White Rock Investments LLC, led by Tim Brisiel of Fayetteville, paid $5 million for two apartment complexes.
Brisiel bought the Colonial Arms Apartments on North Leverett Avenue. Colonial Arms has 69 units and more than 55,000 SF. The acquisition included the 74-unit Oakwood Place Apartments on West Putnam Street.
Brisiel purchased the properties from Mid-America Management Associates, which is led by William Howell. First National Bank of Fort Smith assisted the purchase with a loan of $5.6 million.
Townhouses Sold
Brisiel, through his White Rock Investments LLC, sold 10 townhouse units to a California real estate investor.
Christ Koutroumbis and his wife, Polly, through their 1337 & 1343 N. Oakland LLC, paid $1.35 million for the units at 1337 N. Oakland Ave. The units have 8,976 SF.
Arvest Bank of Rogers assisted the purchase with a loan of $1.08 million.
Investors Buy 2 Hotels
The private investment group Waramaug LS Hotels of Boca Raton, Florida, bought the Holiday Inn Express & Suites in Bentonville and the Fairfield Inn & Suites in Springdale, paying $6.9 million for the Holiday Inn and $7 million for the Fairfield.
Waramaug bought the properties in partnership with Woodmont Lodging of Bethesda, Maryland. The partnership bought the Holiday Inn through its WW Holx Bentonville LLC and the Fairfield Inn through its WW FFI Springdale LLC.
Narendra Krushiker was the seller. Benefit Street Partners CRE Finance LLC of New York City assisted the purchases with a loan of $11.1 million.
Waramaug said the partners plan to renovate the 84-room Holiday Inn, located at 2205 SE Walton Blvd. The Fairfield Inn is a 74-room hotel at 1043 Reiff St.
Craig Nussbaum, the senior vice president of Waramaug, said the hotels were attractive because they were located in cities with major corporations; Bentonville is home to Wal-Mart and Springdale is home to Tyson Foods.
“Both markets also have a strong job creation forecast and consistent economic growth coupled with a limited new supply outlook,” Nussbaum said. “All of these factors provide excellent future growth potential for our top-line revenue.”
Simmons Buys Bank Branch
Simmons Bank of Pine Bluff bought a former First Federal Bank branch in Fayetteville for $1.7 million.
The branch, located at 2025 N. Crossover Road, was sold by the renamed Bear State Bank of Little Rock. The branch is 3,639 SF.
Red Robin Sale-Leaseback
The Red Robin restaurant in Fayetteville was sold by its corporate owner in a $2.35 million deal.
Red Robin International Inc. of Greenwood Village, Colorado, sold the restaurant at 695 E. Van Asche Drive to two California trusts. The Jane J. Vorhees Survivor Trust bought 57 percent, while the V Purn Vorhees Credit Shelter Trust bought the remaining 43 percent.
Both trusts are led by Jon Vorhees of Roseville, California.
Red Robin signed a 15-year lease with the new owners after the sale of the 6,606-SF restaurant.
Dentist Office Changes Hands
A California investor paid $2.35 million for the My Dentist office at 2868 W. Martin Luther King Jr. Blvd. in Fayetteville.
Yancey Properties of Santa Barbara, California, led by Thomas Yancey and Joel Orr, bought the property from Broadstone MD Oklahoma LLC, a subsidiary of Broadstone Real Estate of Rochester, New York.
Yancey Properties bought two adjacent lots, both one-third of an acre. One lot is the My Dentist parking lot, and the other undeveloped lot sits directly behind the 5,268-SF office building.
The property is located across MLK from the Walmart SuperCenter. Great Lakes Credit Union of Illinois assisted the purchase with a loan of $935,000.
Investment Firm Sold
The home of Greenwood & Gearhart, an investment advisory firm in Fayetteville, sold for $1.25 million.
The Firethorn Group LLC, led by Lindsey and George Gearhart, bought the 8,600-SF office at 26 E. Center St. Crickett LLC, led by M. Reed and Mary Ann Greenwood, was the seller.
Mary Ann Greenwood founded the company in 1982.
Legacy National Bank of Springdale assisted the purchase with a loan of $1 million.