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Quail Flats Buy Retail Property in Springdale

1 min read

A new retail store may be going in soon at a busy intersection in Springdale.

Quail Flats Properties of Fort Worth bought a half-acre property at the intersection of Highway 412 and Thompson Street in Springdale.

Quail Flats paid $450,000 for the property, which used to house a gas station and a La Azteca Mexican grocery.

Quail Flats is led by Derek Holmes of Fort Worth.

CC Partners LP of Fort Worth assisted the purchase with a loan of $450,000. Quail Flats agreed to pay back in 180 monthly payments of $2,693 each.

Mac Tatman of Flake & Kelley Commercial Northwest represented the buyer.

Tatman said Quail Flats intends to open a retail store of some kind after renovation work on the approximately 2,000-SF building.

The canopy from the previous gas station is still on the property and will have to be removed.

The interior work will be minimal, Tatman said.

The sellers were Edward and Letecia Vega of Springdale.

The Vegas acquired the property from the Coulson Foundation of North Little Rock for $300,000 in 2008.

The city of Springdale did a partial lien release on the property a month before Quail Flats bought it.

The property was listed at $495,000 by Tim Salmonsen of Keller Williams Realty of Fayetteville.

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