The proposed site of a future student housing development sold for $8.25 million.
Trinitas Ventures, a real estate development company in Lafayette, Indiana, bought the 2-acre site in downtown Fayetteville. The company plans to build a 191-unit, 572-bed complex on the West Center Street lot to provide housing for University of Arkansas students.
Trinitas Ventures, on its website, said the development should be completed in time for the 2026-27 academic year.
The sellers were John and William Miller, who acquired the property for $34,000 in 2002.
Pro-Fab
The Pro-Fab manufacturing warehouse in Springdale sold for $3.45 million.
The buyer was the Grote Co. of Columbus, Ohio, which manufactures equipment for the food production industry. Grote announced in April that it had acquired Pro-Fab, which also manufactured food processing equipment.
The warehouse on Turnbow Avenue is 31,115 SF and sits on 2.3 acres. Grote Co. is led by CEO Bob Grote.
“Grote Company’s acquisition of ProFab adds to our ever-growing family of brands,” Grote said in a statement. “ProFab’s focus on the poultry industry and suite of services allows us to expand into new markets within the food processing industry.”
Huntington National Bank of Columbus provided a $4.4 million loan.
The seller was Pro-Fab of Northwest Arkansas LLC, led by Dave Beavert of Nashville. Beavert founded and owned Pro-Fab; he acquired the property for $700,000 in 2012.
Olsson Engineering
The former home of the engineering firm Olsson sold for $2.7 million.
The property is a 16,283-SF building on nearly 1 acre on East Millsap Road in Fayetteville. Olsson moved to a new headquarters on North Steele Boulevard in December.
The buyer was Acadia Management Inc., led by Bruce Bethell of Fort Smith. First State Bank in Fayetteville provided a loan of $2.7 million.
The seller was LCY Day LLC, led by Sandra Rainey. LCY Day acquired the property for $1.57 million in 2010.
Fayetteville Apartments
Two multifamily complexes in Fayetteville sold for $1.9 million to a Florida investor.
Dawgback Holdings LLC of Miami Beach, led by Walter Frank, bought an eight-unit complex on North Gregg Avenue and a 13-unit building on North Barcelona Avenue. Frank is the managing partner of the investment firm Beacon Peak Partners.
Signature Bank of Arkansas provided a loan of $1.97 million.
The seller was Cajakajo Holdings LLC, led by Buckley Blew. Blew acquired the properties in separate deals, the eight-unit complex for $500,000 in 2018 and the 13-unit complex for $607,000 in 2017.
Castle Rental
A rental and pawn shop location in Fayetteville sold for just shy of $1.3 million.
Philip Miles and Jennifer Collier Maynard bought the former Castle Rental site through their PBH Ventures LLC. The 4,900-SF facility is on South School Avenue.
Century Bank of the Ozarks of Gainesville, Missouri, provided a loan of $800,000.
The seller was RPC Land Holdings LLC, led by Ronald Connolly, who acquired the property for $189,900 in 2018.
Loafin’ Joe’s
A sandwich shop in downtown Fayetteville sold for $1.1 million.
Stacey and Brock White, through their Sasnakra LLC, bought the Loafin’ Joe’s location on West Mountain Street. The property is 2,311 SF.
Arvest Bank provided a loan of $786,800.
The seller was Joe and Jennifer Weber, who acquired the property for $117,723. The Webers founded Loafin’ Joe’s 33 years ago.
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