A Texas investor paid nearly $3.7 million for the Red Lobster restaurant on North Shiloh Drive in Fayetteville.
Vera LLC of Plano, led by Venkat Sirimalle, bought the property from Cole REIT Advisors III, a subsidiary of Cole Capital of Phoenix. Cole, which owns more than 500 Red Lobsters, acquired the property in 2014 for almost $2.7 million.
Vera and Red Lobster Restaurants LLC, based in Orlando, Florida, signed a lease agreement that runs until 2039. The previous lease was listed at more than $220,000 annually before the sale.
The 7,800-SF restaurant is just south of Joyce Boulevard and sits on approximately 1.75 acres.
Adams Dairy Bank of Blue Springs, Missouri, assisted the purchase with a loan of slightly more than $2.7 million.
Highway 112 Land
A local investor paid more than $2.1 million for nearly 39.5 acres of land on Highway 112 in Fayetteville.
One Twelve Village LLC of Fayetteville, led by David Evans, bought the land just north of the Sam’s Club. The property is across the highway from the 112 Drive In theater.
Legacy National Bank of Springdale was the seller. Legacy acquired the property for satisfaction of debt in 2010 from Family Jewels LLC, led by Tracy Hoskins.
At the Pines
A 25-unit Fayetteville apartment complex sold for $865,000.
Garton Holdings LLC of Fayetteville, led by Jason Garton and Travis Garton, bought the At the Pines complex. First Security Bank of Searcy assisted the purchase with a loan of $1.05 million.
The sellers were a group of three trusts. The William Stewart & Nancy Stewart Revocable Trust sold its 50 percent share; the other half was equally held by the George Faucette Jr. Revocable Trust and the Rosemary Faucette Revocable Trust.
The complex sits on 1 acre on West Deane Street.
Sagely Lane Home
A 3,811-SF home in east Fayetteville sold for $499,000.
Rose Property Group LLC, led by David Frye of Rausch Coleman Homes, bought the residence on Sagely Lane from John Ed Chambers III of Danville, the CEO of Chambers Bank. Chambers bought the property as land in 2012.
Chambers Bank assisted the purchase with a loan of $387,500.
Chambers also sold a 1.14-acre plot in Fayetteville to Trends Inc. for $100,000. Trends Inc. has the same mailing address as Rose Property Group on North Plainview Avenue in Fayetteville.
The 1.14 acres is just behind the Whole Foods Market-anchored retail center on North Plainview Avenue.
Lafite Lane Home
A 4,637-SF home in east Fayetteville sold for $759,000.
James Scott and Adele Ruth Coleman bought the residence on Lafite Lane from Serrhel and Patty Adams. The four-bedroom home sits on more than 2 acres.
Arvest Bank of Rogers assisted the purchase with a loan of $607,000. Serrhel Adams acquired the residence for $648,000 in 2009.
Fayetteville Apartments
A six-unit apartment complex in Fayetteville sold for $307,000.
Cajakajo Holdings LLC of Fayetteville, led by Buckley Blew and Kimberly Blew, bought the property at 10 E. Davidson St. The sellers were Charles and Yvonne Bennett of Havana (Yell County).
First National Bank of Fayetteville assisted the purchase with a loan of $260,950.
Farmington Dentist Office
A dental and orthodontist office in Farmington sold for $465,000.
FDO Properties, led by Gavin Trogdon, bought the 3,030-SF building that is home to the Farmington Dental Center at 181 Main St. Trogdon owns the dentist practice there.
J&J Long LLC of Forest Grove, Oregon, led by Jerred Long, was the seller.
Arvest Bank of Rogers assisted the purchase with a loan of $465,000.
Churchill Drive Home
A four-bedroom, 4,070-SF home in Fayetteville sold for $535,000.
Gareth and Cheryl Eck bought the property on East Churchill Drive. They bought the residence from Stephen and Lorene Gordon of Fayetteville.