A Virginia investment firm bought the Brookstone Assisted Living Facility in Fayetteville for $18 million.
White Oak Financial of Tyson’s Corner bought the 98-bed facility through its subsidiary WOJV Fayetteville LLC, a part of its real estate investment trust. The seller was Capital Health Group of Baltimore, through its Brookstone Real Estate LLC.
The facility, located at 415 E. Longview St., is 36,000 SF and sits on 4 acres. Capital Health acquired Brookstone for $7 million in 2014.
Sears at the Mall
A Tulsa investment company paid $8 million for the former Sears store at the Northwest Arkansas Mall in Fayetteville.
Gibraltar Capital Management, through its subsidiary GCM NWA LLC, bought the 137,000-SF former retail store and its accompanying 14 acres (the parking lot surrounding the store). Gibraltar was co-founded by James Redman, who is a graduate of the University of Arkansas at Fayetteville.
The Sears in the mall closed its doors in early 2018.
The sellers were the trio that bought the entire mall for $39.5 million in 2016: Namdar Real Estate, CH Capital Group and Mason Asset Management, all of Great Neck, New York. Namdar and CH Capital each owns 47.5% of the mall, while Mason owns the remaining 5%.
Specialized Real Estate Group in Fayetteville paid $4.25 million for the Farmers Cooperative at the southwest corner of Martin Luther King Jr. Boulevard and School Avenue in Fayetteville. The Farmers Cooperative Association, led by President Matt Crabtree, was the seller.
SREG, led by CEO Jeremy Hudson and President Seth Mims, also paid $595,000 for an adjacent property owned by Yong Jun Shen and Linda Xia Chen of Allen, Texas. On its website, SREG details its plans for the 8-acre property: a mix of hospitality and retail and 220 apartment units.
IberiaBank of Lafayette, Louisiana, assisted the purchases with a loan of $3.24 million.
SREG said construction should begin next year. Modus Studio will be the architect.
“This property has been a meeting place for a long time, and we know that it is significant to the neighborhood and to folks around the region,” Hudson said on the company’s website. “We are thankful for this opportunity to bring new life to such an important place.”
A New Jersey company that specializes in student housing projects spent $4.77 million on 7 acres south of Razorback Road in Fayetteville.
Aptitude Development of Elmwood Park bought the property in four transactions, including two totalling $3.27 million with Mathias Shopping Centers Inc. of Springdale, which is led by Sam Mathias. Aptitude, through its subsidiary Aptitude Arkansas LLC, paid $1 million to Victory Commons LLC and slightly less than $500,000 to Hoskins Family LP, both of which are led by Tracy Hoskins.
The properties straddle the railroad track that cuts across Razorback just south of Martin Luther King Jr. Boulevard.
A Fayetteville investor paid $950,000 for the Bailey Apartments in Springdale.
Thomas Cahoon bought the complex, a string of four four-apartment buildings adjacent to each other in the 800 block of Bailey Avenue. The sellers were William Bradley Nystrom and Laura Renee Nystrom of Springdale.
The Nystroms acquired the complex for $820,000 in 2018 from Robert and Frances Henley.
First Western Bank in Rogers provided a loan of $760,000.
Farmington Town Houses
A six-unit town house complex in Farmington sold for $429,000.
Venkata LLC of Frisco, Texas, led by Venkata and Vaidehi Bagepalli, bought the complex on Joe Street. The complex features six 1,100-SF two-story condo-style apartments.
The seller was Curtis Paul Biggs of Lincoln. Biggs acquired the property for $290,000 in 2000.
First State Bank of Fayetteville aided the transaction with a loan of slightly more than $321,000.