Philip Taldo has had a busy, happy month.
Top on his list is his purchase of Watson Furniture Store on Main Street in downtown Springdale. Taldo, a Springdale real estate agent, paid $250,000 for the two-story, 10,720-SF building that he remembers fondly as the place his father started working at in 1951.
Taldo bought the property from Thomas and Terry Watson, Jeffrey Watson and Mary Jane Ragsdale.
Taldo said he plans to renovate the building but keep its classic look. Taldo said he has talked with a few possible tenants but nothing is imminent.
“I’m tickled to death,” Taldo said. “There is interest in developing it. It’s a great location. It’s got a lot of sentimental value to me.”
Taldo could afford the building after selling nearly 20 acres of land near Arvest Ballpark to Northwest Arkansas Community College for $2.4 million. The college plans to use the property to build a campus in Washington County.
Taldo had worked for several years trying to get the college a permanent location in Springdale and sold a portion of his holdings to make it happen. He said he didn’t put his land up for bidding because he was more interested in helping the college relocate.
“Anything I can do to make my city more attractive, the better everybody is,” Taldo said.
Taldo used the $2.4 million to buy the furniture store and a block of seven duplexes from Gunnison Rentals LLC, led by Kevin Riggins. The duplexes are located on Brooklyn Avenue in Springdale’s Arber Estates subdivision.
Taldo paid a little more than $1.5 million for the duplexes, which are built and occupied. Taldo said he bought the duplexes as income generators.
Core Brewing Expanding
Jesse Core, the president and CEO of Core Brewing & Distilling Co., bought the buildings he had been leasing in Springdale.
For good measure, he bought two neighboring buildings as well. Core, through his Core Real Estate LLC, paid $481,961 for four buildings on Lowell Road in Springdale.
Core Brewing already occupied two of the buildings for its operation. Officials said the other two buildings at the location will be used for storage until Core ramps up its production levels, which it intends to do next year.
Core bought the complex from Richard Barrows’ BLK LLC. Arvest Bank of Rogers supplied Core with a three-year, $443,000 loan for the purchase.
The complex covers 1.87 acres with approximately 20,000 SF of building space.
Bank Unloads Lots
First Security Bank of Fayetteville sold two properties for $387,000.
Bo Chang of Fayetteville was the buyer for the adjoining lots. One lot is an undeveloped 0.7 acres and the other is a 4,320-SF building at 2871 American Street that used to house a salon and day spa and a gallery. First Security acquired the property in 2013.
Prairie Grove Property Sold
JimJohn Capital LLC of Prairie Grove bought a 5-acre industrial property in Prairie Grove.
JimJohn, managed by John Wood McCutcheon and James Benton, paid a little more than $1.3 million for the property at 126 N. Industrial Park Road. NWA Capital Investments LLC of Fayetteville, led by members Steve and Beth Ann Booth, was the seller.
Polytech Plastics Molding Inc. currently operates out of a 61,900-SF building on the property.
First Security Bank of Fayetteville provided a five-year loan of $1.42 million for the purchase.
The empty Radio Shack on North Shiloh Drive in Fayetteville is about to be put to use.
John Craig Construction LLC of Rogers received a $215,000 building permit Nov. 3 to repurpose the building. Arkansas Orthodontics, located next door, will expand into the space.
Craig Construction said work should begin this month and is scheduled to be completed by 2015.
Linear of Fort Worth is the architect.
Craig Construction has also broken ground on Pei Mei Asian Diner, which will be a 3,000-SF restaurant near the roundabout on West Pauline Whitaker Parkway in Rogers. Core Architects of Rogers is the architect.