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Indiana Firm Pays $4.3M for 17.7 Acres (NWA Real Deals)

3 min read

Watermark Residential of Indianapolis bought 17.7 acres at the northeast corner of Steele Boulevard and Van Asche Drive in Fayetteville for $4.3 million.

An engineering plan by Crafton Tull & Associates of Little Rock previously specified an apartment complex with more than 300 units. Fifth Third Bank of Ohio provided a $33.2 million construction loan for the acquisition.

Watermark purchased the property through Watermark at Fayetteville AR LLC of Terre Haute, Indiana. Watermark’s development-construction divisions, led by President Paul Thrift, also is based in Terre Haute.

Four groups were the sellers of the property. Steele Crossing Investment I, led by Leonard Boen, was the majority owner with 50 percent of the property; CMB Properties, led by Robin Ballard Ziperski, owned 25 percent; RFI, led by James Irwin, owned 15 percent; and Davis-Steele Crossing, led by John Davis, owned the remaining 10 percent.

The Watermark complex will be the second major apartment in Steele Crossing, joining Specialized Real Estate Group, which plans a 300-plus unit complex that will include 17,000-SF of retail space.

SREG has broken ground on the property, which is at the southwest corner of Steele and Joyce Avenue directly across the street from Malco Razorback Cinema. Watermark will be south of the cinema.

Hanna’s Candle Purchases

Hanna’s Candle Co. of Fayetteville made two acquisitions in south Fayetteville for a combined $3.05 million.

Hanna’s, led by President and CEO Burt Hanna, paid $2.05 million for an industrial building and land from the Standard Register Inc. of Dayton, Ohio. Standard Register declared bankruptcy in March 2015 and was bought by Taylor Corp. of Minneapolis.

Hanna’s bought a 146,000-SF building and 35.4 acres of land at 3655 S. School Ave. CFO Thad Hanna said the company plans to relocate operations there in a few years.

Hanna’s also purchased two parcels that total 15.6 acres and include a 136,000-SF industrial building for $1 million from Cooper Power Systems LLC of Cleveland.

The property is the site of Cooper Power Systems/Kearney Operations and is located at 3600 S. School Ave., across the street from the Standard Register acquisition.

Fayetteville Reacquires Land

The city of Fayetteville reacquired land it had sold to a Fayetteville probiotics company.

Pacific Vet Group-USA Inc., led by President William Davies, bought 24 acres from the city for $330,000 in August 2014.

PVG has a close relationship with the University of Arkansas at Fayetteville and many of its products are licenses developed through research with the UA Division of Agriculture’s Poultry Science Lab.

PVG wanted to develop a research facility on the acreage, located in the city’s Commerce Park.

Novozymes of Denmark, a biotechnology company, bought PVG this past year and decided it didn’t want to proceed with the plan.

The Fayetteville City Council approved a resolution to reacquire the land in exchange for forgiving the remaining $339,320 still owed.

Crye-Leike Realtors

The Crye-Leike office building in Fayetteville sold for $3.3 million.

Building Equity LLC, led by insurance agent Greg Sims, bought the 19,040-SF building that covers a little less than 2 acres at the northeast corner of East Stearns Avenue and North Remington Drive. Sims was represented by David Erstine of CBRE.

United Bank of Springdale provided a $3.8 million loan. Harold Crye, as trustee of the Harold Crye Revocable Living Trust, was the seller.

Northwest Arkansas Radiology

The office of Northwest Arkansas Radiology in Fayeteville sold for $1 million.

Metaphase I LLC bought the 8,900-SF building at 3352 North Futrall Drive. The Fayetteville group is led by Dan Bradford, Malcolm Hayward, J. Thaddeus Beck and Patrick Travis, physicians at the Highlands Oncology Group.

Checkk Properties Inc. of Texarkana, Texas, was the seller.

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