A New Jersey finance company has invested in northwest Arkansas property again, this time buying two Fayetteville car washes.
Stonebriar Commercial Finance of Princeton paid more than $4.2 million for the car washes through its subsidiary SCF RC Funding IV LLC. Stonebriar paid $2.44 million for the Razor Wash at 260 Joyce Blvd. and $1.8 million for the Auto Magic Car Wash at 3274 N. College Ave.
The properties, which will be run by Stonebriar’s Essential Properties Realty Trust division, were leased back to the car wash owners with 20-year tenant agreements. Both car washes are run by Wash Me Holdings LLC, run by Tony and Lori Fitch of Edmond, Oklahoma.
Stonebriar bought Auto Magic from Speedy Splash Car Wash Arkansas LLC, led by the Fitches. The purchase included the 7,500-SF car wash and two adjacent lots that total more than 1.1 acres.
Stonebriar bought Razor Wash from FLDES VB PH1 LLC, led by Scott McLain, and John Karnes and John O’Donoghue.
In December, Stonebriar bought the Wedington Animal Hospital in Fayetteville for $2.75 million and then leased it back to the veterinarian group that runs the clinic. In October, Stonebriar bought a Zips Car Wash in Springdale for $2.1 million and leased it back.
Slim Chickens Office
Slim Chickens founders Tom Gordon and Greg Smart paid $1.58 million for their office at 1088 Millsap Road in Fayetteville.
They bought the 10,000-SF building through Slim Chickens Development Co. LLC from SC Office LP, led by Isaac Smith. Smith, president of Colliers International Arkansas, bought the property for $875,000 in 2014. Simmons Bank provided a $1.36 million loan.
Fayetteville Square Deal
A two-story office building that’s on the downtown Fayetteville square and the National Register of Historic Places sold for $1 million.
DPS Ventures LLC, led by Sterling Hamilton, bought the Guisinger Building at 1 E. Mountain St., which overlooks the square at Mountain Street and East Avenue. The building was erected in 1886 and was added to the register in 1984.
The sellers were Bobby and Lana Odom of Fayetteville. The building was home to the Odom Law Firm, which relocated to Van Asche Drive in uptown Fayetteville.
Signature Bank of Arkansas assisted with a loan of about $804,000.
Southmont Apartments
A New York investment bank paid $1.45 million for the Southmont Apartments in Fayetteville.
Emres Arkansas LLC, a subsidiary of Emet Capital Management, bought the 88-unit complex on Curtis Avenue. Southmont is a low-income housing complex subsidized by the U.S. Department of Housing & Urban Development. Emet specializes in distressed real estate.
Emet bought the property from Southmont Apartments LP, led by Carl Yaeger of Overland Park, Kansas. Yaeger bought it for $3.2 million in 2015.
Uptown Fayetteville Land
A hotel management company from Idaho paid $1.5 million for 6 acres on Van Asche Drive in uptown Fayetteville.
The property is behind the Steele Crossing shopping center on Shiloh Drive. The buyer was B&T Arkansas Hotels II LLC, a subsidiary of B&T Hospitality Management of Idaho Falls, which also owns the Marriott Courtyard Hotel one block east on Van Asche.
The seller was JJSJ Pak LLC, led by Samuel Pak, John Kun Pak and Joyce Pak. The Paks, who own the Shogun restaurant in Fayetteville, bought the land, along with an adjacent 1-acre plot that fronts Van Asche, for $1 million in 2015.
Crossover Property
A Dairy Queen franchisee paid $975,000 for two tracts on North Crossover Road in east Fayetteville.
CT PM LLC, led by Tom Smith, bought the 1.76 acres from Kantz Center LLC, led by Lyndy Lindsey and Kathy Ball. The land is adjacent to the Kantz Center shopping center at Crossover Road and Mission Boulevard.
Smith owns and operates the DQ Grill & Chill restaurant in Farmington.
First National Bank of Paragould provided a $1.7 million construction loan.
