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Springdale Warehouse Sells for $3M (NWA Real Deals)Lock Icon

3 min read

Springdale businessman Sam Mathias paid nearly $3 million for a 57,700-SF warehouse in Springdale.

Home to Gates Corp., the property on Laura Lane was bought for $2.95 million by Mathias Shopping Center Inc. The seller was Elder-Conway LLC, led by Chris Elder of Springdale.

First National Bank in Rogers provided a $2.68 million loan.

Elder acquired the property for $2.7 million in 2017. Neighboring businessman Kenny Lipsmeyer sued to stop that sale because he said he had an agreement to purchase the property; Lipsmeyer and Elder later reached a settlement.

Learning Center

Serenity Group of Hotels LLC, led by Parvez Y. Musani and Amreen P. Musani of Bentonville, paid $2.2 million for the Early Learning Academy in Springdale.

The seller was Ozark Royal Palace LLC, led by Linda Smirnoff of Fort Lauderdale, Florida. She started the academy after acquiring the property on Electric Avenue for $460,000 in 2005.

First National Bank of Fort Smith provided a loan of $1.87 million.

Raspberry Place Apartments

Fayetteville apartments changed hands in a father-son transaction.

Henry Jordan Jr., through his 6th & B LLC subsidiary in Little Rock, paid $1.33 million for the Raspberry Place Apartments on North Leverett Avenue. The 24-unit complex covers 21,000 SF.

The seller was MOR LLC, led by Henry Jordan Sr. of Helena. Partners Bank of Helena assisted the deal with a loan of $1.33 million.

Center Street Apartments

A Little Rock investor paid more than $1.24 million for an apartment complex on Center Street in Fayetteville.

Breck Development Inc., led by Thomas Michael Cupples Jr., bought the 20-unit complex measuring 14,500 SF. Chambers Bank provided a $996,000 loan.

The seller? Providence Properties LLC, led by James Bryant of Little Rock, who paid $499,000 for the complex in 2009.

Lewis Brothers

Lewis Automotive Group of Fayetteville paid $675,000 for a 7,000-SF engineering office building.

The property is next to a 13-acre tractor dealership on North Shiloh Drive in Fayetteville that Lewis paid $8 million for earlier this year.

Lewis bought the properties through the subsidiary Lewis Brothers Leasing Co., led by company Vice President Matt Lewis.

The seller was PD Properties LLC, led by Steve Byars of Fayetteville.

Bank Branch

Arvest Bank sold a branch site it acquired when it bought Bear State Bank in 2018.

Ozark Lubes Realty LLC, led by Robert Ladas, paid $1.23 million for the 3,271-SF building on North College Avenue in Fayetteville.

Ladas’ deal with Arvest specifies that the property can’t be used for a bank or other financial institution.

Ladas runs Metrolube Enterprises, a Valvoline Instant Oil Change franchisee, in Marlborough, Massachusetts.

Auto Parts Store

A California investor paid $1.47 million for an auto parts store on North Thompson Street in Springdale.

Joseph Berman of Encino bought the property through his Ridgecrest LRAR Inc. subsidiary. The seller was Green Bunn Herrington LLC, led by James Herrington of Texarkana, Texas.

Partners Bank assisted the purchase with a $1.05 million loan.

Good Neighbor

A 5,000-SF retail building that’s home to a State Farm agency and a salon sold for $600,000.

CFK Investments LLC, led by Scott Stokenbury of Fayetteville, bought the property on East Mission Boulevard. He is vice president of C.R. Crawford Construction in Fayetteville. The sellers were Larry and Tanya Floyd. Larry Floyd runs the insurance agency in the building.

The Floyds acquired the property as land for $30,000 in 1992.

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