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Black Hills Energy Buys Gas Office (NWA Real Deals)Lock Icon

3 min read

Black Hills Energy Arkansas Inc. bought a 50,000-SF office building in Fayetteville for $8.4 million.

The 655 E. Millsap Road site was the home of Source Gas, the natural gas utility bought by Black Hills in 2016. The office and site cover more than 3½ acres.

The seller was Millsap Road Investment Co. LLC, a group of owners including John Flake, Hank Kelley Jr., Scott Tabor and Marilyn Mathis. Flake is chairman of Flake & Kelley Commercial Real Estate in Little Rock, where Kelley is the CEO. They each owned slightly more than 21 percent of the Source Gas building. Tabor owned a little less than 20 percent, and Mathis acted as the trustee for the Henry Keith Cearley Jr. Trust, which owned nearly 17 percent.

Other owners were Stephanie Dailey Kelley, Hank Kelley’s wife; former Little Rock Mayor Jim Dailey; and Kathleen Dailey Hightower. Each owned slightly more than 7 percent of the building.

Dickson Street Theater
The former Dickson Street Theater in downtown Fayetteville and two adjacent sites sold for more than $1.8 million.

HMT of Fayetteville LLC was the buyer. Tyson Foods Inc. Chairman John Tyson is a member of HMT, which owns other downtown Fayetteville properties, and HMT’s mailing address is Blessings Golf Club, which Tyson founded. HMT paid $950,000 for the former nightclub at 227 W. Dickson St. It closed a few years ago. The seller was Lumiere Building LLC, led by M. Ross Cully and Gregory Billingsley.

Cully and Billingsley bought the theater for $630,000 from Jimmy and Molly Rapert in 2014 and had planned to build a movie and event venue.

HMT paid $500,000 for a .2-acre lot with a small residential building at 226 N. Locust Ave. The seller was Christ Community Church of Fayetteville.

HMT paid $400,000 for a similar lot, also with a small residence, at 228 N. Locust Ave. The seller was Billingsley and his wife, Rachel.

Hog Haus
The former Hog Haus Brewing Co. bar sold for more than $3.1 million.

Three House Ventures LLC, registered to agent Jason Bramlett, bought the 13,672-SF building at 430 W. Dickson St., at the corner of West Avenue. The mailing address on the warranty deed is the residence of Mark King of Fayetteville. The seller was 430 W. Dickson Inc., led by Margaret Gilliam, president of consulting group Gilliam & Co. of New York City.

Sycamore Apartments
A Dallas investment group paid $4.1 million for the Sycamore Townhomes apartment complex in Fayetteville.

TRS Sycamore LP, led by Travers Sparks Mahan III and Sarah Catherine Norris, bought the 31,000-SF complex on Sycamore Street. The seller was Titan Development LLC of Van Buren, led by Bransen Harris. Grand Bank in Tulsa provided a loan of $3.5 million.

Curtis Street
Fayetteville investor and property manager Chris Elder paid $950,000 for the Curtis Street Townhomes apartment complex in Fayetteville.

Elder bought the 19,000-SF, 16-unit complex through his CLElder LLC. The sellers were John and Patricia Kendrick of Springdale.

First National Bank of Fort Smith lent more than $650,000 for the project.

Township Warehouse
A Springdale investor bought a warehouse-office space on Township Street in Fayetteville for $700,000.

Jory Investments LLC, led by Amanda Hillis, bought the 9,600-SF property. The sellers were Dwight and Johnnie Hatcher. Dwight Hatcher owns an automobile repair shop at the site. The Bank of Fayetteville provided a $595,000 loan.

Steele Land
A 2.3-acre plot on Steele Boulevard in uptown Fayetteville sold for $1.2 million.

The buyer was a trio of subsidiaries run by Katie Papasan, an agent of City Title. The land is south of the entertainment venue JBGB. The seller was Jody Thornton, through his Faymjet LLC. Thornton owns JBGB and also the local JJ’s Grill. Thornton opened the 13,000-SF JBGB site in May 2017. Arvest Bank aided the purchase with a loan of $1.2 million.

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