The owner of a Tontitown veterinarian supply company has filed suit in Washington County Circuit Court in an attempt to force the completion of a commercial property purchase.
Kenny Lipsmeyer, who owns K&K Veterinary Supply, filed suit through his attorney Marshall Ney of Friday Eldredge & Clark LLP of Rogers.
Lipsmeyer’s suit claims that Al Romine, who lives in Celebration, Florida, agreed to sell the property for $2.65 million to Lipsmeyer but months later sold it for $2.7 million to Elder-Conway LLC, led by investor and property manager Chris Elder.
Lipsmeyer’s suit names Elder, his LLC and Romine as defendants. He is asking the court to enforce the purchase agreement.
Lipsmeyer, acting under his subsidiary Lipspaces LLC, attempted to buy industrial office-warehouse space that is home to the Gates Corp. at 609 Laura Lane in Tontitown.
K&K Veterinary Supply has a distribution center located just down the street at 675 Laura Lane.
The property in question covers 6.4 acres and had 46,000 SF of warehouse and 11,400 SF of office space. The property was listed originally with Lindsey & Associates for $3.1 million and reduced to $2.95 million.
Lipsmeyer agreed to acquire it for $2.65 million on June 1, 2017, according to the suit. There were contingencies to workthrough, but Lipsmeyer claims he upheld his end of the contract.
The suit said Elder-Conway was aware of the contract with Lipsmeyer. The sale to Elder-Conway was finalized on Oct. 12, 2017.