KC Firm Pays $11.4M For Northwest Medical Plaza (NWA Real Deals)

KC Firm Pays $11.4M For Northwest Medical Plaza (NWA Real Deals)
Northwest Medical Plaza at 4077 Elm Springs Road in Springdale. (Google Maps)

Block Real Estate Services of Kansas City, Missouri, paid nearly $11.4 million for the Northwest Medical Plaza in Springdale.

Block, led by Kenneth Block, bought the 31,200-SF plaza from BV Ventures LLC, led by Travis Ruff. BRES acquired the property through its Block Healthcare Development LLC subsidiary, which used several LLCs to purchase the plaza.

Three of the subsidiaries, which comprise more than 57 percent of the plaza’s ownership, are led by Stephen Block, a principal with BRES. Legacy National Bank of Springdale assisted the acquisition with a loan of $7.8 million.

The plaza, opened in May 2016 and run by Northwest Physicians LLC, offers family medicine, internal medicine and physical care.

Three Hotels Sold
Two northwest Arkansas hotels were part of a seven-hotel, $109 million acquisition by Phoenix American Hospitality of Dallas. TownePlace Suites by Marriott at 5437 S. 48th St. in Springdale and Aloft Rogers-Bentonville at 1103 S. 52nd St. in Rogers were included in the deal. Fairfield Inn & Suites, at 3408 Access Road in Jonesboro, was also a part of the sale.

The Lightstone Group of New York City was the seller of all three Arkansas hotels. Phoenix made the deal in a joint venture with Aspect Investment Partners.

TownePlace Suites has 92 rooms, Aloft has 130, and Fairfield Inn & Suites has 83.

Walton Enterprises Purchase
Springdale Downtown LLC, a subsidiary of Walton Enterprises of Bentonville, paid $1.1 million for two multifamily properties near downtown Springdale.

Springdale Downtown LLC bought a 13-unit apartment complex at 512 Success St. and a complex of six duplexes at 423 S. Water St. The complexes are next door to each other at the northeast corner of Success and Water streets.

Alice Smith was the seller of both properties.

Cheema Village
A 55-unit apartment complex in Springdale sold for $2.75 million to a Texas investment group.

C&W Ventures Management Co. of Midland, led by Jason Cannon and James Woodcock, bought the Cheema Village Apartments at 1970 E. Emma Ave. C&W bought three Springdale apartment complexes — Springdale Estates, Crutcher and Powell — for $6.5 million in 2015.

CBRE Capital Markets Inc. of Houston provided a $2.2 million loan for the Cheema purchase. Double L Investments of Booneville LLC, led by Aaron and Julie Littlefield, was the seller.

Dickson Street Land
A Texas group paid $4.4 million for 1.42 acres on Dickson Street.

151 Dickson Development, represented by Matthew Morrison, bought the land from Collier Diversification Specialties, led by Mel Collier. Arvest Bank of Rogers provided a $3.96 million loan.

Collier, who owns Collier Drug directly across Dickson from the acreage, bought the land for $2.7 million in 2014, hoping to turn the space into parking for merchants and their customers on Dickson.

The property, at the southwest corner of Dickson and Block Avenue, has an interesting history. It was once owned by developer Brandon Barber, who wanted to build a $70 million, nine-story Divinity Hotel on the site. Barber lost the property to First State Bank of Northwest Arkansas of Huntsville — now called Today’s Bank — from whom Sam Alley of Little Rock bought it for $1.35 million in 2010.

Farmington Gets Taco Bell
Farmington will soon have a Taco Bell after a $230,000 sale.

Developer Gerald Oney of Walnut Shade, Missouri, bought 0.66 acres from Oakland Farms LLC of Farmington, led by Paul Phillips and Carole Tyee. Oney will build a Taco Bell for K-Mac Enterprises Inc. of Fort Smith.

The property, cut out of a larger 8-acre plot that Oakland Farms owns, is on West Main Street and lies between Casey’s General Store and a Walmart Neighborhood Market.