Springdale Dentist Office Sold for $2.1 Million (NWA Real Deals)

Springdale Dentist Office Sold for $2.1 Million (NWA Real Deals)
Sunset Avenue Dental at 3617 W. Sunset Ave. in Springdale.

A New Jersey investor paid slightly more than $2.1 million for a dental office on Sunset Avenue in Springdale.

First Zone Investments LLC of Marlton, New Jersey, which is led by Christopher Marrone, bought Sunset Avenue Dental at 3617 W. Sunset Ave. The 4,912-SF building was formerly a My Dentist office.

Citizens Bank of Batesville assisted the purchase with a loan of slightly more than $1.2 million. The seller was Broadstone MD Oklahoma LLC, a subsidiary of Broadstone Net Lease LLC, a privately held real estate investment trust managed by Broadstone Real Estate of Rochester, New York. Broadstone acquired the property for $1.6 million in 2012.

Dollar Generals
An El Dorado doctor bought two Dollar General stores in northwest Arkansas.

Akshar 8 LLC, led by Shailesh Vora, bought stores at 2300 Huntsville Road in Springdale and at 1201 S. Eighth St. in Rogers. Vora, a neurology and sleep disorder specialist, paid $1.17 million for the Springdale store and $1.12 million for the store in Rogers.

The Springdale store is 9,344 SF and the Rogers store is 9,217 SF. The seller for both stores was Yellow Stores Holdings II LLC, led by Kevin Huchingson.

Huchingson is the Arkansas president and CEO of Colliers International, which will merge Oct. 2 with Little Rock real estate firm Irwin Partners.

In May, Vora sold a 1.12-acre site in west Little Rock to Quapaw Properties III LLC of Milledgeville, Georgia, which plans to put a Zaxby’s at the location. Vora bought the land for $500,000 but sold it for nearly $600,000 15 months later.

Electric Avenue
A patch of property formerly held by northwest Arkansas developer Gary Combs sold for $1.15 million.

Black Smoke LLC of Rogers, led by Jeffrey Wright, bought a complex of buildings on 8.7 acres at 1695 Electric Ave. in Springdale. The property includes an 18,000-SF garage-office space, a 6,144-SF office and a 5,000-SF warehouse-office space.

Centennial Bank of Conway assisted the sale with a loan of slightly more than $1 million.

Equity Bank of Andover, Kansas, as successor to Community First Bank of Harrison, was the seller after acquiring it from Signature Bank in 2011. Signature Bank got the property in 2011 in lieu of foreclosure from Combs, who died in 2012.

Steele Land
A Fayetteville eye doctor paid $975,000 for 3.3 acres on Steele Boulevard just north of Van Asche Drive.

Chad Betts, through his Hawgeye LLC, bought the property from a group of owners led by Leonard Boen’s LLEJ VII LLC, which owned 36.27 percent of the property. The other owners: CNRK LLC, led by Cloud Night Keyes, 25.91 percent; Irwin Real Estate Investors LLC, led by Jim Irwin, 13.73 percent; CMB Properties LLC, led by the Claude & Mary Ballard Family Trust, 13.73 percent; Davis-Steele Plaza LLC, led by John Davis, 10.36 percent.

First Security Bank of Fayetteville assisted the purchase with a loan of $975,000.

Terminella Buys on Wedington
Fayetteville developer Tom Terminella plans to build a mini-restaurant row on Wedington Drive in west Fayetteville after buying 10-plus acres.

Terminella paid $645,000 for the properties through his Wedington Place LLC. The land is directly across from Ozarks Electric Cooperative and in front of The Links at Fayetteville apartment complex on Wedington.

Traditional Investments LP of Fayetteville, which is led by AWR Investments Inc. and President Gerald Jones, was the seller.

Terminella said he plans to divide the 10.7 acres into six or eight restaurant pads and hopes to begin ground work this fall. He said he is already in talks with restaurants interested in locating in the area.

“We’re working with a couple of different folks, food-service related,” Terminella said. “It’s going to be an urban area with restaurants. It’s a great piece of property.”