Real Deals: Fayetteville shopping center sells for $6.15 million – Talk Business & Politics

A 34,000-square-foot shopping center in Fayetteville recently changed hands in an all-cash transaction worth $6.15 million. The purchase price equals $180 per square foot. The shopping center on 3.77 acres includes tenants such as Mr. Tux and Party City.

Tailor Family Development 2 LLC of Springdale, which lists Rogers attorney Nick Arnold as the registered agent, bought Joyce Plaza, comprising 32 to 72 W. Joyce Boulevard. Other limited liability companies of Tailor Family Development are registered to David Bordovsky, who shares the buyer’s Springdale address.

Joyce Property LLC, led by An Wei Feng of Springdale, was the seller. Jordan Jeter of Kelley Commercial Partners in Springdale represented the seller. Sean Morris of Coldwell Banker Harris McHaney & Faucette in Fayetteville represented the buyer. City Title & Closing LLC in Fayetteville was the title agent.

Osaka Chinese Buffet, which is owned by the seller, will lease the restaurant space formerly occupied by Eat My Catfish. Built in 2002, the shopping center is fully leased.

In November 2022, Joyce Property acquired Joyce Plaza for $4 million, the same price it sold for in May 2018.

Tah-Wah-Ne Buy
A 27,900-square-foot industrial property on nearly 200 acres northwest of Centerton in Benton County recently sold for $6 million. The purchase price equals $30,079 per acre.

Russell Tyler Smith of Lucas, Texas, purchased the water bottling facility at 14671 N. Mount Olive Road and adjacent property, including a two-story, 2,246-square-foot home and about 10,000 square feet of barn and shed space.

The seller was Tah-Wah-Ne Limited Partnership, whose partners include James Himsl and Kenneth Himsl. Tim Salmonsen with Keller Williams Market Pro Realty Bentonville West represented the seller. City Title & Closing LLC in Fayetteville was the title agent.

The 199.47-acre property was home to the Tawanee Spring Water Bottling Plant and has 10-12 springs that feed into the Eucha, Spavinaw and Hudson Lakes in Oklahoma. The buildings on the property were built between 1967 and 1999.

Hotel Acquisition
The 62,490-square-foot Hyatt Place Rogers/Bentonville along Interstate 49 in Rogers has a new owner after a $5.21 million transaction. The purchase price equals $83 per square foot.

4610 Rogers Hotel Owner, a limited liability company of Miami Beach, Fla.-based LNR Partners LLC, purchased the five-story, 104-room hotel on 2.52 acres at 4610 W. Walnut St. LNR Partners is a subsidiary of Greenwich, Conn.-based Starwood Property Trust Inc.

The seller was Deutsche Bank Trust Co. The property previously sold for $8.85 million in July 2006. The hotel was built in 2001.

Packaging Pickup
A 63,718-square-foot industrial property in Fayetteville recently sold for $4.7 million. The purchase price equals $73 per square foot.

Fayetteville-based Packaging Specialties Inc., a commercial printing and packaging company, bought the 3.93-acre property at 1755 S. Armstrong Ave., adjacent to its headquarters. The seller was Koprovic Family Property Co., managed by John “Toby” Koprovic. City Title & Closing LLC in Fayetteville was the title agent.

The three buildings on the property were constructed from 1994 to 2006 and comprised Bargo Engineering Inc., which was acquired by a private ownership group in December 2021 and renamed Bargo Machining. In December 2021, Koprovic Family Property of Fort Smith paid $2 million for the property. The sellers were Charles and Barbara Goforth.

Bentonville Lot
A 2.79-acre lot north of the new Walmart Home Office in Bentonville was recently purchased for $3.75 million. The purchase price equals $1.34 million per acre.

JP Springdale LLC, whose registered agent is Springdale attorney Alex Miller, and JPKS Enterprises LLC, organized in Kansas by Miller, purchased 2005 E. Central Ave. As tenants in common, JP Springdale has a 65% interest in the property, while JPKS Enterprises has a 35% interest.

The seller was Vito Groups LLC, managed by Bhagawan Kannappa. Realty Title & Closing Services LLC in Springdale was the title agent.

In November 2022, Vito Groups purchased the property for $2.13 million.

Editor’s note: Information in this report was gathered with assistance from the office of Benton County Assessor Roderick Grieve.

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