Chambers Bank Lets Go of Westside Village OREO Property

Chambers Bank of Danville has agreed to sell one of its seven OREO properties in Springdale to a Fayetteville investment group.

Chambers Bank acquired the land, which totals approximately 12.7 acres, from Ben Israel’s Westside Village LLC in lieu of foreclosure in 2010. The seven lots are listed by CBRE Inc.

The property is in west Springdale, just north of Henri de Tonti Boulevard and west of Jones Road. Westside Village LLC acquired the property from Dixie Management, also run by Ben Israel, in 2007. Dixie Management acquired the property originally from the Riazzi family in 2004.

The largest of the lots, approximately 6.36 acres, is listed with a sale price of $692,750 and is under contact.

The buyer is Sprout Holdings LLC of Fayetteville, which is led by managing member Tamara Martin.

Martin also manages Orchard Holdings LLC, which is the owner of several lots due west of the Westside Village property. Sprout is expected to develop townhomes on the 6.36-acre lot.