Wobbe Lane Apartments Sell for $26 Million (NWA Real Deals)


Wobbe Lane Apartments Sell for $26 Million (NWA Real Deals)
A Google Street View image of Wobbe Lane Apartments in Springdale (© Google)

Three subsidiaries of Think Multifamily of Frisco, Texas, paid $26 million for the Wobbe Lane Apartments in Springdale.

The subsidiaries are all led by Mark Kenney, the CEO and founder of Think Multifamily. Wobbe Lane Holdings LLC claimed nearly 93% of the share of the complex with Pearce Wobbe LLC and TGK Wobbe LLC assuming the rest.

The 128-unit complex totals 54,460 SF on East Randall Wobbe Lane.

TREZ Capital Corp. of Vancouver, Canada, provided a loan of $20 million.

The seller was AndMark Management Co. of Los Angeles through its AndMark Wobbe Lane Apartments II LLC. Mark Mosch is the founder and CEO of AndMark.

Springdale Shopping Centers

A Farmington investor paid $7 million for two shopping centers in Springdale.

Avance Business Solutions Inc., led by Jeremy Avance, bought the two properties. Avance paid $5 million for a 56,000-SF center on North Thompson Street and $2 million for a 16,900-SF center on East Robinson Avenue.

First State Bank provided a loan of $8.5 million.

The seller was Hillcrest Holdings LLC, led by Gary Nichols of Johnson.

Fayetteville Duplexes

Seven duplexes in Fayetteville were sold by Platinum Building Group, led by Brooks Norris, in multiple deals. Norris is a developer and contractor in Fort Smith.

Bessie and Johnny Biswell of Tontitown, through subsidiaries, bought four duplexes off Rupple Road for nearly $2.2 million. Bessie Biswell acquired 62% of the duplexes, and Bessie and Johnny Biswell trusts acquired the remaining 38%.

Mario Mosbock and Amanda Stanley bought three duplexes off Rupple Road for $1.6 million.

Grand Savings Bank of Grove, Oklahoma, provided a loan of slightly less than $1.4 million.

Springdale Taco Bell

A Taco Bell fast-food restaurant sold for about $2.5 million to an Arizona investor.

Jay Umiya DG LLC, led by Himanshu Patel of Mesa, bought the restaurant, on Elm Springs Road.

The seller was K-Mac Enterprises Inc. of Fayetteville, a major franchisee of Taco Bell restaurants.

Patel and K-Mac signed a lease agreement.

Credit Union 1 of Lombard, Illinois, provided a loan of nearly $1.4 million.

Downtown Town Home

A Marianna investor paid slightly more than $1 million for a town home in downtown Fayetteville.

Garrett Frost of Frost Flying, an airplane supply and service company, bought the 3,064-SF property on Block Avenue. It has four bedrooms, 4½ bathrooms and a two-car garage.

The seller was Fayetteville attorney John Eldridge III. Eldridge acquired the property solely for $480,000 in 1999 from Thomas Burke; Eldridge and Burke had purchased the property for $225,000 in 1992.

More on the Block

A Jonesboro investor paid $1.4 million for a commercial space in downtown Fayetteville.

Ted Herget, through his A Squared Investments LLC, was the buyer. The 8,144-SF space, occupied by a cleaning and laundry business, is on Block Avenue just north of the Fayetteville square.

Signature Bank of Arkansas of Fayetteville provided a loan of $1.4 million.

The seller was David and Natasha Harris of Springdale. The Harrises acquired the property in 2021.

Farmington Sonic

A Fayetteville investor bought half-ownership of the Sonic Drive-In in Farmington.

Kenneth V. Smith, through his KKCK Defense LLC, paid $900,000 for half of the 1,589-SF restaurant on Main Street. Smith bought the share from Sonic Investment No. 1 LLC, led by David Clayton DeJarnett of Collinsville, Oklahoma.

DeJarnett acquired the property as land for $88,000 in 1996.