Springdale Apartments Sold for $23.4 Million (NWA Real Deals)

Springdale Apartments Sold for $23.4 Million (NWA Real Deals)

A Houston couple made another big real estate investment in northwest Arkansas, paying $23.4 million for a new apartment complex in Springdale.

Trevor and Christina Shakiba, the co-founders of Shakiba Capital, bought the 168-unit Reserve at Springdale complex on Old Missouri Road. In late 2020, they had paid $15.8 million for the 132-unit Reserve at Tontitown apartment complex.

First National Bank of Fort Smith provided a loan of $17.55 million.

The seller was Brooks Norris, the CEO of Norris Development of Fort Smith. Norris, an investor and contractor, acquired the 11-acre Springdale property as land for slightly more than $1 million in 2020. 

Norris was also the seller of the Tontitown property in the Shakibas’ earlier deal. 

Fairfield Inn & Suites

A Springdale hotel sold for more than $5.6 million to a group of Houston investors.

ZHOF Hospitality Fund 1 LLC bought the 74-room, 45,216-SF Fairfield Inn & Suites on Reiff Street. The group is made up of Raheel Suria, Shehzad Dalal, Sabrina Suria and Syed Sher Shah. 

Arvest Bank provided loans of more than $3.3 million.

The seller was a subsidiary of Torchlight Investors of New York City. Torchlight acquired the property for $4.76 million at auction in 2021 from a subsidiary of Waramaug Hospitality Asset Management of Boca Raton, Florida.

Fayetteville Liquor Store

A Jonesboro investor paid more than $5.5 million for a liquor store on MLK Jr. Boulevard in west Fayetteville.

Donald L. Parker II, through his 3970 MLK Fayetteville LLC, bought the 10,943-SF Premier Wine & Spirits. The facility sits on more than 3 acres.

Signature Bank of Arkansas of Fayetteville provided a loan of just a bit less than $4 million.

The seller was Green Acres Leasing of Fayetteville, led by Jay Trulove of Berryville. Trulove acquired the property in 2021 for the same amount he sold it for.

Newly Weds

The Springdale facility for Newly Weds Foods Inc. of Chicago changed hands in a $6.6 million deal.

The buyer was the parent company and the seller was CA Springdale LLC, led by Charles Angell. Angell is the owner and former president of the food ingredient company. The 125,000-SF building is located on Angell Drive.

Andy’s Frozen Custard

An Andy’s Frozen Custard franchise in Springdale changed hands in a $2.3 million sale-leaseback.

AAMTG 2 LLC, led by Galen Pellham of Springfield, Missouri, bought the restaurant on Mathias Drive. The location opened earlier this month.

Central Bank of the Ozarks in Springfield provided a loan of $1.84 million. The seller was Andy’s Frozen Custard Stores Inc. of Springfield. It acquired the property as land for $675,000 in 2021. Andy’s Frozen Custard signed a 15-year lease with Pellham after the sale.

Springdale Conoco

A Conoco convenience store on Sunset Avenue in Springdale sold for more than $1.5 million to New York investors.

RCP Springdale LLC, led by Andrew Fein and David Shenfeld of Rye, New York, bought the 1,836-SF store. First Internet Bank of Indiana provided a loan of slightly more than $1 million.

The seller was Standard Development Co. of Little Rock, a convenience store development company led by J. Blake Smith. The two parties signed a lease agreement after the sale.