Investors Scoop Up Former Dollar Generals (NWA Real Deals)

An investment group bought two former Dollar General buildings in northwest Arkansas for a total of $775,900.

Tamarron Investment Group paid $400,000 for a 7,600-SF building on 0.75 acres at 219 W. Main St. in Farmington through its Abbey Fund LLC. It paid $375,900 for a 7,500-SF building on 0.35 acres at 461 W. 15th St. in Fayetteville through its South School LLC.

Both properties were sold by Richard Srygley’s RCS Land Co. LLC.

The Farmington property is used by an event center company, and the Fayetteville property is a Valu-Outlet store.

Arvest Bank provided a $300,000 loan to facilitate the Farmington purchase, while Hometown Bank in Pineville, Missouri, provided a $300,000 loan for the Fayetteville acquisition.

Jordan Jeter, who is a director of the Tamarron Investment Group along with Cash East, said there are no current changes planned for either of the newly purchased properties.

“They’re cash flow,” said Jeter, a partner with Flake & Kelley Commercial Northwest. “We’ll let them do their thing. It’s a good long-term play.”

Fayetteville Retail Center Sold

Raymond Merrill paid $1.9 million for University Village Center at 1545 W. 15th St. in Fayetteville.

Merrill, who owns Merrill Bonding Co. of Sallisaw, Oklahoma, purchased the property through his 12M Commercial Properties LLC. Foghorn’s, La Hacienda and Stadium Liquor are the tenants in the 17,360-SF center, which is adjacent to the UA’s Baum Stadium.

Signature Bank of Arkansas was the seller after having acquired the property in lieu of foreclosure from William Lazenby’s ARK4 LLC in 2011. Signature Bank provided a $1.71 million loan to Merrill for the purchase.

Dennis Building Changes Hands

Adam Yates, owner of Razorback Awning & Ironworks, bought the former home of Dennis Home Furnishings at 3525 S. School Ave. in Fayetteville.

Yates, through his AM Yates LLC, paid $550,000 for the property, which has an approximately 50,000-SF building on a little less than 4 acres. First Bank of Hampton (Calhoun County) provided a loan of $630,000 for the purchase through its Fayetteville branch.

The Geraldine Dennis Trust and the Kenneth Dennis Trust were the sellers.

20 Acres Sold in Fayetteville

A group of men associated with a Fort Smith tool company bought 20.54 acres of land on Highway 112 in Fayetteville with an option to buy 60 more.

Pruitt Land Management LLC paid $894,592 for the acreage that is a block from the Sam’s Club just off Interstate 49. Legacy National Bank, which took possession of approximately 80 acres in 2010, was the seller.

Arvest Bank of Fayetteville provided a $653,400 loan for the purchase. Pruitt Land Management has a year option to purchase the remaining land.

Trey Jackson, CFO of Pruitt Tool & Supply Co., is the manager of Pruitt Land Management, which includes Grant Pruitt, his two brothers and another executive at the company. Grant Pruitt is the CEO of Pruitt Tool, which rents patented equipment to oil rigs drilling for oil and gas.

Jackson said PLM’s operations are separate from the tool company. He said PLM has a variety of land investments in Arkansas, Oklahoma, Missouri and Kansas, and the group hopes to develop something on the 20.54 acres within a year.

“It’s another piece of our portfolio,” Jackson said. “We could do anything there. There is really limitless possibilities.”

Springdale USA Drug Sold

The Samaritan Community Center in Rogers paid $600,000 for the former USA Drug building at 2300 W. Sunset Ave. in Springdale.

USA Drug & Beauty Market Franchising Systems Inc., led by President Jason LaFrance, was the seller. First Western Bank in Rogers provided a loan of $732,000 for the acquisition.

Samaritan Community Center is a nonprofit that operates food pantries and thrift resale shops in Benton and Washington counties.