Builder Mark Zweig of Fayetteville paid $2.25 million for the 20,000-SF University Village shopping center on West 15th Street in Fayetteville.
Zweig purchased the property from Signature Bank of Arkansas, which had acquired the property in 2011 in lieu of foreclosure from Ark4 LLC, led by William Lazenby. The property had been tied to a $6.54 million loan.
Zweig said the village is approximately 40 percent leased, and the main space hasn’t been built out. He said that space, with 25-foot ceilings and a curved window wall, has great possibilities for a build-to-suit tenant.
“It’s really cool,” Zweig said. “We think it’s going to be a really good project. There is something to work with there that could be really cool.”
Zweig said the village is in a good location, near Baum Stadium, hotels and student housing. One other space in the village has not been built and another space is empty.
Zweig said he has received feelers from potential tenants for all three spaces.
Law Firm to Move
The Niblock Law Firm will move from its current location after selling its office building for $1.3 million.
George H. Niblock Sr., as the head of George H. Niblock Ltd., sold the 5,428-SF building, located at 324 N. College Ave., to Ted Belden of Fayetteville. Niblock is now leasing the property until the law firm decides where it wants to relocate the firm.
Belden bought the property through his Appleby House LLC. Bear State Bank of Little Rock assisted the purchase with a loan of $1.04 million.
Belden plans to keep the law firm office building as a lease property for future commercial users.
Burger King Sells
A Burger King restaurant location in Fayetteville went for $1.475 million.
The property, at 1730 Martin Luther King Jr. Blvd., was sold by CKM Enterprises LLC, which is led by Terry Clark and Stephen Kirkland. The buyer was the Kimberly Anne Hart Trust of Coto De Caza, California.
The restaurant was marketed with a 20-year lease guaranteed by the tenant with the new owner.
Common Grounds Sold
The 3,310-SF building that housed Common Grounds on Dickson Street was sold for $1.3 million.
The coffee shop, located at 412 W. Dickson St., was sold by CG Ventures LLC, led by Kari Larson and Julie Ann Still. Common Grounds closed earlier this year.
The buyer was Monroe Dickson LLC of Fayetteville.
Student Housing Purchase
Haven Campus Communities of Atlanta, which specializes in student housing developments, bought nearly 7 acres in Fayetteville for more than $1 million.
Haven, through its Haven Campus Communities-Fayetteville LLC, paid $866,000 for four tracts of land totaling 6.12 acres from Cap Reo 1 LLC of Portland, Oregon. The land is north of Wedington Drive and just west of the Harp’s Food Store on Garland Avenue.
Haven also paid $285,000 to Nall Properties of NWA LLC for an adjacent 0.6-acre plot. Nall Properties is led by Marty Nall, who paid $74,000 for the property in 1999.
Daugherty & Daugherty Properties LLC, led by Robert and Jason Daugherty, has recently made several deals.
The Daughertys sold a 6,240-SF office building at 3994 N. Frontage Road in Fayetteville for $1.2 million. They had purchased the building, a former title company’s office, in December for $690,000 from the Schmieding Foundation of Springdale.
Monroe JC LLC of Fayetteville was the buyer.
The Daughertys also paid more than $1.5 million for two office buildings on Stearns Street in Fayetteville. They paid $890,000 for a 5,757-SF property at 1148 E. Stearns, which is just off Joyce Avenue, and $650,000 for a 7,800-SF building next door at 1186 Stearns.
Remington Place LLC, led by Mike Parker, sold the smaller building. Brian and Donna Buell sold the larger building.
Simmons Banks of Rogers assisted the two purchases with a loan of almost $1.04 million.