California Investor Pays $6.5M for Springdale Apartments (NWA Real Deals)

A California investor who partners with Trinity Multifamily of Fort Smith has bought another northwest Arkansas apartment complex.

AndMark of Los Angeles, led by Mark Mosch, paid $6.5 million for the Wobbe Lane Apartments on East Randall Wobbe Lane in Springdale. The complex has 128 units and covers 12.76 acres. The seller was Wobbe Lane LLC, led by Raymond Merrill of Sallisaw, Oklahoma. Merrill has been selling and buying northwest Arkansas properties in recent years.

AndMark bought Crown Ridge apartment complexes in Fayetteville and Fort Smith in December 2017 for $4.2 million, and it bought the Eastwood Apartments in Jacksonville in January for $2.8 million. AndMark owns 11 apartment complexes in Arkansas. Trinity manages most of the company’s Midwest properties. AndMark bought the Wobbe Lane Apartments through its AndMark Wobbe Lane Apartments LLC.

Berkadia Commercial Mortgage LLC of Ambler, Pennsylvania, a subsidiary of Berkshire Hathaway, provided a loan of more than $5.1 million.

Willow Creek Details
The Willow Creek medical office building was sold this month for $8.6 million to a Florida real estate investment trust.

Catalyst Healthcare Real Estate of Pensacola, led by CEO Chad Henderson, bought the 38,000-SF building on Willow Creek Drive in Johnson through 5501 Springdale Properties LLC.

5501 WCD II LLC, led by Dan Andrews of Little Rock, was the seller.

Henderson and Catalyst had just completed a major buying spree in August in which the company acquired 21 medical properties in eight states for $150 million. None of the properties were in Arkansas.

IberiaBank in Mobile, Alabama, provided a loan of $6.75 million.

Springdale Walgreens
A Springdale Walgreens sold for $6 million to a California investor.

Mission Storage Centers LLC, led by Donald Pruitt Sr. of Pruitt Investments in Templeton, California, bought the 14,328-SF site on East Robinson Avenue. The seller was the real estate investment trust DDR of Beachwood, Ohio.

American Fidelity Assurance Co. of Oklahoma City assisted the purchase with a loan of $2.4 million.

Musical Chili’s
The Chili’s restaurant in Fayetteville sold for the second time in four months.

SunTrust Equity Funding LLC of Atlanta, through a subsidiary, BR Fayetteville Ar Owner LLC, paid $2.7 million for the 5,364-SF eatery on East Millsap Road. The seller was Brinker International of Dallas, Chili’s parent company.

SunTrust and Brinker signed a 15-year lease deal, with six five-year extensions, after the sale.

In April, Brinker had bought the same property for more than $1.8 million from Vereit Inc., a real estate investment group in Phoenix. Vereit had been owner and landlord of the location.

Downtown Fayetteville Condo
A Fayetteville group paid $750,000 for a two-story condo 5 N. West Avenue in downtown Fayetteville.

Eatthefrog LLC, led by Coleman Lee Ward, Mark Morris, Matthew Weber and Suze Anna Myers, bought the 2,076-SF property, which is more than 110 years old. The sellers were JNA LLC, led by Jennifer Alexander, and Rob and Kathy Merry-Ship.

Alexander and the Merry-Ships each owned a half-interest in the property.

Generations Bank in Fayetteville assisted the deal with a loan of nearly $550,000. The buying group also took out a $100,000 mortgage with Downtown Partners LLC, which is also made up of Alexander and the Merry-Ships.

Springdale Apartments
An investor from Cave Springs bought a cluster of Springdale apartments for more than $1 million.

Springdale Rental Properties LLC, led Brian Wager, paid $420,000 and $596,000 for a total of 32 units on Powell Street, Christy Drive and Kim Avenue. The sellers were Lisandro and Aracely Melgar of Colcord, Oklahoma.

Generations Bank in Rogers provided a loan of $834,000. Springdale Rental Properties also took two mortgages with the Melgars for a total of $185,000.