A Shreveport hotel group paid $11 million for the Courtyard by Marriott hotel in Bentonville.
SMC Hotels Group, through its NWA Hotel Opportunity LLC, bought the 90-room hotel at 1001 McClain Road, just east of Interstate 49. SMC is a family-held management group started by Harrison Smith in 1984. The Courtyard in Bentonville is the company’s first Arkansas property. It has primarily focused on Louisiana and Texas.
“We are excited to enter the Bentonville and northwest Arkansas market,” said Delton Smith, vice president of SMC and the son of the founder. “Our family has been in the hotel business since 1932, but this is our first property in this market. The population growth, business climate and high quality of life are all factors we look at closely when making an investment.”
The seller was Hawkeye Hotels of Coralville, Iowa, through its subsidiary Wally Hospitality Inc. Hawkeye acquired the hotel for $4.6 million in 2011.
The three-story hotel sits on 2.49 acres and has almost 50,000 SF. The deal was arranged by CBRE Hotels, and David Erstine of the Fayetteville CBRE office helped represent Hawkeye.
Joyce Plaza Flipped
A 33,000-SF shopping center in uptown Fayetteville has sold for the second time in a little more than a year.
Joyce Plaza, at the northwest corner of Joyce and Steele boulevards, sold for $4 million. Joyce Plaza Fayetteville LLC, led by An Wei Feng of Springdale, bought it.
Zheng Lin LLC, led by Tian Quan Zheng, Tianzhao Zheng, Chunli Lin and Jian Fei Lin of Rogers, was the seller. Zheng Lin bought Joyce Plaza for $3.7 million in April 2017 from Joyce Plaza LLC, led by Pete Hornibrook of Little Rock.
The property covers 3.77 acres. Arvest Bank in Rogers provided a $3.2 million loan.
Springdale Mini-Storage
A Rogers investor bought a mini-storage complex in Springdale for $2 million.
Hwy 412 Mini Storage LLC, led by William Wes Shelton, bought the property from Phillip Ray and Carolyn Sue Culpepper, also of Rogers. The Culpeppers acquired the then-undeveloped property in 1991 for $112,000.
The mini-storage complex is on 3 acres at 1253 E. Robinson Ave. in Springdale. It has 241 units that total 23,600 SF.
Signature Bank of Arkansas in Fayetteville provided a $1.7 million loan.
Auto Repair Shops
Two Seeburg Muffler & Brake shops in northwest Arkansas sold for nearly $700,000 in two transactions.
They are at 1599 N. College Ave. in Fayetteville and at 1204 S. Thompson St. in Springdale. Both stores were bought by Kenneth and Lois Schulte of Springfield, Missouri, through their subsidiaries Seeburg of Fayetteville LLC and Seeburg of Springdale LLC.
Lois Schulte is a longtime employee of Seeburg, which began in Springfield, and is now general manager of the small chain. The Schultes paid slightly less than $350,000 for the Fayetteville store and slightly more than $344,000 for the Springdale location.
The seller was Wiser Properties LLC of Springfield, which is led by Audrey Wiser. Audrey Wiser is the widow of Seeburg founder Jack Wiser. A third Seeburg location in Rogers was not listed as having been sold.
Mid-Missouri Bank in Republic, Missouri, assisted the purchases with loans of $285,000 for the Springdale store and slightly more than $254,000 for the Fayetteville location.
Fayetteville Lot
A 1.28-acre lot adjacent to the Buffington Homes office on Joyce Boulevard sold for $650,000.
The buyer was 2826 Joyce LLC, led by Mike Lamberth and Clayton Carlton. Lamberth is the owner of Buffington Homes and Carlton is a principal.
Buffington Homes, a homebuilding company, has its office in a complex at 2826 E. Joyce, which is just east of the undeveloped lot.
The seller was Millennium LLC of Fayetteville, led by Gary Head and Kirk Elsass. Head is the CEO of Signature Bank and Elsass is a senior vice president with Lindsey & Associates.
BancorpSouth Bank in Fayetteville provided a loan of $1.35 million.
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