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Investors Pay $3.9M For Convenience Store (NWA Real Deals)Lock Icon

3 min read

Two Jonesboro investors paid $3.9 million for the Kum & Go convenience store at 2388 N. College Ave. in Fayetteville.

Murray Benton Sr. and Steve May bought the 5,000-SF store through four subsidiaries: M&N-Crittenden LLC, with a 40.7% stake; M&N-Crawford LLC, 30%; M&N-Lex, 20.7%; and M&N-Jefferson, 8.5%. Benton is the CEO of Mid-South Sales, an oil distributor, and May is the former CEO of Heritage Bank in Jonesboro.

The seller was Kum & Go of Des Moines, Iowa, through its KG Store 409 LLC subsidiary. The store signed a 15-year lease after the transaction.

Starbucks Purchase
A Bella Vista investor paid slightly more than $3 million for a retail center that is the site of a Starbucks and a dental office.

The Barbara Ann Fleeman Trust, led by Barbara Fleeman of the Fleeman Investment Corp., bought the 6,308-SF building at 3500 W. Black Forest Drive from KRL Properties, led by Mark Leverett of Fayetteville. Leverett purchased the building for $3 million in 2015 from Haag Brown Development of Jonesboro.

Haag Brown acquired the 1.2-acre property at the corner of Wedington Drive and Timberland Lane for $803,000 in 2014.

Motel-Restaurant Buy
The Fayetteville Housing Authority paid $670,000 for the Hi-Way Inn on North College Avenue.

The property also is the location of Cafe Rue Orleans, a Cajun-style restaurant that will continue to operate. The housing authority, led by Executive Director Angela Bedford, plans to renovate the 24 units of the motel into apartments.

The Bank of Fayetteville provided a loan of slightly less than $1.12 million. The seller was Hari Krupa Inc. of Fayetteville, led by Jagdishkumar Patel and Tajalben Patel.

Springdale Arby’s
The location of a Springdale Arby’s restaurant changed hands in a $1.04 million deal.

Late in 2018, U.S. Beef Corp. of Tulsa sold its portfolio of Arby’s franchises to Flynn Restaurant Group of San Francisco. In early April, U.S. Beef Chairman Jeff Davis sold the property of the Arby’s on West Sunset Avenue to a real estate investment trust in San Diego for $1.04 million.

Realty Income Corp., led by CEO Sumit Roy, then agreed to a 20-year lease with Flynn for the 3,000-SF fast-food restaurant.

McDonnell Buys Again
Former University of Arkansas track and field coach John McDonnell bought another storage facility, this time spending $1.37 million for a 30,000-SF warehouse on Cawood Lane in Springdale.

In March, McDonnell paid $1.6 million for a mini-storage complex in Springdale. McDonnell made the Cawood Lane purchase through his McDonnell Cattle Co. LLC.

The seller was ICJ LLC, led by John Carney of Rogers. ICJ acquired the property for $560,000 in 2013.

Valu Outlet
Two Denton, Texas, investors paid $665,000 for the Valu Outlet store on West 15th Street in Fayetteville.

Marcus Watson and Christopher Hawley, through their 4th Frame LLC, bought the 7,500-SF discount store. First State Bank of Gainesville, Texas, provided a loan of $648,000, and the buyers assigned a deed of trust to Gregory Magness of Fort Smith.

South School LLC, led by Jordan Jeter and Cash East, were the sellers. Jeter and East acquired the property for $375,900 in 2015.

Park Street Apartments
A Cave Springs investor paid $720,000 for the Park Street Apartments in Springdale.

Brian Wagers, through his Park Street Apartments LLC, bought the 22-unit complex. The sellers were Marty and Lanita Strough of Berryville.

Legacy National Bank in Springdale assisted the purchase with a loan of $525,000. Wagers also took a $144,000 loan from the Stroughs.

The Stroughs acquired the property for $405,000 in 2003.

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