The word that Starbucks is coming to Wedington Drive in west Fayetteville is now official, and the coffee shop is bringing some dental care, too.
Haag-Brown Development LLC of Jonesboro announced it would build a retail center at the corner of Wedington and Timberland Lane, in front of the Walmart Neighborhood Market. Haag-Brown paid $803,464 for 1.19 acres.
Principals Joshua Brown and Greg Haag said the retail center would include a Starbucks and an Arkansas Braces.
The Jonesboro office of IberiaBank of Lafayette, Louisiana, provided a construction loan of $1.65 million, and Haag-Brown said work would begin soon at the site at 3485 Wedington.
Clinton Bennett of CBRE Northwest Arkansas represented Haag-Brown, and Hank Kelley of Flake & Kelley Commercial of Little Rock represented Starbucks.
Forest Hills Partners LLC of Fort Smith, with manager John Alford, was the seller. Forest Hills paid $4 million for approximately 70 acres in 2005.
Forest Hills sold 5.6 acres to Wal-Mart for $1.2 million in 2010 and 1 acre to First Security Bank of Searcy for $670,000 in 2013.
El Matador Mexican Bar & Grill plans to break ground on 1.14 acres east of First Security Bank, property for which it paid $775,000 to Forest Hills a few weeks ago.
Grass Roots
An office building on Highway 112 in Fayetteville was bought by one tenant from another occupant.
Grass Roots Landscaping LLC, owned by Kenneth Hanle III and Tanner Bassett, paid $400,000 to 112 LLC, owned by Mike Lamberth. First Security Bank of Fayetteville provided Grass Roots with a $340,000 loan.
Grass Roots, a landscaping service, is one of the tenants in the 4,200-SF complex, which sits on approximately 1.3 acres. Lamberth & Associates, an appraisal company, is another.
Lamberth’s 112 LLC bought the property in 2002 for $305,000.
On Dickson Street
A Jonesboro businessmen bought a 3,142-SF building on Dickson Street.
Ted Herget, through his A Squared Investment LLC, paid $795,000 for the property at 608 W. Dickson St. Herget, the owner of Gearhead Outfitters, plans to open a Gearhead store.
Herget bought the property from Mr. Tux Holdings LLC, backed by a $675,750 loan from Centennial Bank of Jonesboro. Mr. Tux, a formalwear shop, occupied the Dickson Street location for many years before moving to West Joyce Boulevard.
Mr. Tux Holdings bought the property for $980,000 in February 2006. The building was most recently used as a salon and yoga center.
Clinton Bennett of CBRE Northwest Arkansas represented Herget in the transaction. David Erstine, also of CBRE, represented the seller.
The Dickson Street Theater also has a new owner.
C.B. Real Estate Holdings LLC of Rogers, headed by Michael Ross Cully, paid $630,000 for the 5,000-SF building at 227 W. Dickson St. Jimmy and Molly Rapert, who acquired the theater in 2003 for $205,000, were the sellers.
Self-Storage
Two Springdale self-storage complexes changed ownership.
Haizen Investment LLC, an Oklahoma corporation with a Fort Smith mailing address headed by Patrick Byrd, paid $2.2 million for Airtight Self Storage at 2571 E. Robinson Ave. in Springdale. BancorpSouth Bank of Tupelo, Mississippi, funded the deal with a five-year, $1.87 million loan.
Alpine Properties LLC of Fayetteville, headed by James Benton, was the seller of the property, which covers approximately 6.3 acres and has 543 units. Benton bought the property for $530,000 in 2008.
Byrd’s 3B Storage LLC, which he controls along with Charles A. Baumeister and Charles Burford, also bought the All Store complex at 2325 Shady Grove Road.
Byrd’s Haizen LLC was the seller of the complex, which has 213 units and covers 3.2 acres. BancorpSouth funded the deal with a five-year, $540,600 loan.
Restaurant Site
The site of a long-closed restaurant has been purchased.
H.D. Partners LLC of Fayetteville, run by Peter Daut and Paul Henry, paid $1.075 million for the Boi de Ouro restaurant, a closed Brazilian steakhouse at 741 E. Van Asche Drive. MPC LLC of Fort Smith, head by Ji Peng Chen and Steve Chen, was the seller.
Legacy National Bank of Springdale provided a $1.53 million construction loan to H.D. Partners.
by Marty Cook on September, 29 2014
