Raising Cane’s is poised to put a second chicken fingers restaurant in Fayetteville after a $1.3 million purchase.
Raising Cane’s Restaurants LLC of Plano, Texas, bought a 1.1-acre property at 1740 Martin Luther King Jr. Blvd. The location was formerly a J.D. China Buffet restaurant.
The sellers were the Lee Family Trust, led by Douglas Tao Tsan Lee and Jennifer Shu-Chen Lee, and Yuta Chang. The Lee Family Trust and Chang each held 50 percent interest in the property.
The restaurant’s building is 5,775 SF.
Raising Cane’s opened its first restaurant at 859 Millsap Road in north Fayetteville just off of College Avenue.
Springdale Storage Sold
A 430-unit self-storage complex sold for $2.5 million.
Carl Baumeister and Charles Burford of Fort Smith, through their Blue Mountain Storage LLC, bought Self Storage of America at 1830 S. Pleasant St. in Springdale. The gated complex sits on 1.09 acres and has 19,971 SF of storage space.
Raintree Village LLC of Fort Smith, led by Charles Palmer and Ralph Freeman, was the seller. Raintree Village acquired the property for $107,000 from the Lindsey Family Trust in 1988.
BancorpSouth Bank of Tupelo, Mississippi, provided a loan of $2,126,000 for the purchase.
Baumeister has acquired several self-storage complexes in Springdale. Through his Brunwick Development Group LLC, Baumeister paid $2.3 million for Airtight Self Storage at 2571 E. Robinson Ave. in Springdale.
Baumeister and partner Patrick Byrd, through their 3B Storage LLC, paid $636,000 for All Store on Shady Grove Road in Springdale. 3B Storage paid $1.59 million for Ace Mini-Storage at 1742 S. Pleasant St., which is next door to the Self Storage of America that Blue Mountain purchased.
3B bought All Store and Ace Mini-Storage from Haizen Investments LLC of Fort Smith, which is led by Byrd.
Former Clarion Hotel
A 200-room hotel in Fayetteville was acquired by former owners after a $2.2 million foreclosure sale.
The hotel at 1255 S. Shiloh Drive, long known as the Clarion Hotel, was recovered by H&C Fayetteville Clarion LLC, led by David Curry of Fort Smith. H&C sold the hotel to Charles Wilkerson in 2012 for $1.5 million.
In February, Circuit Judge Beth Storey Bryan issued a judgment against TBones Management, led by Wilkerson, for $1.3 million and interest. The 81,000-SF hotel was built in 1986 and covers 7 acres just off Interstate 49 in south Fayetteville.
IberiaBank Branches
IberiaBank of Lafayette, Louisiana, closed nine branches in Arkansas in March, and two of those in northwest Arkansas sold for a combined $3 million.
First Security Bank of Searcy paid $1.65 million for the 3,831-SF branch at 2710 E. Mission Blvd. in Fayetteville. Armstrong Bank of Muskogee, Oklahoma — which acquired Benefit Bank of Fort Smith last May — paid $1.35 million for the 6,400-SF branch at 3942 Elm Springs Road in Springdale.
IberiaBank also announced it was closing six branches in northeast Arkansas and one in Little Rock as part of a long-term restructuring. It has closed 51 branches in various states in the past three years while adding 50.
The Springdale branch had $61 million in assets, while the Fayetteville branch had $29 million before their closures.
Fayetteville Apartments
A 23-unit apartment complex sold for $860,000.
Paul Gayer Properties LLC of Fayetteville bought the complex at 221 N. Church Ave. James Williams Jr. of Fayetteville was the seller.
The complex sits on a little less than one-half acre and has 9,710 SF.
Springdale Commercial Building
An e-cigarette store on Sunset Avenue in Springdale sold for $375,000.
Isabel and Delia Velazquez bought the 4,410-SF building at 990 W. Sunset Ave. Integrity First Bank of Fayetteville assisted the purchase with a loan of $150,000.
Flat Broke Farms LLC, led by Robert Srygley of Springdale, was the seller.