Former Oops property at 271 W. Main St. in Farmington.
A 32,000-SF building that used to be the home of a Marvin’s IGA in Farmington has been sold for the second time in 18 months.
Jordan Jeter, a partner at Flake & Kelley Commercial Northwest, led an investment group that paid $1.125 million for the building, located at 271 W. Main St. Jeter’s group, Farmington JK LLC, bought the property from Emily Tan, who opened Oops, a home goods store at the location.
Tan bought the property for $975,000 in December 2014 with her business partner, Tony Reeves.
Jeter’s group also bought the house lot just to the west of the Oops building at 281 W. Main for $210,000. William and Erma Lee Curtsinger were the sellers. Arvest Bank of Rogers assisted the purchases with a loan of $956,250 for the Oops property and $161,500 for the Curtsinger property.
Jeter said his group has a contract to buy an additional lot next to the former Curtsinger property. When that closes, Jeter said, he will look into converting those properties, which are currently occupied by abandoned houses, into commercial property to lease to tenants such as restaurants.
Jeter led a group that recently purchased property in Farmington that is now a Dollar Tree store. It is located just east of the Marvin’s IGA/Oops building.
“We had some success with the Dollar Tree next door,” Jeter said. “We’re looking to do the same thing. We’re actively searching for tenants.”
Jeter said the 32,000-SF building has a lot of potential, and he is a believer in the Farmington area. A Walmart Neighborhood Market, located less than a half-mile west of the Marvin’s IGA/Oops building, has done well since it recently opened, and Farmington is building a new school just behind the location.
“I think Farmington is a great opportunity,” Jeter said. “The beautiful thing is Farmington is building a new high school right behind Oops.”
Zweig Buys Condos Spot
Builder Mark Zweig of Fayetteville paid $712,500 for two lots on Church Avenue.
Zweig said on his Facebook page that he intends to build 10 condominiums and some large garages on the properties, which combine to cover a little more than one-half acre. Zweig bought the properties from D MC & W Inc., led by Lynn Wade.
Zweig sold a home at 208 N. Church, just south of the properties he bought from Wade, to William and Amber Dietrich for $1,125,000. Integrity First Bank of Fayetteville assisted the purchase with a loan of $900,000.
Zweig paid $280,000 for the property in 2014 and rebuilt a 2,943-SF home.
Haas Hall Buys 3 Monkeys
Haas Hall Academy, a charter school with locations in Fayetteville and Rogers, paid $950,000 for the 3 Monkeys Children’s Boutique at 3854 N. Front St. in Fayetteville.
Haas Hall bought the 5,846-SF building from Amanda Hunt LLC, who sold the boutique in the spring. 3 Monkeys’ Fayetteville location is adjacent to Haas Hall, which is located at 3880 N. Front.
Hunt paid $510,000 to El Chico Restaurants of NW Arkansas in 2011.
$605K Paid for Paint Store
A Florida real estate investment company paid $605,050 for the Sherwin-Williams Paint Store in Springdale.
Kin Properties, which said it owns more than 750 properties in 45 states, bought the 4,434-SF building on 0.85 acres at 3115 W. Sunset Ave. from NK-Remainder Interest LLC of New York City. Kin bought the property through its Granickin LLC.
Kin is a private company that specializes in owning and operating single-tenant retail properties.
Springdale Garage Sold
Trulove Dirt Works of Berryville paid $850,000 for a garage lot in Springdale.
The property, located at 1801 E. Robinson Ave., covers 6.6 acres and has 14,880 SF of garage space. It was sold by GT Management LLC of Lowell, led by Tom Smith.
Trulove, which is led by Jay and Matt Trulove, bought the property through Trulove Properties LLC. Signature Bank of Fayetteville assisted the purchase with a loan of $722,500.
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