NLR Investor Pays $6.7M for Fayetteville Land (NWA Real Deals)

NLR Investor Pays $6.7M for Fayetteville Land (NWA Real Deals)
Richardson Properties bought 38 acres of undeveloped land, shown above in orange, near the Interstate 49/ Highway 71B split in Fayetteville. (Mapbox)

A North Little Rock real estate developer paid $6.7 million for 38 acres just off Interstate 49 in uptown Fayetteville.

Keith Richardson, who heads Richardson Properties, bought the acreage on West Van Asche Drive, just south of the Northwest Arkansas Mall and close to recently opened residential communities Uptown Apartments and Watermark at Steele Crossing.

Richardson developed the first phase of The Pointe at Bentonville, a 170-unit apartment complex.

The seller was WG Land Co. LP, led by the Anne Whitfield Jones Trust. Gerald Jones acted as the trustee of the Anne Whitfield Jones Trust.

Student Housing

A developer of boutique student housing complexes paid $2.3 million for a 4.15-acre tract blocks from the University of Arkansas campus in Fayetteville.

Pat Chisholm of PLC Partners of Franklin, Tennessee, bought the land through his subsidiary Fayetteville 1821 LLC. The land is at 1821 W. Mitchell Ave.

PLC Partners’ website said the company has developed 13 mixed-used student housing projects with more than 1,000 beds at colleges such as Florida State, Ole Miss and Auburn University.

The seller was Mitchell Street Development LLC, led by Jana-Wrenay Elkins. Elkins, a senior vice president with Lindsey & Associates, had acquired the land earlier this year for $1 million from Sheik Abdulaziz Bin-Ibrahim Alibrahim of Jeddah, Saudi Arabia.

Highland Oncology

An office building anchored by the Highland Oncology Group business office sold for $1.85 million.

Lindsey-Green Commercial Properties, led by Stanley Green, bought the property through his 688 E. Millsap LLC, which is named after the address of the building. Highlands Oncology Group is one of the tenants of the 10,000-SF building.

The seller was Metaphase I LLC, led by chief manager Dr. Dan Bradford. Bradford is an oncologist and a co-founder of Highlands Oncology Group.

Metaphase bought the building from Lindsey-Green for $1.69 million in 2008.

Trio for San Francisco Investor

A former bank converted into a medical facility sold for $1.07 million, the second time it has been sold since May.

The Debra Christoffers Revocable Trust of Fayetteville bought the 3,964-SF building on Sunset Avenue in Springdale that was originally a First Federal Bank branch. The branch was renovated into a Washington Regional Urgent Care facility. Arvest sold it earlier this year for $865,000 to a Little Rock real estate brokerage firm led by Brock Martin and Ben Lester. Arvest Bank acquired the branch when it bought Bear State Financial for $391 million in 2017; Bear State bought First Federal in 2011.

Christoffers, a real estate investor in San Francisco, made two other commercial acquisitions in early November. He paid $2.57 million for a Burger King and $960,000 for Scooter’s Coffee, both on South Walton Boulevard in Bentonville.

Preferred Office

A Fort Smith company bought the building where it runs its northwest Arkansas operations.

Preferred Office Technologies, led by Alan and Kevin Dickinson of Fort Smith, paid $810,000 for a 6,032-SF building on Frontage Road in Fayetteville.

Preferred, which sells office products and IT services, has offices in Fort Smith, Fayetteville and Tulsa. Alan Dickinson is the president and Kevin Dickinson is CFO of the family company. They bought the office through the 4000 Frontage LLC.

The sellers were Jeff Earhart and Ron McMaster. Earhart and McMaster are certified public accountants at Ken Lance CPA, which was headquartered at the office before moving earlier this year.

First National Bank of Fort Smith provided a loan of more than $1 million.

Fayetteville Apartments

A Fayetteville investor paid $860,000 for an apartment complex on West Deane Street in Fayetteville.

Blair Taylor, an agent with Keller Williams Realty, bought the 22-unit complex from Harrison J. Davis of Siloam Springs. Harrison and Timothy Davis provided a $744,000 loan to Taylor for the acquisition.

The complex was built in 1982 and has 16,000 SF.