in a statement. âWe think this will be a great investment for the new group of owners. “
Sage Partners will provide rental and management services. Jake Cole is the property manager.
I STREET LOT
A 7.92 acre commercial land along Southwest I Street in Bentonville recently changed hands for $ 2.65 million.
28th & I Street LLC, a Delaware entity, purchased the lot at the northwest corner of these two streets. Old Oak Commercial LLC, operated by Tamara Martin, was the seller.
Bart Hester of Third Street Realty in Rogers was the listing agent. City Title & Closing in Fayetteville was the title agent.
The lot was developed with the Sullivan Square Apartments development in 2017. A 3,031 square foot residence on the lot is leased.
New retail construction in Centerton recently sold for $ 2.16 million.
California-based Sundance Development Inc. and LCL Ellis Family Partnership LP purchased the 2,150 square foot building at 1618 E. Centerton Blvd. The purchase price is $ 1,004.65 per square foot. Kansas-based developer Plaza Street Partners, through its Plaza Street Fund 61 LLC, was the seller.
KBP Foods, a KFC restaurant franchisee based in Kansas, is the tenant of the independent building under a new 20-year absolute NNN lease.
Plaza Street paid $ 330,000 for the land (0.84 acres) in August 2020.
One of Fayetteville’s well-known residential home builders is planning a mixed-use development in Lowell.
Riverwood Homes recently entered into a $ 2.05 million agreement to purchase approximately 76 acres at 417 S. Old Wire Road. The land was previously owned by the late JB Hunt, the trucking mogul, and his wife Johnelle Hunt.
Tom Allen, president of Cushman & Wakefield / Sage Partners at Rogers, negotiated the deal. Armstrong Bank provided the funding.
Taylor Marquess, president of family-owned Riverwood Homes, said the property’s development plans include commercial development overlooking part of Old Wire, with single-family and possibly multi-family residences to the rear.
Marquess said a silo and barn on the property would potentially be redeveloped into a farmers’ market. The name of the development is yet to be determined, but Marquess has said it will likely pay tribute to the Hunt family.
Centerton’s farmland recently changed hands for $ 2 million.
NWA Friends First Venture LLC, whose members include Naidu Mortha, Murthy Kolluru and Arumugam Jayavelu, purchased 40 acres at 9973 Highway 279, south of the Kinyon Road intersection. The purchase price is $ 1.15 per square foot.
Lindsey Holly, Trustee of the Swank Revocable Trust, was the seller.
Generations Bank of Rogers backed the deal with a five-year, $ 1.5 million loan. City Title & Closing of Fayetteville was the title agent.
A Fayetteville builder acquired land from Rogers for potential residential development in two separate transactions valued at $ 1.5 million.
J&M Capital Ventures LLC, led by Jon Brittenum Jr., paid $ 3.89 per square foot for four plots totaling 8.86 acres in Phase II of The Peaks neighborhood north of West Ajax Avenue, east of the ‘Interstate 49. The Peaks includes various upscale townhouses. J&M is an active builder in the region.
Limited liability companies managed by John Ed Chambers III, CEO and Chairman of Chambers Bancshares de Danville, were the vendors. Realty Title & Closing Services was the title agent.
FAYETTEVILLE TOWN CENTER
A vacant 4,464 square foot building in downtown Fayetteville recently changed hands for $ 1.02 million. The purchase price is $ 229.61 per square foot.
Beverly Bickell purchased the three-story building at 9 N. West Ave. Longer Property Management LLC, headed by Elaine Longer, was the seller.
Waco Title Co. of Springdale was the title agent. Jason Keeling with Steve Fineberg & Associates in Bentonville represented the seller. Alice Honea with Coldwell Banker Harris McHaney & Faucette in Fayetteville represented the buyer.
The building, previously occupied by Longer Investments, has offices and toilets on each floor and the third floor is equipped for residential use, including a full kitchen.
Longer paid $ 420,000 for the property in 2001.
A land deal in Tontitown was recently concluded for $ 700,000.
Illinois-based Gerber Real Estate Inc. purchased two acres in the Venezia Piazza Extension, southeast of the intersection of US Highway 412 / Arkansas Highway 112. The purchase price is $ 8. $ 03 per square foot.
Lots 102 Holdings LLC, operated by Melissa Sims, was the seller. The buyer was Zack Kifer and Clint Bailey with Moses Tucker Partners. Kifer represented the seller.
The owner will develop the land into a location for Gerber Collision and Glass, one of the largest auto and window collision repair companies in North America. The company operates branches in Farmington and Rogers.
Actual bid submissions: Submit advice on rental activity, construction, transactions or upcoming projects valued at $ 300,000 or more to Paul Gatling at [emailÂ protected]. Please write “Real Deals” in the subject line.