A Springdale investor paid $2.7 million for a 57,700-SF warehouse and office building in Tontitown.
Elder Conway LLC, led by Chris Elder, bought the warehouse, which sits on 6.44 acres at 609 Laura Lane. The seller was Al G. Romine of Celebration, Florida.
First National Bank of Fort Smith provided a loan of more than $1.7 million.
Romine acquired the property in 2013 from Pianalto LLC, led by Debra and Michael Pianalto, for $2.6 million.
Zips Car Wash Purchase
A New Jersey finance company bought a Zips Car Wash location in Springdale for $2.1 million.
Stonebriar Commercial Finance, through its SCF RC Funding IV LLC, bought the car wash at 6600 W. Sunset Ave. Zips, a regional chain with 84 locations in nine states that was founded by Jonesboro’s Brett Overman, signed a tenant agreement with SCF for six five-year leases.
Zips acquired the franchises of Boomerang Car Wash of Little Rock in 2016. The Sunset location is a former Boomerang Car Wash.
The seller was Walnut Sunset Holding Co. LLC of Little Rock, which acquired the property for $1.1 million in 2015. Walnut Sunset is managed by John Flake, the chairman of Flake & Kelley Commercial, and Eddie Bailey, a Flake & Kelley agent.
$1 Million Townhomes Sale
A complex of Fayetteville townhouses sold for just shy of $1 million to a California investor who has a handful of multifamily properties in Arkansas.
Mark Mosch of Los Angeles paid $975,000 for the Cedar Creek Townhomes, an eight-unit complex at 1626 N. Leverett Ave. Mosch, the president of the AndMark real estate investment firm, bought the property through his Cedar Apartments LLC. Mosch owns several apartment complexes in northwest Arkansas and Little Rock.
The seller was NWA-CBG Properties LLC, led by Clifton Cabaness II. Cabaness acquired the property in $945,000 in 2016. Chambers Bank of Danville assisted Mosch in the acquisition with a loan of more than $728,000.
Fayetteville Pharma Buy
The purchase of a 14.9-acre tract in south Fayetteville has gone through.
Peter Kohler, the CEO of OurPharma, paid $223,500 for the tract located on South Lake Road. Kohler told the city of Fayetteville that he plans to build a 10,000-SF manufacturing facility for the production of cheaper generic drugs.
The city approved the prospective sale earlier this year. Kohler is a retired physician and former vice chancellor of the University of Arkansas for Medical Sciences Northwest in Fayetteville.
Kohler told the city that OurPharma intends to partner in research with the University of Arkansas’ biomedical engineering department. He said the original operation would have 10-12 employees, a workforce that could expand to more than 100 in five years.
Springdale Hangars Sold
Two hangars at the Springdale Municipal Airport were sold for $725,000.
RPC Realty LLC of Springdale, led by Patrick Cameron, bought the two properties, which are adjacent to the airport on Caudle Avenue. The hangars are 15,120 SF and 13,880 SF.
Simmons Bank of Pine Bluff was the seller of the properties, which it acquired when it bought the assets of Metropolitan National Bank of Little Rock in 2013.
Metropolitan acquired the property from Pinnacle Air Facilities, led by Bill Schwyhart, after filing a foreclosure suit in 2010.
Farmers Co-op Transaction
The Farmers Cooperative of Van Buren purchased a feed store in Springdale for $385,000.
The cooperative bought the Feed Seed & More franchise at 410 E. Huntsville Ave. from a partnership of Mirl and Janice Hull and Kenneth and Debra Reynolds of Lowell. The cooperative renamed the store Farmers Co-op.
The store is 9,670 SF. It is one of 17 locations the cooperative has in northwest Arkansas and in Oklahoma.
The cooperative also took over a Feed Seed & More location at 2000 N. Crossover Road in Fayetteville under the business name of Noah’s Pets & Wild Birds.