An Oklahoma investor led a group that paid $8.82 million for The Shoppes at Har-Ber Lakes in Springdale.
Raymond Merrill leads Shoppes at Har-Ber Lakes LLC, which bought a 90 percent share of the 62,000-SF retail center.
Merrill owns Merrill Bonding Co. of Sallisaw, Oklahoma, and spent more than $10 million on northwest Arkansas properties in the past year beforethis purchase.
John Flake, Karen Flake and the Flake Family Trust own the remaining 10 percent.
The Shoppes of Har-Ber Lakes is at the northeast corner of Sunset Avenue and Jones Road and is anchored by a Harp’s Food Store. It is three buildings on about 8.5 acres and has tenants such as Onyx Coffee, Flying Burrito and Anytime Fitness.
The seller was NWA Holdings LLC, led by Brian Shaw, CEO of Sage Partners of Fayetteville.
Shaw said his investment group decided to sell the shopping center earlier this year; the group developed and built the center a decade ago.
Shaw said the shopping center was 95 percent leased.
“We felt it was time to move on,” Shaw said. “It’s a good long-term investment. The area is still growing out there.”
Jessica Dearnley of Flake & Kelley Commercial Northwest represented the buying group. Dearnley is the daughter of minority buyers, John and Karen Flake. BancorpSouth Bank of Tupelo, Mississippi, provided a loan of $7.1 million.
White Oak Stations
A Dallas real estate investment trust purchased three White Oak Stations in northwest Arkansas.
Spirit Realty Capital, through its Spirit SPE Portfolio Ca C-Stores LLC, paid $3.6 million for White Oaks at 1940 Crossover Road in Fayetteville and at 4128 Wagon Wheel Road in Springdale. Spirit Realty paid $2.4 million for a White Oak at 2584 N. Gregg Ave. in Fayetteville.
Spirit Realty bought the properties from Petromark Inc. of Harrison, which is led by President Stephen Lair.
Springdale Villa Apartments
A Fayetteville investor paid a little more than $1 million for the Villa I Apartments in Springdale.
Ross Kephart, the president of Brick City Capital, bought the 28-unit apartment complex from Springdale Villa Apartments LLC, led by David Bogle of Bentonville.
The apartment complex, composed of seven buildings with about 15,000 SF under roof, covers a little less than a half acre at the northwest corner of Allen Avenue and Cleveland Street.
Arvest Bank of Rogers assisted the purchase with a loan of $1.33 million.
Colliers Drug Store
Darryl Riddell, who owns South Delta Aviation of Fayetteville, paid $2.25 million for a retail property in Johnson that is home to a Colliers Drug Store and medical clinic.
Ridell, through his DSR Properties LLC, bought the property from Fort Smith’s Arkansas Properties LLC, led by David Furr, an internal medicine doctor. Furr bought the property from Mel Collier for $2.1 million in 2014.
The property is at 5201 Willow Creek Drive in Johnson, just north of the Willow Creek Women’s hospital.
Citizens Bank of Batesville assisted the purchase with a loan of $1.8 million.
Tyson Buys Warehouse
Tyson Foods Inc. of Springdale bought a 20,650-SF warehouse just north of its Tyson Company Store on Emma Avenue in downtown Springdale.
Tyson, through its Tyson Shared Services Inc., paid $400,000 for Fuller’s Store Fixtures & Shelving, which announced it was going out of business effective Oct. 21.
The 0.7-acre warehouse development is located at 104 Berry St.
In 2014, Tyson Foods purchased the former Jones Truck Lines terminal at 516 E. Emma Ave. and converted 28,000 SF in the Tyson Foods JTL Building to house its northwest Arkansas employment center, records management group and company store.
Tyson also paid $275,000 for a 2.7-acre property on Johnson Road, just south of its headquarters on Don Tyson Parkway. Tyson bought Ray Presley Plumbing, which has a 1,634-SF office on the property, from Harold and Janet Presley of Rogers.