Avid Hotel Is Sold For $9.6M (NWA Real Deals)

Avid Hotel Is Sold For $9.6M (NWA Real Deals)
Avid Hotel on West Jewell Road in Fayetteville. (Google Maps)

A Bentonville investor group paid $9.6 million for the Avid Hotel in west Fayetteville.

Khair Mgmt Inc., led by President Shahid Sheikh, bought the 82-room hotel on the corner of West Jewell Road. The hotel is just south of Wedington Drive and sits on 3.2 acres.

Sheikh is the owner of four Little Martians Learning Centers in northwest Arkansas. 

Academy Bank in Kansas City, Missouri, provided a loan of slightly more than $7.7 million.

The seller was Donda Investment LLC, led by Minesh Patel and Vibha Patel.

The Patels purchased the property as land for $750,000 in 2018.

Corner Lot

A Texarkana real estate investor paid $1.8 million for a 1.7-acre corner lot in west Fayetteville.

Curt Green, through his GX13 Fayetteville Wedington LLC, bought the vacant lot in the 3300 block of Wedington Drive.

Green is also the president of the I-49 International Coalition that lobbies for the completion of the interstate between Fort Smith and Texarkana.

The property is located at the southeast corner of Wedington and Salem Road, just north of the Planet Fitness and Avid Hotel, which also recently sold. 

Cadence Bank in Texarkana provided a loan of slightly more than $4 million. 

The seller was Forest Hills Partners LLC, led by Charles Palmer of Fort Smith.

Palmer acquired the property as part of a larger transaction in 2015; Palmer and his partner, Rick Carpenter, developed the 10-acre lot that Planet Fitness anchors.

East Mission Storage

A 6-acre self-storage complex sold for $2.8 million in Fayetteville.

State Line Properties LLC, led by James Murphy Jr. of Little Rock, bought the East Mission Storage facility on East Mission Boulevard. The complex has 54 units totaling more than 13,000 SF.

Southern Bancorp Bank in Hernando, Mississippi, provided a loan of $2.24 million.

The seller was Lynda Ward and Kathryn Krump. Ward and James Ulick bought the property for $60,000 in 1990.

Hotel Land

A hotel developer paid nearly $3 million for 5.4 acres of land just east of Interstate 49 in Fayetteville.

The property on North Futrall Drive is just south of the Cross Church. Lighthouse Hospitality LLC, led by Narendra Krushiker, paid $2.99 million for the land.

Krushiker is the president of KHG Hotels in Springdale. The seller was Mary Sue Shaw through two subsidiaries, Marinoni Inc. and Pam Angus LP. 

Storage for Two

Two self-storage complexes in Washington County sold for $1.7 million.

The buyers of both storage units were subsidiaries led by Adebayo Fasanya of Fort Smith. The complexes are located in Farmington and Prairie Grove.

The Farmington complex has 152 units totaling 10,000 SF on East Heritage Parkway. It sold for $950,000. The Prairie Grove complex has 73 units totaling 10,600 SF on Brady Road. It sold for $750,000.

First Security Bank in Fort Smith loaned $1.725 million. Both properties were sold by Malone Property Holdings LLC, led by Ryan Malone of Springdale. Malone acquired the properties for $850,000 in 2018 from the Robert Daugherty Trust.

North College Office

A Rogers investor paid $1.2 million for a retail-office building on North College Avenue in Fayetteville.

Mockingbird Holdings LLC, led by Kezie Odunukwe, bought the 6,355-SF building. Odunukwe’s Mockingbird Real Estate Group has the vacant property listed for lease on its website.

Generations Bank provided a loan of $960,000. The seller was Giant Buildings LLC, led by Jonathan Montgomery and Matthew Horner of Fayetteville. Montgomery and Horner acquired the property for $835,000 in 2020.

Tontitown Storage

A 200-unit self-storage complex in Tontitown sold for $1 million.

Tontitown Mini Storage Inc., led by John and Karla Lester of Springdale, bought the 31,000-SF facility on 2.67 acres. 

Today’s Bank of Huntsville provided a $1.36 million loan. The seller was Diane Border’s Border Enterprises LLC.