St. Paul’s Episcopal Church of Fayetteville bought the building that housed the law firm of Estes, Gramling & Estes at 19 Dickson St.
St. Paul’s, located adjacent to the law firm at 224 East Ave., paid $405,000 for the 2,022-SF building.
The law firm, headed by partners Trip Estes and Doug Gramling, moved from Dickson Street to a leased space at 1 E. Center on June 24.
Legacy National Bank of Springdale provided a loan of $625,000 for the acquisition. Peter Estes Jr., a retired former partner at the firm, and Doug Gramling were the sellers.
Estes, individually and through the Peter & Patricia Estes Joint Revocable Trust, owned 60 percent of the property, while Gramling owned the remaining 40 percent.
Estes and Gramling acquired the property for $138,000 in 1991.
Hospital Purchases Land
Washington Regional Medical Center paid $4.3 million for 5.43 acres south of its 3215 N. Northhills Blvd. complex in Fayetteville.
The hospital, through its Washington Regional Medical Services affiliate, purchased the land from the Billingsley Family Limited Partnership, led by Boyce Billingsley.
The four lots vary in size from 2.68 acres to 0.71 acres.
The largest lot is southwest of the intersection of Appleby Road and North Hills Boulevard.
The remaining three lots are stacked along the east side of Bob Younkin Drive, south from Appleby Road.
Billingsley acquired the property for $3.7 million in 2005.
The partnership of sellers included Phil Phillips, Tom Muccio and Ben Israel.
Housing Sold to Investor
A Massachusetts real estate investment trust purchased three assisted-living facilities in Arkansas, including two in northwest Arkansas.
Culpepper Place of Fayetteville, located at 4461 Crossover Road, and Culpepper of Springdale, located at 672 Jones Road, were included in the sale.
CNL Lifestyles Properties, a REIT sponsored by CNL Financial Group of Orlando, said in a news release that it sold 37 assisted-living properties to Senior Housing Properties Trust of Newton, Massachusetts.
The $762.6 million sale covered properties in 15 states.
Culpepper Place of Fayetteville was sold for approximately $19.2 million, and the facility has already been renamed Morningside of Fayetteville.
The 27,760-SF project has 67 units and sits on 6 acres.
Culpepper of Springdale sold for approximately $12 million and has been renamed Morningside of Springdale.
The 52,220-SF project has 59 units and sits on 4.5 acres.
The Prudential Insurance Co. of America in Newark, New Jersey, provided a $79.5 million loan to cover purchases in Arkansas, Illinois, Missouri and Oregon.
Senior Housing Properties accomplished the deal through an affiliate: SNH Al Aimo.
Group Buys Storage Facility
An Austin, Texas, real estate investment company has made another self-storage purchase in northwest Arkansas.
Virtus Real Estate Capital LLC, through its VREC Stor Mart LLC, paid $4.93 million for Stor-Mart Storage Super Center on West Storage Parkway Road in Rogers. The facility’s name has been changed to Hudson Road Self Storage to refer to its location just off industry-popular Hudson Road.
Wil-Shar Moore Investments LLC, a partnership of Jason Moore and William Witcofski, was the seller.
In 2014, Virtus bought self-storage facilities in Rogers and Bentonville for nearly $4 million.
At that time, Scott Humphreys of Virtus said northwest Arkansas was a “highly targeted market” for the company.
Hudson Road Self Storage is 195,000 SF with more than 700 contained units and more than 100 outdoor lots. Virtus’ previous acquisitions are managed by a third-party group, Absolute Storage Management of Memphis, and an Absolute employee is already at Hudson Road as property manager.
The manager said the facility is in good repair and Virtus hasn’t decided how much, if any, remodeling would be needed. The facility is 15 years old and is more than 90 percent leased.
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