Nearly 70,000 square feet of mixed-use commercial buildings on the Fayetteville Square and North College Avenue have a new owner after recent transactions totaling $17.1 million. The purchase price equals $247 per square foot.
Fayetteville-based Hillcrest Holdings LLC, managed by Gary Nichols, bought Scott Plaza at 3416 and 3422 N. College Ave., Executive Square at 1 W. Mountain St., a multifamily property at 5 W. Mountain St., and the Bradberry Building at 21 W. Mountain St. The Mountain Street properties comprise the south side of the Fayetteville Square, adjacent to Fayetteville Town Center.
Daugherty Commercial LLC, led by Jason Daugherty, was the seller of the Fayetteville Square properties. Howard Scott Jr. was the seller of the Scott Plaza property. Springdale-based Legacy National Bank provided a three-year loan of $27.8 million. Allegiance Title in Fayetteville was the title agent.
Built between 1890 and 2010, the Fayetteville Square properties comprise one-, two-, three- and six-story apartment, office, retail and restaurant space totaling 43,600 square feet. Built in 1986, Scott Plaza comprises two single-story shopping center buildings and 25,500 square feet.
Daugherty paid a combined $5.55 million in separate transactions for the Fayetteville Square properties in February 2023 and November 2020. The sellers were Five West Mountain LLC, managed by John Bradberry, and an affiliate of Fayetteville Chamber of Commerce Inc.
Scott paid $875,000 for the Scott Plaza property in September 1986. The seller was Mathias Real Estate Partnership, comprising John Mathias, Jane Mathias, Sam Mathias and Bernice Mathias.
Bentonville Hotel
A four-story, 121-room extended stay hotel along Interstate 49 in Bentonville recently changed hands for $9 million. The purchase price equals $74,380 per room.
Affiliates of McDonough, Ga.-based Natson Hotel Group bought the Extended Stay America Select Suites – Bentonville on 1.96 acres at 1201 Phyllis St., north of the I-49 interchange with Southeast 14th Street (Arkansas Highway 102). The acquisition is part of a larger hotel purchase.
The seller was an affiliate of Charlotte, N.C.-based Extended Stay America. The 42,912-square-foot hotel was built in 2005 and rebranded from WoodSpring Suites. It was formerly known as Value Place, the Wichita, Kan.-based brand that purchased the hotel for $2.5 million in December 2014. SC Petroleum LLC, led by Manuj Jain, was the seller.
Bentonville Offices
A single-story, 15,563-square-foot office building on Southeast Fifth Street in Bentonville recently sold for $7.5 million. The purchase price equals $481 per square foot.
Limited liability companies managed by Michael Pedler, Daniel Clement, Tom Gordon, Phil Libin and Tammy Sun bought the building on 0.73 acres at 406 S.E. Fifth St. The company managed by Pedler, managing member of Bentonville real estate investment firm Hart & Ashley Group, acquired 85.03% interest in the property.
The company managed by Libin, co-founder and former CEO of note-taking app Evernote, and Sun, founder and CEO of Bentonville-based Carrot Fertility, acquired 7.49% interest. The company managed by Gordon, CEO of Fayetteville-based Slim Chickens, acquired 5.35% interest. The company managed by Clement, attorney at Eldridge Brooks Partners in Rogers, acquired 2.14% interest.
The seller was an affiliate of Pensago LLC, whose authorized member is Stan Zylowski, who with April Seggebruch launched Bentonville software firm Movista. Fayetteville-chartered Arvest Bank provided a three-year loan of $4.5 million. City Title & Closing was the title agent.
The Pensago affiliate paid $650,000 for the building in November 2013. The Bank of Fayetteville was the seller.
Fayetteville Store
A 5,700-square-foot convenience store on East Huntsville Road (Arkansas Highway 16) in Fayetteville recently sold for $7.2 million. The purchase price equals $1,263 per square foot.
A limited liability company managed by Price Gardner, managing partner of Friday Eldredge & Clark LLP in Little Rock, bought the Maverick store at 1875 E. Huntsville Road.
The seller was an affiliate of West Des Moines, Iowa-based Hurd Real Estate Services. Pine Bluff-based Simmons Bank provided a three-year loan of $6.12 million. The 1.89-acre property includes a long-term lease to Maverik.
Editor’s note: Information in this report was gathered with assistance from the office of Benton County Assessor Roderick Grieve.
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