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California Company Pays $15.9M for Mercy Facilities (NWA Real Deals)Lock Icon

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Montecito Medical Real Estate of Corona, California, paid $15.9 million for two adjoining Mercy Health of Northwest Arkansas facilities in Rogers.

They total about 35,000 SF, with offices for orthopedics, internal medicine and rheumatology. The Mercy clinics have long-term leases for the facilities, at 1000 S. 52nd St.

“We are very excited about acquiring this outstanding property in one of America’s fastest growing markets and also by having as our tenant one of the nation’s most respected health systems,” Montecito CEO Chip Conk said in a news release.

Montecito, with a portfolio of 54,000 medical facilities in the nation, bought the properties through its MMPF Rogers SPE LLC. The seller was Hunter Haynes through his Strand at Metro Park LLC.

Haynes acquired the property for $2.3 million in 2015.

Generations Bank

Generations Bank paid $1.1 million for an office building in Rogers where it plans to relocate its headquarters.

The 4,266-SF building, at 3704 W. Southern Hills Blvd., is home to Wilson Coker Wealth Advisors and Lighthouse Financial. Generations Bank bought the property from Masters Circle Enterprises LLC, composed of Kevin Wilson and Jonathan Coker and Richard “Lance” Belline, founder of Lighthouse Financial.

Wilson, Coker and Belline, along with Lighthouse Managing Partner Dax Weindorf, got a $1.8 million loan from Legacy National Bank to build their new offices on an adjacent property.

Davis Law Firm

A Fayetteville attorney paid $1.5 million for the former home of the Davis Law Firm in downtown Fayetteville.

Gregory House, through Fayetteville East Mountain Building LLC, bought the 14,400-SF building at 19 E. Mountain St., a block off the downtown square, in two transactions, for $795,000 and $705,000.

The Davis Law Firm dissolved into two firms in January: Davis Butt Taylor & Clark and the CJD Firm. Attorneys William Jackson Butt II and Constance Clark of the first firm were the sellers of the building in both transactions through their subsidiaries Legal Investments Inc. and Davis Wright Building LLC. Chambers Bank provided a $1.4 million loan. House also took a $200,000 mortgage with subsidiaries controlled by Butt and Clark.

Retail Center

A Fayetteville retail center sold for $1.2 million.

Ridgecrest LRAR LLC, led by Joseph Berman of Encino, California, bought the 15,000-SF center on South School Avenue. The center, south of downtown, covers an acre and has a pawnshop and restaurant among its tenants.

Berman, through Ridgecrest LRAR Inc., paid $1.47 million for an auto parts store in Springdale in March. The seller was the M.G. & B.J. Price Family LLC, led by Mike and Brenda Price. Partners Bank provided a loan of nearly $790,000.

Gator Golf

A miniature golf course in midtown Fayetteville sold for $500,000.

Gator Golf is a 36-hole course with a clubhouse for events such as parties and is located on North College Avenue. It had been owned and operated by James and Sharon Lester since 1987.

David Lester, James’ nephew, and his partner, Kenneth Conlee, bought Gator Golf. Lester also owns and operates Golf Mountain, another miniature course, in Lowell. Arvest Bank assisted the purchase with a loan of $432,000.

Recovery Home

A transitional home for released convicts in Springdale sole for $825,000.

Matt Bell of Little Rock, who owns several Phoenix Recovery Centers across the state, bought the 13,735-SF facility on North Thompson Street.

Bell bought the property through his MFB Investments LLC. The seller was Quapaw House Inc. of Hot Springs, led by Director Pat Parker.

The facility was a Returning Home Center that opened in 2017. Bell’s Phoenix Recovery Center oversaw the residential aspect of the home, which also offered services such as drug counseling.

Armor Bank assisted the purchase with a loan of slightly more than $835,000.

RELATED: Quapaw House, Successor to Preferred Family Healthcare, Has Woes of Its Own

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