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Harps Foods Sells Site It Bought in December (NWA Real Deals)

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Harps Food Stores Inc. of Springdale sold its Price Cutter Food Warehouse in Springdale a few months after buying it.

Harps sold the 48,450-SF facility for $2.1 million to P10B LLC of Springdale, which is led by Miles Kimbel. Harps bought the Price Cutter in December for $1.12 million from Harp, Harp & Van Hoose General Partnership, a group that had a lease agreement with Harps with the Price Cutter as tenant.

Harps Food Store signed a 15-year lease with Kimbel in conjunction with the sale. Harps has 10 five-year extension options and the right to match any purchase offer from a third party. 

The purchase includes six parcels that total approximately 3.6 acres. Generations Bank of Rogers assisted the acquisition with a loan of $1.78 million.

Madison Plaza

A Texas investor paid $1.6 million for a 53,000-SF Springdale shopping center.

Highway 71 Properties LLC of Katy, Texas, led by Wanda J. Braswell, bought Madison Plaza at 2505 S. Thompson St. from Madison Plaza LLC, led by John Flake. 

The shopping center covers 3.7 acres and is fully leased. Central Bank of Branson of Branson, Missouri, provided a loan of $1.36 million.

Johnson Two for One

Maverick Commercial Park in Johnson changed ownership in a pair of linked transactions totaling $2.2 million.

KWMPR 3801 Main LLC of Bentonville, led by Larry Robison, bought the 15,424-SF center and surrounding half-acre in separate deals. Robison, a real estate agent with Keller Williams, is part of a group that plans to relocate a Keller Williams office at Maverick.

KWMPR bought the half-acre fronting the park for $265,000 from Maverick Properties LLC of Springdale, led by Mat-thew Dearnley and John Flake. Dearnley is CEO of Flake & Kelley Commercial Northwest and the son-in-law of John Flake, its chairman. KWMPR paid $1.935 million to The Shoppes at the Mill LLC of Springdale for the park itself, which is at 3801 Johnson Mill Road. The Shoppes at the Mill is led by John Flake and Bill Hanna, the president of Hanna Oil & Gas Co. of Fort Smith. Citizens Bank of Batesville provided a $1.6 million loan.

All Star Sports Arena

A 120,000-SF sports arena in Springdale was sold for $2.3 million.

Arkansas Warehouse Group LLC of Johnson, led by Gary Nichols, bought the All Star Sports Arena. The sellers were Shane and Shelly Willis of Pea Ridge, who  bought the arena for $2.1 million in 2014.

The arena and lot, at 1906 Cambridge St., cover 6 acres, and Grand Bank of Tulsa provided a $1.84 million loan. The Willises bought the arena from Simmons First National Bank, which recovered the property from David and Connie Harris and Richard and Linda Harris at a $2.2 million foreclosure sale in 2013.

Former Restaurant

A former Ruby Tuesday restaurant in Fayetteville sold for just over $1 million.

The property, at 1031 S. Krupa Drive, just off MLK Jr. Boulevard, was bought by Heaven Sent Properties LLC of Fayetteville, led by Brian Smith and William Rodney Coats. Smith and Coats are partners in SmitCo Eateries Inc., a regional franchisee of Popeyes Louisiana Kitchen and Captain D's restaurants. 

The seller was Ruby Tuesday subsidiary RT Western Missouri Franchise LLC. The chain, based in Maryville, Tennessee, closed the 4,372-SF Fayetteville restaurant last year. Arvest Bank of Rogers provided a loan of $840,000.

Smith and Coats also bought property on MLK east of Interstate 49, including the former Blockbuster Video store at 2222 MLK. The 6,500-SF building is currently home to a moving company.

Smith and Coats bought the properties through SCE Properties LLC for $1.45 million from Robbie and Donald Marley, Debora and Larry Johnson and Elizabeth Ruble, all of Lebanon, Missouri. Arvest Bank lent the project about $1.3 million.

SmitCo recently sold two Popeyes in northwest Arkansas for $4.4 million to HZ Props RE Ltd. of Sugar Land, Texas. HZ is led by Amin Dhanani, president of Z&H Foods Inc., which runs a large national chain of Burger Kings and Popeyes.

Smith told Arkansas Business in early June that he had sold all his Popeyes; he did not return calls seeking clarification. 


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