An investment group paid $3.2 million for 13 condominiums in the Legacy Building at 401 W. Watson St. in Fayetteville.
The Legacy Investors Group LLC, led by Mitchell Massey and Todd Ross, bought the property from Legacy BDF III LLC, a subsidiary of the private investment firm Broe Group of Denver. Broe purchased the seven-story building for slightly less than $4.3 million in 2012 from a group of banks that had reclaimed the property from Brandon Barber in an $11.2 foreclosure sale in 2008.
Chambers Bank of Danville assisted the purchase with a loan of $2.72 million.
E.J. Ball Plaza Sells
The E.J. Ball Plaza sold for $3.125 million.
Specialized Real Estate Group of Fayetteville and Moses Tucker Real Estate of Little Rock announced the acquisition earlier this month without a price tag. The seven-story, 58,000-SF building overlooks the downtown Fayetteville Square at 112 W. Center St.
Chris Moses, the CEO of Moses Tucker, acquired 80 percent of the property through his Tower Square Fayetteville LLC. The other 20 percent was bought by Mark and Kimberly Dake through their Bradford Square of Arkansas LLC.
SREG said it plans to renovate the exterior of the building, which is 60 percent occupied. Any interior work would be determined by future tenants’ needs.
Ball Plaza Holdings LLC, led by Ted Belden, was the seller. IberiaBank of Lafayette, Louisiana, assisted the purchase with a loan of $2.4 million.
(Also see: New Owners Plan Renovations to Fayetteville's EJ Ball Building)
Fayetteville AT&T Deals
A California family bought a strip center on Wedington Drive in Fayetteville for $3.34 million.
The center, located at 3575 W. Wedington, is anchored by an AT&T and Belle Boutique and has more than 8,000-SF of retail space. Joseph and Mary Daher of Willow Creek, California, bought 68.4 percent of the property, while Tom and Romaine Daher acquired the remaining 31.6 percent.
Bear State Bank of Harrison assisted the purchase with a loan of $2.25 million. The seller was JRN Investments, led by Robin Nix of Jonesboro.
The center is in front of the Walmart Neighborhood Market and next to a Starbucks. It wasn’t the only AT&T property in Fayetteville attracting California buyers.
A California investor paid more than $1.3 million for the AT&T retail store at 2804 Martin Luther King Jr. Blvd. in Fayetteville.
Davidson Properties Holdings of Walnut Creek, California, led by Jerry Lee and Kathleen Davidson, bought the 3,224-SF building for $1.36 million from ARFAY MLK LLC, led by Scott McLain of Fort Smith. McLain bought the property for $250,000 in 2014.
The property is across the street from the Walmart Supercenter. Wells Fargo Bank assisted the purchase with a loan of $885,000.
Haag Brown Purchase
Haag Brown Commercial Real Estate & Development in Jonesboro paid $200,000 for nearly 2 acres of land just behind a property it purchased earlier this year in Fayetteville.
Haag Brown bought the property from CVS Pharmacy of Woonsocket, Rhode Island. The lot is directly behind the CVS Pharmacy on North College Avenue, just north of the intersection of College and East Township Street. In late March, Haag Brown paid $655,000 for the Suds Car Wash at 2408 N. College, which is next door to the CVS.
Haag Brown plans to replace the car wash with a multiuse retail building anchored by, in all likelihood, Starbucks and one other tenant. When the company bought the car wash, CVS contacted Joshua Brown, co-founder of Haag Brown, about the 2 acres, which are located directly behind the CVS and car wash.
CVS paid $2.6 million to JMU Inc. of Fayetteville for the property in 2014. Brown told Arkansas Business earlier this year, when the company was working on the deal, that the second property was attractive as an office development to tie in with the retail development at the car wash property.
I-49 Office Building Sale
A five-unit office building just off Interstate 49 in Fayetteville changed hands in a $1.2 million deal.
Hillcrest Holdings LLC of Johnson, led by Gary Nichols, bought the two-story, 6,500-SF building from Monroe North Point LLC, led by Steve and Nicole Fowler. The office is located at 2961 N. Point Circle and overlooks the Exit 66 on-ramp.
Legacy National Bank of Springdale assisted the purchase with a loan of $960,000.