The former APEX Tool facility at 1609 Old Missouri Road in Springdale. (Parcel lines approximate, courtesy Washington County Assessor.)
A North Carolina company has filed a lawsuit against Van Buren car dealer Larry Breeden in Washington County Circuit Court alleging that Breeden breached an agreement to purchase an industrial building in Springdale in May 2018.
Apex Tool Group LLC of Huntersville, North Carolina, said in a suit filed by attorneys Adrienne Baker and Jacob Fair of Wright Lindsey & Jennings in Little Rock that Breeden agreed to pay $2 million to purchase a 242,000-SF industrial building at 1609 Old Missouri Road in Springdale. The property sale would have included nearly 53 acres.
Binswanger Southern of Philadelphia and Sage Real Estate Solutions of Fayetteville were each scheduled to receive $60,000 for brokering the deal. They were not parties to the Apex lawsuit.
Breeden deposited $100,000 in an escrow account with City Title & Closing in Fayetteville. The purchase agreement gave Breeden 45 days to inspect the property and if he wasn’t “reasonably satisfied” he could withdraw from the purchase agreement.
The suit said Breeden sent a letter on June 15 that he was terminating the purchase agreement because he was “unable to become satisfied with the environmental condition” of the property.
Apex said Breeden failed to respond for four months with any reason or evidence for his dissatisfaction. Apex said that breached the purchase agreement contract.
The suit asks for a declaratory judgment directing City Title to transfer the $100,000 in the escrow account and any interest to Apex. Apex is also asking for attorneys’ fees and other suitable relief.
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