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Wal-Mart Closes on Land for New Fayetteville Store (NWA Real Deals)

3 min read

Wal-Mart Stores Inc. closed on a 6.1-acre property in south Fayetteville where the company plans to build a Neighborhood Market.

Wal-Mart Real Estate Business Trust paid $3.25 million for the land owned by the Burton Hanna Revocable Trust, led by Burt Hanna, CEO of Hanna’s Candle Co., and his brother, Thad.

There are several buildings and businesses, including Robert’s Auto Repair, on the 12 parcels that make up the site at the northwest corner of Martin Luther King Jr. Boulevard and South Government Avenue.

Foxborough Apartments Sold

Bodkin Properties, an Arkansas LLC with a Switzerland mailing address, paid $1.85 million for Foxborough Apartments in Fayetteville.

Bodkin, led by Maren Rinaldi as managing member of the Maren & John Rinaldi Revocable Trust, bought the property from Tom and Nina Luther of Fayetteville.

The Luthers acquired the property as part of a $1 million deal in 1984. Arvest Bank of Fayetteville assisted the purchase with a loan of $935,000.

Bodkin’s mailing address is in Saint-Legier-La Chiesaz, which we all know is in the canton of Vaud. Maren Rinaldi is an executive with Nestle USA.

Foxborough is located at 920 N. Leverett Ave. and covers almost 2 acres with 40,657 SF of apartments in 50 units.

Fayetteville Investment

Raymond Merrill of Sallisaw, Oklahoma, made another large purchase in Fayetteville. Merrill, who owns Merrill Bonding Co., bought Candlelight Apartments for $3 million.

He made the acquisition through his 12M Multi-Family LLC. Arvest Bank assisted the purchase with a loan of $2.55 million.

Candlelight Place LLC, led by Pat McGowan, was the seller. McGowan had acquired the property for $185,000 in 2001.

Candlelight covers 2.4 acres in the 1700 block of North Gregg Avenue and has 50,320 SF of apartments in 76 units.

In February, Merrill purchased University Village Center on West 15th Street for $1.9 million.

The 17,360-SF center, with tenants such as Foghorn’s, La Hacienda and Stadium Liquor, is across the street from Baum Stadium, the baseball venue for the University of Arkansas at Fayetteville.

Blackwell Buys Property

Marlon Blackwell, a renowned architect at the University of Arkansas, acquired a 7,572-SF building near the Fayetteville square.

The property at the northwest corner of Center Street and College Avenue used to house a law firm and bar.

Blackwell and his wife, Meryati, purchased the building through their Gratitude Projects LLC for $475,000. The seller was Pearson Family Trust, led by Wyma Pearson.

The Bank of Fayetteville funded the purchase with a loan of $900,000.

Apartment Complex Sold

A Van Buren family trust bought a 16-unit apartment complex in Fayetteville.

The Yagoobian Family Trust, managed by Larry and Jerilynn Yagoobian, paid $1.25 million for the Presley Place apartments on North Leverett Avenue.

The trust bought the property from PBS Properties LLC of Cabot. The limtied liability company is led by Paul and Bridget Schmidt.

The Schmidts acquired the property from United Bank of Springdale for $560,000 in 2010.

The property covers approximately one-third of an acre and has a pair of two-story buildings for a total of 14,210 SF.

Insurance Agent Buys Office

Ronnie Deese, a Farmers Insurance agent in Farmington, bought the building he works out of for $145,000.

Deese and his wife, Teresa, bought the 2,145-SF building at 85 S. Double Springs Road from the Larry & Jennette Robbins Revocable Trust. The Robbinses purchased the building for $96,000 in 1998.

Farmers Insurance Group Federal Credit Union of Los Angeles funded the purchase with a loan of $110,000.

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