Evelyn Hills Shopping Center Sold for $7.2M

Ozark Natural Foods, shown in 2015 in the Evelyn Hills Shopping Center at 1354 N. College Ave. in Fayetteville.

A Texas investment group bought the Evelyn Hills Shopping Center on North College Avenue in Fayetteville for $7.2 million in a deal that closed earlier this month.

Evelyn Hills Fayetteville AR LLC of Dallas, a subsidiary of Provident Realty Advisors of Dallas, bought the 131,000-SF retail center. Provident is led by co-owner JC Burciaga.The sellers were a group of owners including John Selig and John Flake, both of Little Rock; Ron Robbins of Fort Smith; David Prewett of Russellville and Matthew Dearnley of Fayetteville.

Dearnley, the CEO of Flake & Kelley Commercial Northwest, said Flake & Kelley will continue to manage the property, which is fully leased.

John Flake, Dearnley’s father-in-law, is the CEO of Flake & Kelley Commercial in Little Rock.

Selig, the head of The Lewin Group and former director of the Arkansas Department of Human Services, led Rolin Park LLC and Giles Properties LP.

Rolin Park and Giles Properties owned nearly 52 percent of Evelyn Hills. Flake’s Central Properties Inc. held nearly 26 percent.

Dearnley represented Evelyn Hills Partners LLLP, which owned about 13 percent.

Robbins is a vice president at Hanna Oil & Gas Co., which owned 6 percent, and Prewett, of 3W Companies, led Crossroad Plaza Partnership, which held a 4 percent stake.

Evelyn Hills, built in 1960, is anchored by high-profile tenants such as Ozark Natural Foods and Tacos 4 Life.

“It’s a great property,” Dearnley said. “If I had a bigger interest, I would have bought out my partners. When you’re a 5 percent owner, it’s hard to swallow the other 95 percent.”

Dearnley said he and his partners have been trying to sell Evelyn Hills for a while after buying the property for $10 million in 2006.

“The tenants who are there are doing well,” he said. “Some have been there for 20-plus years.”