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Village Inns Sell for $7.2M (NWA Real Deals)Lock Icon

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A Tampa, Florida, restaurant management company bought a portfolio of four Village Inn restaurants, including three in Arkansas.

Dow Sherwood Corp. paid $7.2 million for the restaurants; George Babb of Springdale was the seller. Babb is the president of Hospitality Specialists LLC, the owner of the Village Inns since 1995.

The Village Inns sold in Arkansas were:

  • 3364 N. College Ave., Fayetteville, $1.78 million;
  • 2300 SE Walton Blvd., Bentonville, $1.49 million; and
  • 7620 Rogers Ave., Fort Smith, $1.35 million.

“I am pleased to announce the sale of these restaurants,” Babb said in a news release. “In my 24 years as president, I have endeavored to operate quality restaurants and I am confident this tradition will continue.”

Dow Sherwood, who died in 1987, started his namesake company when he opened a Village Inn Pancake House in 1961 in Tampa. The Dow Sherwood Corp. owns 14 restaurants.

Tom Reed and Katie Hampton of Colliers International Arkansas represented the buyer and seller in the transaction.

“The buyer is a third-generation family-owned and operated restaurant management company,” Hampton said in a news release. “They have a proven track record of running and maintaining Village Inn restaurants.”

Fayetteville Square

Christ Community Church in Fayetteville paid $2.2 million for an office building on the Fayetteville downtown square.

The church’s nonprofit board, led by trustees Thomas Benton Walker and Matthew Thomas Baxter, bought the 20,100-SF, two-story building at the southwest intersection of West Mountain Street and South Block Avenue. The seller was GCM Computers Inc., led by President Gary McLendon and Vice President Athina McLendon. GCM acquired the property for $600,000 in 1990.

Partners Bank in Helena assisted the purchase with a loan of $3.03 million.

Fayetteville Subway

A Fayetteville dentist paid $370,000 for a Subway sandwich shop next door to his practice.

Richard McNeel and his wife, Lori Ann McNeel, bought the 1,550-SF building at 3392 N. Futrall Drive. McNeel owns Ozark Prosthodontics at 3394 N. Futrall.

Culpeppers Holdings LLC, led by Sam and Gloria Culpepper, was the seller. The Culpeppers acquired the property for $210,000 in 2001.

Generations Bank of Fayetteville provided a $303,000 loan.

E-Z Marts

A Phoenix real estate investment company paid $1.58 million for an E-Z Mart convenience store on East 15th Street in Fayetteville.

VEREIT, which owns nearly 4,000 commercial properties worth approximately $15 billion, was the buyer. GPM Investments LLC of Richmond, Virginia, was the seller.

E-Z Mart was founded in Nashville (Howard County) in 1970 by Jim and FaEllen Yates.

The Yates Group of Texarkana, Texas, sold 273 stores to GPM, led by Arie Kotler, in early 2018.

The Yates Group is led by Sonya Yates Hubbard and her husband, Bob. Sonya Yates Hubbard is the daughter of the founders and is the former CEO of E-Z Mart, while Bob Hubbard was the president and COO.

GPM acquired the Fayetteville location the same day it sold to VEREIT for slightly more than $2 million from the Yates Group. GPM and VEREIT signed a 20-year lease agreement after the sale.

GPM also bought an E-Z Mart in West Fork from the Yates Group for $955,000. The facility, located on North Centennial Road, is 2,400 SF.

Harps Food Store

A San Diego real estate investment company paid $4.6 million for a Harps Food Store location in Lincoln.

Realty Income Corp., through its MDC Coast 20 LLC subsidiary, bought the 25,000-SF Harps on Pridemore Drive. The seller was CIM Real Estate Management of Phoenix, through its Cole GS Lincoln Ar LLC subsidiary.

CIM purchased the store from Harps for $4.1 million in 2017. Harps bought the 4 acres at the site for $135,000 in 2016.

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