Ozark Natural Foods, shown in 2015 in the Evelyn Hills Shopping Center at 1354 N. College Ave. in Fayetteville.
A Fayetteville apartment complex sold for $8.3 million to a partnership led by a Rogers real estate investor.
T.J. Lefler bought a 71% interest in the South Creekside Apartments, a 126-unit complex on 8.3 acres on North Leverett Avenue four blocks from the University of Arkansas campus. Lefler is a principal at Cushman & Wakefield/Sage Partners in Rogers.
Lefler bought the majority position in the complex through his South CS Apartments LLC. Alan Ribble, who owns an oil and gas exploration company in Texarkana, bought the remaining 19% through his Mt. Kirby Investments LLC.
Partners Bank of Helena assisted the purchase with a loan of $650,000.
The seller was O’Reilly Development Co. of Springfield, Missouri, led by Patrick O’Reilly. O’Reilly acquired the complex for $8 million in May 2017 through his Fayetteville Multifamily Apartments LLC subsidiary.
ONF Finds a Buyer
Ozark Natural Foods has sold its location in the Evelyn Hills Shopping Center in Fayetteville.
Fayetteville Area Development Association LLC, led by Rick Osborne, paid $3.35 million for the 50,000-SF space on North College Avenue. Signature Bank in Springdale assisted the purchase with a loan of nearly $2.9 million, and Osborne assumed the lease agreement ONF had with ArcBest Corp. of Van Buren, which plans to locate an office there.
Ozark Natural Foods bought the property for $2.2 million in 2008 but has been planning a move to a new location closer to downtown Fayetteville. It bought a vacant grocery store at the corner of Lafayette Street and College Avenue for $3.7 million in 2018.
It had hoped to use the proceeds from selling its Evelyn Hills location to fund the purchase without accruing a lot of debt. A potential sale fell through in 2018 but ONF elected to go ahead with the move and has been remodeling its new location.
Chili’s Restaurant
A Chili’s restaurant in Fayetteville sold for $3 million to a New York City investor.
Alan Luke, through his Lukie Arkansas Ohio LLC, bought the 5,364-SF restaurant on East Millsap Road. The seller was SunTrust Equity Funding LLC of Atlanta.
Luke assumed the 15-year lease that SunTrust had with the Chili’s parent company, Brinker International of Dallas.
SunTrust had acquired the restaurant for $2.7 million in a sale-leaseback with Brinker in August 2018.
Razorback Property
Little Rock investor Leonard Boen paid more than $3 million for two tracts of property owned by the Razorback Foundation, the nonprofit fundraising arm for the University of Arkansas’ Athletic Department.
The property, a 4.1-acre tract and a 2.8-acre tract, is the site of the former Clarion Inn on South Shiloh Drive, just west of Interstate 49 at the main exit for the university. The smaller tract, which Boen paid $1.275 million for, will be the site of a medical clinic.
Boen paid $1.725 million for the larger tract.
Centennial Bank in Little Rock assisted the purchase with a loan of $2.4 million.
The Razorback Foundation acquired the hotel, which was demolished afterward, as a donation in 2016 from Hobbs & Curry Family LP, led by Colby Curry of Fort Smith.
Medical Clinic
A Fayetteville doctor paid $1.1 million for a medical clinic on North Street in Fayetteville.
Robert Karas, through his Wedington Medical Center LLC, bought the Rouse Family Medical Clinic, a 7,100-SF medical building on 2 acres. The seller was Rouse Institute LLC, led by Joe, Rosalee and Philip Rouse, and Hamilton Hart.
Karas operates Karas Health Care in Lowell and Fayetteville. Joe Rouse and Hamilton Hart are medical doctors at the Rouse Clinic.
Arvest Bank of Rogers assisted the purchase with a loan of $1 million.
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