An Arizona investor paid more than $2.3 million for the Ridout Lumber Co. store in Fayetteville.
Store Master Funding X LLC of Scottsdale paid $2.33 million for the 37,600-SF facility on 4.7 acres at 2195 N. Gregg Ave. The LLC is a subsidiary of STORE Capital — STORE stands for Single Tenant Operational Real Estate — which is led by founder Michael Bennett.
Citibank assisted the purchase with a loan of $2.33 million. STORE Capital and Ridout’s new corporate owner U.S. LBM Holdings LLC of Buffalo Grove, Illinois, signed a lease deal that runs to 2036.
Ridout, based in Searcy, has 12 locations in Arkansas and was founded by Homer Ridout in 1971. It was the state’s largest family-owned lumber company before being acquired by U.S. LBM on Jan. 31. Ross Ridout, grandson of the founder, stayed with the company as president after the acquisition.
Arbors Apartments
The Arbors apartment complex in Springdale changed hands for the second time in seven months.
Down Home Rental Properties, led by Rob Kimbel, paid $3.05 million for the 72-unit, 40,170-SF complex at 604 Oak Ave. Kimbel is the former CEO of Kimbel Mechanical Systems of Springdale.
Legacy National Bank of Springdale aided the purchase with a loan of $2.85 million.
Zheng Lin LLC was the seller. Zheng Lin purchased Arbors in July 2016 from Casa Americana LLC, led by Linda Parnell, for $2.4 million.
Zheng Lin is a group of investors made up of Tian Quan Zheng, Tianzhao Zheng, Jian Fei Lin and Chunli Lin.
Butterfield Plaza
A 10,000-SF office building sold for $850,000.
3 Calhoun C’s LLC, led by Derrick E. Calhoun, bought Butterfield Plaza at 2863 N. Old Missouri Road in Fayetteville. The seller was Albright LLC, led by Leatha “Ann” Palculiet and Nealia “Sue” Bruning.
Calhoun is the owner of First Choice Security Systems. The Bank of Fayetteville made a loan of $722,500.
Tamolly’s Restaurant
A former Tamolly’s Mexican restaurant changed hands for $870,000.
Springs Hospitality LLC, led by Narendra Krushiker, bought the vacant 8,186-SF building at 1387 S. 48th St., across the street from the Springdale Convention Center. Tamolly’s closed its location there several years ago.
The seller was Tamolly’s Mexican Restaurant of Arkansas of Texarkana, Texas, led by C. Night Keyes.
Intrust Bank of Wichita, Kansas, assisted the purchase with a loan of $832,000.
Tacos 4 Life Project
A 3-acre lot scheduled to be a shopping center anchored by a Tacos 4 Life Grill was purchased for $1.1 million.
JRN Investments of Jonesboro, led by J.R. Nix, bought the land at 6801 Sunset Ave. in Springdale. In 2016, Joshua Brown of Haag Brown Commercial Real Estate & Development of Jonesboro said the property was under contract for the project.
3PRG Real Estate LLC of Rogers, led by Jamie Rheem, was the seller.
Charleston Crossing
A 4,331-SF home on North Charleston Crossing in Fayetteville sold for $920,000.
Sarah Lindsey Clark, the daughter of Arkansas real estate developer Jim Lindsey, was the buyer. First Security Bank of Fayetteville assisted the purchase with a loan of $420,000.
The seller was the Roetzel Family Trust, managed by Michael Von and Julie Lorraine Roetzel.
Boston Mountain Home
Fayetteville attorney Hugh Jarratt and his wife, Nicole, paid $505,000 for a 4,623-SF home on Boston Mountain View in Fayetteville.
Jarratt is known for inventing the Taco Plate, which he sells through his Jarratt Industries LLC. First Security Bank of Fayetteville made a loan of $429,250.
The sellers were Brent Lamar Smith and Sherylyn Smith of Hot Springs.
Tontitown Warehouse
A 7,260-SF warehouse on Industrial Circle in Tontitown sold for $375,000.
Tsa La Gi Investments LLC, led by Calvin Scott Sanders of Bixby, Oklahoma, bought the property. The sellers were John H. and Mary Kay Thompson and Kayla and Stephen Daniel.
Sanders and the sellers agreed to a personal mortgage in the amount of $355,000.