Razorback Foundation Makes $6M Deal (NWA Real Deals)

Razorback Foundation Makes $6M Deal (NWA Real Deals)
The 232 acres, outlined in approximate dimensions above, sits near Kessler Mountain Regional Park in Fayetteville.

The Razorback Foundation sold 232 acres in south Fayetteville for $6 million to a Fayetteville businessman who co-founded an organization interested in opening a community for adults with emotional and intellectual disabilities.

Ashton McCombs, president of the water treatment company Phigenics of Fayetteville, bought the property through his subsidiary South Cato Springs Road LLC. The land is just west of Interstate 49 at the Cato Springs Road exit.

The Razorback Foundation, the nonprofit fundraising arm of the University of Arkansas’ Athletic Department, acquired the land in 2014 from alumnus Jerry Jones. Jones, of course, was co-captain of the Razorbacks’ 1964 college football national champions and is the owner of the NFL’s Dallas Cowboys.

Jones donated the land to the Razorback Foundation after buying it for $7.3 million from Chambers Bank of Danville. Chambers Bank acquired the land in 2010 in lieu of foreclosure from developers Richard Alexander, John Nock and Hank Broyles, who had planned a residential development.

Jones’ wife, Gene Chambers Jones, is a member of the founding family of Chambers Bank.

In 2016, McCombs and his wife founded SLS Community, whose mission, according to its Facebook page, is to “be an innovative, successful, reproducible model of excellence, celebrating and supporting neurodiverse adults as they achieve their full potential.” The McCombses have an autistic daughter.

McCombs recently met with city officials about starting a self-contained community in Fayetteville. SLS’s website has testimonials from, among others, University of Arkansas Chancellor Joseph Steinmetz and Fayetteville Mayor Lioneld Jordan.

Lindsey Apartments

There was another big deal with connections to the Razorbacks’ 1964 team.

The Trails of Paradise Valley Apartments LLC, led by Lyndy Lindsey of Lindsey Management in Fayetteville, paid $2.6 million for 12.5 acres on Joyce Avenue in east Fayetteville. Lindsey is the son of Jim Lindsey, a running back on the 1964 team who used his NFL bonus to start his namesake real estate empire.

The acreage is across the street from Paradise Valley Golf Club, another Lindsey property.

The seller was Ferrell Enterprises LP, led by Bobby Ferrell. Bill and Rita Ferrell acquired the land in 1965. Bill Ferrell was an athletic trainer for the Razorbacks.

Twin Arch

The Twin Arch Apartments, a reclamation project by Fayetteville renovator Mark Zweig, sold for $1.54 million.

Twin Arch Apartments LLC, led by Joseph G. Nichols, bought the upscale apartment complex on North College Avenue. The 17-unit complex is on the site of the Twin Arch Motel, which had fallen to near ruin before Zweig bought it for $150,000 in late 2015.

Old Buildings

Fayetteville investors Ted and Leslie Belden paid $530,000 for a 5,300-SF office-retail space just off the downtown square on East Center Street.

The Beldens are co-founders of Old Buildings LLC, which is dedicated to restoring and revitalizing buildings in downtown Fayetteville. The building, which most recently was a gourmet food store, was built in 1925.

Niblock Ventures Inc., led by attorney George Niblock Jr., was the seller. The Beldens have bought several properties from the Niblock family in the past few years, including the Niblocks’ former law office on College Avenue and the Nettleship Apartment complex.

Simmons Bank in Fayetteville provided a loan of $535,000.

Downtown Multiuse

A Tyson Foods Inc. executive and his wife spent $750,000 for a two-story space on Church Avenue in downtown Fayetteville.

Malik Sadiq, who is president of Tyson’s international growth division, and his wife, Fatima Syed Sadiq, bought the 4,300-SF building, which has apartment, office and retail options. The sellers were Jerry and Elizabeth Sparks of Texarkana, Texas.

Bank of America of Charlotte, North Carolina, assisted the purchase with a loan of $487,500.