A Bentonville investor paid $1.45 million for Cedar Corner, a 20-unit apartment complex in Fayetteville. Bapuji Vakkalagadda, through his VFAM Group Inc., bought the site on North Storer Avenue, near the University of Arkansas.
Mark Zweig Inc. of Fayetteville was the seller. Mark Zweig buys and renovates homes in Fayetteville.
Zweig bought the then-unnamed complex for more than $1 million in 2017 from AJ Hammock LLC. Zweig said he redid the exteriors, outfitted units with new heating and air and appliances and completely renovated 13 of the 20 units.
Signature Bank of Fayetteville provided a loan of about $1.6 million.
Apex Tool Details
Old Mo East LLC of Springdale was the buyer of the former 250,000-SF Danaher Tool plant in Springdale.
Old Mo East, led by Darrell Robinson and Scott Senyard, paid $2 million for the 53-acre property. Apex Tool Group of Huntersville, North Carolina, formerly Danaher, closed the plant in 2014.
The plant was in the news recently when Apex sued Larry Breeden, a Van Buren car dealer, for backing out of a deal to purchase the plant. At stake is $100,000 in escrow funds currently in Washington County Circuit Court’s account until a final decision is reached in the case.
Robinson and Breeden have been partners in several real estate deals, including a $4.8 million purchase of the Superior Industries International warehouse in Rogers in 2017.
First National Bank of Fort Smith provided a loan of $1.6 million. The buyers also took a $400,000 loan from Lindsay and Sharon Freeman.
MLK Apartments
Two investors paid $1.2 million for three small apartment complexes on MLK Jr. Boulevard in Fayetteville.
Christopher Scott Eshnaur of Los Angeles and Matthew Joseph Brooker of Rogers bought 16 units — divided into two seven-unit complexes and one duplex. The units total some 10,000 SF.
The seller? Montgomery Property Holdings LLC, led by Jonathan and Ebony Montgomery of Fayetteville, who bought the units for $1.17 million in 2017.
Generations Bank in Rogers provided a loan of slightly more than $1 million.
All Around Landscaping
A Little Rock investor paid $1.15 million for All Around Landscaping’s site in Springdale.
OHM SOHAM LLC, led by Jigar Patel, bought the 0.9-acre lot on Gene George Boulevard north of Arvest Ballpark. All Around Landscaping will stay at the site.
The seller was Jo Lynn Steenbergen, as trustee to her trust. Steenbergen is the president of the landscaping company. Jo Lynn and Michael Steenbergen acquired the property for $138,000 in 2002. Arvest Bank provided a loan of $861,000.
Medical Office
Swanky Smiles CEO Wayne Pearson paid $840,000 for an 11,350-SF medical building in Springdale.
Pearson, through his FWP Realty Holdings LLC, bought the family clinic at 803 Quandt Ave. Swanky Smiles, a mobile orthodontist service that Pearson co-founded in 2017, has reported $12 million in revenue since opening.
The sellers of the building were Joanne Morgan and Francis McEvoy. Morgan’s late husband, Tad, and McEvoy were original medical partners in the property, acquiring it in 1983 with fellow doctors Tom Whiting and William Kendrick.
Arvest Bank assisted the purchase with a loan of $1.1 million. Pearson also took a $200,000 loan with Morgan and McEvoy.
Dry Cleaning Purchase
A Bentonville investor who had previously bought a dry cleaning business paid $715,000 for its real estate on Market Square Drive in Springdale.
Mathias Ventures Inc., led by J. Mark Mathias, bought the 0.9 acres where Today’s Cleaners, a 3,210-SF property, is located. The seller were Eric and Quentina Harris and Matthew and Leigh Ann Mendenhall.
Eric Harris said he sold the cleaning business to Mathias this past summer.
The Harrises and Mendenhalls acquired the property in 2004 for $775,000.
Arvest Bank assisted the purchase with a loan of $1.1 million.
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