A new Sam's Club will soon be developed near the intersection of U.S. Hwy 412 and Interstate 49 in Springdale.
Sam’s Club has a future home in Springdale.
The new 136,000-SF store will be on 56th Street north of Arvest Ballpark after a dual purchase earlier this month. Sam’s Real Estate Business Trust of Bentonville paid $12.4 million for approximately 71 acres near the intersection of 56th Street and Highway 412.
Sam’s announced in August that it would open a new club in spring 2016. Sam’s said it would employ about 175 people.
Sam’s purchased the three tracts of land from members of the Shaw family. It paid $11.7 million for two tracts totaling 68.1 acres to Shaw Holdings LP, a partnership between the trusts belonging to Bobby Shaw and Dennis Shaw.
Bobby and Dennis Shaw are the sons of the late Willis Shaw, the founder of Willis Shaw Express of Elm Springs.
Sam’s paid $700,000 for 3.2 acres that were owned by 5555 Limited Partnership LLLP, which is a partnership between Bobby Shaw and his wife, Diane.
Texas Group Pays $8.3M
EF Capital AR LLC of The Woodlands, Texas, paid $8.3 million for two tracts of land in Rogers just east of Interstate 49.
Jordan Jeter, a partner with Flake & Kelley Commercial, represented Bob Oliver, who, along with Cynthia Oliver, managed Oliver Haynes LLC, which sold the land. EF Capital bought a 44.9-acre tract and a nearby 39-acre tract.
The 44.9 acres lay against I-49 north of the Home Depot and the 39-acre tract is just to the east on Promenade Boulevard. Jeter said the land is zoned for commercial and agricultural.
Student Apartments Deal
A trio of investors bought a 24-unit apartment complex just north of the University of Arkansas in Fayetteville.
Stelios Koutroumbis, his wife, Taylor, and Christopher Koutroumbis paid $1.385 million to Pierce Properties for the Oakland Station Apartments at 1340 N. Oakland Ave. Collier Pierce, the trustee of the Pierce Family Revocable Trust, is the owner of Pierce Properties.
The complex is 18,000 SF that covers a little less than 1 acre. It is predominantly used by students of the university.
Arvest Bank of Rogers financed the purchase with a $1.1 million loan.
Rogers Purchase
Salter Properties, which has been instrumental in the revitalization of downtown Conway, has branched out to northwest Arkansas.
Salter, through its Salter Acquisitions LLC, paid $1.35 million for 20 acres in Rogers at 1903 N. 24th St. Salter bought the property from BOKF, National Association, which does business as the Bank of Oklahoma.
BOKF acquired the property in a foreclosure sale from Patsy Simmons Limited Partnership in 2012.
Shogun’s Owner Makes Buy
John Kun Pak, who owns Shogun restaurant in Fayetteville, paid $1 million for 7.25 acres on Van Asche Drive. The empty lot is behind the Steele Crossing shopping center on Shiloh Drive.
Pak bought the property through his JJSJ Pak LLC from Van Asche LLC of Chicago. First Bank of Fayetteville financed the purchase with a $968,000 loan.
Car Wash Transaction
A car wash on East Township Street changed hands, and the new buyer is familiar with the location.
Tamarron Investment Group closed March 16 on the Spot-Not Car Wash at 257 E. Township for $315,000 from Dandy Oil Co. Inc. of Springdale. Arvest Bank of Rogers financed the purchase with a loan of $267,750.
Jordan Jeter, who runs the group along with Cash East and Travis Penson, said Tamarron bought the property through its Township Partners subsidiary.
Jeter, a partner with Flake & Kelley Commercial, said the group is already in the process of updating the car wash, which will be renamed Township Express, with new lights and new signage.
“It needed a little TLC,” Jeter said of the car wash. “It needs a fresh, clean look.”
The car wash is adjacent to O’Reilly Automotive, which is on property bought by Tamarron’s Abbey Fund for $276,800 in August 2014.
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