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Pure Springdale in Works After $2.9M Deal (NWA Real Deals)Lock Icon

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Real estate developer Mia Rose Holdings of Chesterfield, Missouri, paid nearly $2.9 million for 13-plus acres in west Springdale.

Mia Rose, led by Tom Kaiman, bought the land to build a 234-unit residential project, Pure Springdale. The company said it partnered in the development with ERC Construction Group of Rogers.

Mia Rose said Pure Springdale will consist of 16 buildings with 234 one- and two-bedroom apartments. It expects to break ground in the fall of 2022. Mia Rose got a $23.5 million construction loan from First National Bank of Fort Smith.

Mia Rose said Fayetteville’s Robert Sharp will be the architect and Crafton Tull of Rogers will engineer the development. Trinity Multifamily of Fort Smith will manage it.

The land seller was PSAC LLC, led by Rob Coleman of Rogers, the CEO of ERC.

More West Springdale

A local investor paid $5.6 million for 13.25 acres west of Interstate 49 in Springdale.

Travis Ruff, co-owner of Milestone Construction Co. of Springdale, bought the property through his Southwest DTP LLC. The land is at the southwest corner of Gene George Boulevard and Don Tyson Parkway.

The seller was Victory Baptist Church Inc. of Springdale, led by Billy Coffman.

Fastenal Sale-Leaseback

Developer and investor T.J. Lefler paid $1.64 million for five Fastenal locations in Arkansas in a deal in which the industrial supply company signed long-term leases afterward.

Lefler, a partner at Cushman & Wakefield-Sage Partners in Rogers, bought the properties through his Ar Fast Partners LLC.

The facilities are in Jacksonville, North Little Rock, Pine Bluff, Stuttgart and Springdale.

Peoples Bank of Sheridan assisted the transaction with a loan of slightly less than $1.4 million.

Journey’s Inn

A motel and small apartment complex in Springdale sold for $950,000.

Rajendrabhai Patel and Daxaben Patel, through their Gayatri Lodgings LLC, bought the Journey’s Inn, a 10,656-SF motel, on South Thompson Street just north of Don Tyson Parkway. There is also 3,000 SF of apartment and warehouse space at the location.

Today’s Bank of Huntsville provided a loan of $760,000.

The seller was Jai Shanti Inc., led by Jayesh Patel. Jayesh Patel acquired the property for $754,000 in 2006.

Birch Avenue Apartments

An 37-unit apartment complex on Birch Avenue in Fayetteville sold for slightly more than $1.7 million.

Russell Brockman bought the complex through his Birch Avenue Properties LLC. Armstrong Bank in Springdale aided the purchase with a $1.3 million loan.

The sellers were Robert and Raylon Hensley of Rogers. Robert Hensley acquired it for $1.7 million in July 2020.

Orthodontics Office

Richard Roblee, a Fayetteville orthodontist, paid $1.45 million for the office building where he has his practice.

Roblee, through his RJT Holdings LLC, bought the 11,662-SF medical office on East Sunbridge Drive in Fayetteville, home to Roblee Orthodontics. Chambers Bank of Danville provided a loan of $1.2 million.

The seller was Alpha Farms LLC, led by Maynard Neas Anderson of Farmington.

Buttered Biscuit

The owners of The Buttered Biscuit restaurants in northwest Arkansas paid $790,000 for a former Pizza Hut location on North College Avenue in Fayetteville.

Samuel and Anna Russell, through their Andromeda Group LLC, bought the vacant 3,522-SF restaurant. The Russells own and operate three breakfast restaurants, two in Bentonville and one in Springdale, after getting into the business in 2017.

First National Bank of Paragould assisted the purchase with a loan of $842,500.

The seller was SBW Capital Partners LLC of Beverly Hills, California, led by Darren Weinstock. SBW acquired the property for $345,000 in 2005.

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