Shreveport Hotelier’s $5.7M Springdale Deal (NWA Real Deals)

The Marriott Residence Inn at 1740 S. 48th St. in Springdale

A Shreveport hotel group made its second foray into the northwest Arkansas market, paying $5.75 million for the Marriott Residence Inn on South 48th Street in Springdale.

SMS Hotels Group bought the 72-room, 54,000-SF hotel from Apple Eight Hospitality Ownership Inc. of Richmond, Virginia. In June, SMS spent $11 million to buy the Courtyard by Marriott on McClain Road in Bentonville.

Midcap Financial Trust of Bethesda, Maryland, provided a $5.5 million loan.

Storage, Storage, Storage
A Wisconsin investor has a new slew of storage complexes in northwest Arkansas.

Steve Juiris, who owns Huerth Storage in Fond Du Lac, bought four Springdale storage complexes and one each in Fayetteville and Bella Vista. He bought the properties through subsidiaries NWA Storage 1 LLC and NWA Storage 2 LLC.

The sellers were subsidiaries controlled by Alex Baumeister, Patrick Byrd and Charles Burford. The properties are:

• Joyce Street Storage, 3428 Joyce Blvd. in Fayetteville, $3.23 million;
• Air Tight Storage, 2571 E. Robinson Ave. in Springdale, $4.93 million;
• Shady Grove Storage, 2325 W. Shady Grove Road in Springdale, $1.23 million;
• Self Storage of America, 1786 S. Pleasant St. in Springdale, $3.78 million;
• Ace Mini Storage, 1742 S. Pleasant St. in Springdale, $2.43 million; and
• Blue Mountain Storage, 8231 Trafalgar Road in Bella Vista, which is included as mortgage collateral but for which no deed transfer had been filed in Benton County last week.

Juiris got a $13.3 million loan from Signature Bank in Rogers for the first two properties and a $10 million loan from BancorpSouth Bank of Tupelo, Mississippi, for the other four.

Taco Bueno
A Tulsa franchisee bought two Taco Bueno restaurants in Fayetteville for $2.8 million.

Rick Verity, who leads Pamax Management, paid $1.8 million for a Taco Bueno at 1634 MLK Jr. Blvd. and $1 million for a location at 272 E. Joyce Blvd. Pamax Management operates Burger King restaurants, and a subsidiary, Quality Brands Management, runs Taco Buenos in Arkansas, according to the company’s website.

Verity bought the restaurants through his Restinvest III LLC. The seller was the United States Beef Corp. of Tulsa, a corporate franchisee of Arby’s restaurants.

The corporation’s board chairman, Jeffery Davis, sold the Joyce location through his JWD Properties LLC. The mailing address for both sales was the U.S. Beef Corp.’s company headquarters.

The International Bank of Commerce in Oklahoma City assisted the purchase with two loans totaling $3.3 million.

Park Place
A Louisiana development company paid $1 million for an office and retail center on South Thompson Street in Springdale.

Southern Lifestyle Development of Lafayette, through its Wells Plasma LLC, bought the Park Place center. Park Place has above 10,000 SF of space on 1.6 acres.

Hillcrest Holdings LLC, led by Gary Nichols of Johnson, was the seller.

Wells Fargo Bank of New Orleans provided a loan of more than $1.4 million.

Greenland Dollar General
A California investor couple paid slightly less than $1.2 million for the Dollar General on Main Street in Greenland.

Dung and Regina Pham of Saratoga, California, bought the 9,012-SF store. The seller was PB General Holdings LLC, led by Leonard Boen of Little Rock.

United Bank of Portland, Oregon, assisted the purchase with a loan of $760,000.

Fayetteville Apartments
Two Fayetteville investors bought a 10-unit apartment complex on West Berry Street in Fayetteville.

NWARECO LLC, led by Jan Ginger, and MB Property Management LLC, led by John McGowan, paid $640,000 for the Berry Landing Apartments as tenants in common. The seller was Double Diamond Properties LLC, led by Mary Ann Willis.

Ginger and McGowan took a $544,000 loan from Willis to close the deal.