Mathias Shopping Centers Inc. of Springdale did a $2.5 million swap with Five Forty Properties LLC of Little Rock.
Mathias, led by Sam Mathias, traded nine properties on Aug. 5 to Five Forty, made up of a consortium of four LLCs. Three of the properties were residential and six were commercial, headlined by 28,800-SF Emily Plaza at 1772 W. Sunset Ave. in Springdale.
Five Forty, in return, traded two parcels totaling 31 acres that sit between North 48th Street and Interstate 49, north of the Sunset Avenue exit. Mathias owns a large block of retail shopping properties, including the Ozark Center Point Plaza, on Sunset west of the interstate.
Bek Kaiser, whose Kaiser LLC is one of the four partners, said Five Forty acquired the 31 acres for $1.4 million in 2009 from the Cecil Vaughn Revocable Trust. Kaiser said Five Forty decided to trade the developmental properties for the income-producing properties Mathias had.
“It was just an exchange,” Kaiser said. “It was a win-win for both of us.”
Kaiser said Emily Plaza had about 80 percent occupancy and Five Forty wants to modernize the center’s look to attract new tenants.
“We’re going to update Emily Plaza and get a fresher, newer look for the tenants,” Kaiser said.
Five Forty also received a 2,359-SF home in the Valley View subdivision in Farmington as well as two houses of about 1,200 SF each on Evening Shade Drive in Fayetteville. He said the three homes acquired will be kept as rental properties.
CVS Caremark Corp. of Woonsocket, Rhode Island, is scheduled to begin construction later this month on a pharmacy in Springdale.
CVS, through CVS 10519 AR LLC, bought two sites at the southeast corner of Thompson Street and Robinson Avenue. CVS paid a little more than $1 million for 2.48 acres at 2001 S. Thompson St., the former home of the Sunrise Inn.
The city of Springdale shut down Sunrise in 2012 for code violations. CVS bought the property from First Security Bank of Searcy.
CVS paid $300,000 for a used car lot next to Sunrise at 2003 S. Thompson St. The James R. Duggar & Michelle A. Duggar Revocable Living Trust — the parents of the 19 kids on TLC’s reality show — was the seller.
The Duggar Trust bought the lot for $45,000 from David and Rebecca DeBerry in 2000.
Mike DeAngelis, the public relations director for CVS, said via email that the pharmacy will be 13,225 SF and is expected to have 20 employees when it opens in mid-2015. CR Crawford Construction Inc. of Fayetteville is the contractor.
The Springdale pharmacy will be the sixth in Arkansas for CVS. Pharmacies are in various stages of development in Fayetteville, Bella Vista and Van Buren, where one is scheduled to open next month.
California Investor Targets NWA
A California investor continues to buy properties in northwest Arkansas.
The Berman Family Trust, under trustees Joseph and Leslie Berman, paid $3.3 million for a 17,850-SF retail center at 2212 W. Walnut St. in Rogers on July 31. Jud Heflin’s NO-W-ARK LLC, which bought the property for $625,000 in 2002, was the seller.
The retail center, adjacent to the Walmart Supercenter, is another of the Bermans’ recent purchases.
Berman paid $1.25 million for the Dollar General at 1221 S. School Ave. and an adjacent lot. The seller was South School Properties LLC, owned by Mike Price of Fayetteville. In April, Berman paid $1.14 million for the Family Dollar at 514 W. Centerton Blvd. in Centerton.
The Berman Family Trust also owns a mixed-use building at 121 S. Second St. in Rogers bought for $315,000, and Joseph and Leslie Berman own the Pinecrest Mini Mall at 1411 W. Walnut.