Real business: New owner pays $29 million for multi-family Bentonville asset

A 194-unit multi-family development in Bentonville recently changed hands for $29 million. The purchase price is $149,484 per unit.

Weidner Apartment Homes, a privately held global real estate investment and management company in Kirkland, Washington, has purchased the Harbin Pointe apartment community, south of the intersection of Southwest Regional Airport Boulevard and Southwest Morning Star Road. Hamilton Point Investments, a Connecticut-based private equity firm, was the seller.

Harbin Pointe is a ‘Class A’ garden style apartment community consisting of 31 buildings on 16.04 acres. Construction was completed in 2007. Unit sizes range from 660 to 960 square feet and the average rental rate is $862 per month.

Hamilton Point paid $16.7 million for the property in February 2018. Moriah Real Estate Co. of Texas was the seller.

ACQUISITION OF WALMART
Walmart Inc. added to its land holdings along Bentonville’s 8th Street Corridor in a recent $5.5 million transaction.

The Bentonville retailer purchased eight lots totaling 2.71 acres on the southwest corner of Eighth Street and Moberly Lane, opposite the David Glass Technology Center. The purchase price is $46.59 per square foot.

8M Corner LLC, operated by Troy Link, was the seller. City Title & Closing was the title agent. Link is president of Link Snacks Inc. of Minong, Wis., which produces Jack Link’s beef jerky products and is the nation’s largest meat-based snack brand.

8M acquired the lots from July 2015 to July 2016 in separate transactions worth $1.27 million. The purchase price was $10.76 per square foot.

TONTITOWN OFFICE
A 21,068 square foot office building in Tontitown recently changed hands for $4.8 million. The purchase price is $227.83 per square foot.

Central States Manufacturing Inc. of Lowell purchased the 3.2-acre property at 171 Naples St. David McClellan Wright and Diana Lyndall Wright Living Revocable Trust was the seller.

Wade Smith of Colliers Arkansas in Rogers represented the seller. City Title & Closing was the title agent.

The single-storey building was built in 2016 and will be fully occupied by the new owner for its head office. Central States manufactures metal roofing, siding and building components such as roofing and siding.

The company plans to occupy the building by February 2022.

BENTONVILLE COMMERCIAL
A 26,328 square foot commercial building in Bentonville changed hands for $4.06 million. The purchase price is $154.27 per square foot.

Mound Prairie Ranch LLC of Florida purchased the building at 2910 S. Walton Blvd. Dean Eisma and Matt Mawby were the sellers.

City Title & Closing of Fayetteville was the title agent.

The building’s tenants include Rapid Prototypes and Open Mortgage. The one-story building was built in 2004.

SALE APARTMENT
A 16-unit apartment complex with recent upgrades recently sold for $1.9 million. The purchase price is $118,750 per unit.

Next Gen Equities LLC, managed by Kyle Atkins, purchased the property at 856-898 Curtis Drive in Fayetteville. Twins Junior LLC, whose members include Roger Cunningham Jr., David Savage Jr., Keith Faught and Kevin Faught, was the seller.

Missouri-based Century Bank of the Ozarks backed the deal with a $1.52 million loan. Waco Title Co. of Springdale was the title agent. Roger Cunningham of Robbins Realty in Farmington represented the seller.

The 1.29 acre property comprises two buildings with eight units per building. It was built in 2002 and comprises 18,944 square feet.

Twins Junior paid $1.36 million for the property in October 2020. Abaco International Group LLC was the seller.

PRAIRIE GROVE DOMAIN
A 12.9-acre estate home in Prairie Grove recently sold for $1.2 million.

Payton Sims purchased the 3,302 square foot residence on North Highway 170 from Ryan Vanzant. The purchase price is $363 per square foot.

Firstar Bank in Fort Smith funded the deal with a 30-year loan of $960,000. Waco Title Co. of Fort Smith was the title agent. Rylan Sims with Weichert, Realtors-The Griffin Co. in Fayetteville represented the seller.

Vanzant paid $80,000 for 7.9 acres in 2014 and built the house that year. He acquired the remaining acreage in 2018 for $99,000.

MATERIAL MATERIAL
A 15,000 square foot commercial building in Gentry recently changed hands for $1.16 million.

Rai & Pandher Investments Inc., led by Hardep Singh, purchased the 3.84-acre development at 905 S. Gentry Blvd. Parakeets LLC, managed by Randy and Sharon Bever, was the seller.

Equity Bank in Pea Ridge backed the deal with a 20-year loan worth $1.75 million. Advantage Title & Escrow in Fayetteville was the title agent.

The tenant of the building will remain with a different name. Singh bought the company, Bever’s Ace Hardware, for an undisclosed price and renamed it Gentry Ace Hardware.

COLLEGE AVENUE SALE
A 13,988 square foot commercial building in Fayetteville recently changed hands for $1 million.

Arkatire Holdings LLC, managed by Will Helton, purchased the 0.85 acre development at 614 N. College Ave. M&A UAT LLC, led by Mel and Aime Collier, was the seller.

Russellville-based First State Bank backed the deal with an $850,000 loan. City Title & Closing of Fayetteville was the title agent.

University Auto & Tire will remain the tenant of the building. Collier also owned the business but sold it to Helton for $250,000.

Collier owns Fayetteville-based Collier Drug Stores Inc.

“The pharmacy has been taking up all of our time since COVID started, and we just couldn’t continue to run the auto shop effectively,” he said.

Collier acquired the property and business from Don and Lola Dingledine in July 2015 for $375,000.

Real Bid Submissions: Submit advice on rental activity, construction, transactions or upcoming projects worth $300,000 or more to Paul Gatling at [email protected]. Please write “Real Deals” in the subject line.