Real deals: New Jersey investors pay $22.5 million for Walmart-leased building in Bentonville
A 13.3-acre commercial property in Bentonville recently changed hands in a deal worth $22.5 million.
New Jersey LLCs, led by majority owner FEM Rainbow Farm Road LLC, have formed a joint tenant partnership to purchase a 175,000 square foot industrial/flex building at 4501 SW Rainbow Farm Road, East southwest corner of Rainbow Farm Road and Southwest Regional Airport Boulevard. The purchase price is $128.57 per square foot.
CrossMar Investments, a business development group in Bentonville led by Chris Crossland and Phil Martz, was the seller.
BOK Financial in Fayetteville provided financing with a five-year, $13.5 million loan arranged by Phil Whitehead. City Title & Closing in Fayetteville was the title agent.
Crossmar built the two-story building two years ago, and it is fully leased to Walmart Inc.
Mimi Feliciano manages FEM Rainbow Farm Road. She is co-founder and CEO of FEM Real Estate in Montville, NJ, an investment firm that develops, owns and manages commercial real estate across the United States.
A pair of Fayetteville multi-family developments with a total of 132 units recently sold in separate transactions worth $10 million. The purchase price is $75,757 per unit.
LLCs controlled by Jake Newell, Ray Osment and Mitch Moore paid $6 million for the Club at the Creek property (84 units) at 701 W. Sycamore St. and $4 million for the Vineyards on Garland Apartments (48 units) at 2000 N Garland Avenue.
Greg House sold both properties. They are both fully rented.
City Title & Closing of Fayetteville was the title agent. Philip Schmidt with Kelley Commercial Partners in Springdale represented the buyer.
Osment said the new owners are planning minor renovations to the Vineyards property. The Club property will be rebranded following larger renovations that will include the addition of bike storage, dog park, fitness center and smart technology.
Signature Bank of Arkansas in Fayetteville is financing the upgrades with two loans worth a combined $9.15 million.
An 11,300 square foot mall in Springdale has a new owner after a recent $4.37 million sale. The purchase price is $387.16 per square foot.
NZZB Properties, led by Zach and Natalie Dixon, has purchased the fully leased multi-tenant building, known as Sunset West Plaza, at 7322 W. Sunset Ave. Burke Larkin, through his Sunset West FW Plaza LLC, was the seller.
Booneville-based First Western Bank funded the deal with a 25-year, $3.93 million loan. City Title & Closing of Fayetteville was the title agent. Alan Cole of Colliers Arkansas at Rogers brokered the deal.
Tenants in the one-story building include First Western Bank, US Pizza, Glo Nail Bar and Hotworx.
Larkin paid $1.02 million for the land (1.78 acres) in June 2018.
A single-tenant commercial property in Springdale recently changed hands for $4.35 million.
Sunset & Go LLC, a Colorado-based investor, purchased the 4,968 square foot building at 2351 W. Sunset Ave. The purchase price is equal to $875.60 per square foot Hurd Real Estate, an Iowa-based real estate investment and development company, was the seller.
First Security Bank of Searcy backed the deal with a $3 million loan. Zach Wright of Blue West Capital in Colorado brokered the deal for both parties.
Convenience store operator Kum & Go is the tenant under a long-term triple net lease. There is no landlord liability and fixed rents increase every five years.
Hurd paid $3.91 million for the 1.26 acre property in January 2021.
A multi-tenant commercial development in Bentonville was recently sold for $2.34 million.
Greenway Trail Properties LLC, managed by Aaron and Susan Woodward, has purchased the 11,510 square foot mall at 1706 SE Walton Blvd. The purchase price is $203.73 per square foot. John Lykins, through his Lykins Leasing LLC, was the seller.
Arvest Bank backed the deal with a five-year loan worth $2.46 million. City Title & Closing was the title agent.
The development is 100% occupied by several tenants, including Game X Change, Lafferty Family Care and GEICO Insurance Agency.
The Razorback Regional Greenway passes by the property.
Lykins paid $1.76 million for the 1.31 acre property in August 2015.
A vacant commercial building in the Scottsdale Center development of Rogers recently sold for $900,000.
Kalludra Properties LLC, managed by Alex Kalludra, has purchased the 8,342 square foot building at 463 N. 46th St. The purchase price is equal to $107.88 per square foot. SA Holdings Inc., led by Greg Kossover, was the seller.
Equity Bank in Pea Ridge backed the deal with a four-year loan worth $723,048. The title of allegiance was the title agent. Philip Schmidt with Kelley Commercial Partners in Springdale brokered the deal.
Kalludra owns Rogers Napoli’s restaurant and will move the business to North 46th Street once the building is renovated.
Copeland’s of New Orleans was the restaurant’s former tenant. The building has been vacant for several years.
OWL CREEK HOUSE
A 3,068 square foot residence in Farmington’s Owl Creek subdivision recently sold for $655,000. The purchase price is $213.49 per square foot.
Ryan Crouser bought the four-bedroom house on Blue Sky Road from Charles and Susan Trantham.
Waco Title Co. of Springdale was the title agent. Michael Sims with Bassett Mix & Associates of Fayetteville represented the buyer.
The house was built in 2003. Trantham purchased the land (4.9 acres) that year for $64,000.
COUNTRY CLUB FIELD
The undeveloped land surrounding the Fayetteville Country Club recently changed hands for $600,000.
RCJH LLC, managed by Rick Lawson, has purchased three parcels totaling 51 acres from the Claudia Mary Kate Arrington Revocable Trust. The purchase price is 27 cents per square foot.
Waco Title Co. in Springdale was the title agent. Amy Hutcherson with Lindsey & Associates represented the seller. John David Lindsey with Lindsey & Associates represented the buyer.
Real Bid Submissions: Submit advice on rental activity, construction, transactions or upcoming projects worth $300,000 or more to Paul Gatling at [email protected]. Please write “Real Deals” in the subject line.