Real Deals: First Security backs Delta Delta Delta project at UA

by Paul Gatling (pgatling@nwabj.com) 414 views 

A University of Arkansas organization has secured a 32-year, $14.5 million funding agreement from Searcy-based First Security Bank. The mortgage is backing a renovation and expansion project of the sorority house of the Delta Iota Chapter of Delta Delta Delta at 920 W. Maple St.

The Rogers office of Little Rock-based Baldwin & Shell Construction Co. is the contractor, and Jim Yeary of Yeary Lindsey Architects in Little Rock is the architect.

The house is a Tudor Revival built in 1932, and additions were made in 1954 and 1965. The project will involve a complete renovation of the original 1932 portion of the house, and replacement of the later additions. The project will bring the three-story house to approximately 43,000 square feet with 98 beds and a walk-out basement, commercial kitchen, library, chapter room with seating for 340 and dining room with seating for 250.

• At Home Construction
North Carolina-based Vannoy Construction recently paid the city of Rogers $12.7 million for a commercial building permit. The permit is being used to construct a 108,490-square-foot building at 3551 S. 27th St., north of the Pleasant Grove Road exit on Interstate 49.

Home décor retailer At Home Group Inc. is the developer and will be the tenant. The company paid $4.7 million for the 20.26-acre site ($5.32 per square foot) earlier this year.

• Clinic Construction
Rogers-based Mercy Northwest Arkansas held a groundbreaking June 8 for a new 14,000-square-foot primary care clinic in southwest Bentonville. Total investment in the project, known as Mercy Clinic Primary Care — Southwest I Street, is $7.7 million.

Included in the investment is the purchase of the 19.4-acre site, completed earlier this year for $2.4 million. Clayton and Sheila Eversole were the sellers. The site is just south of the intersection of Southwest I Street and Arkansas Highway 12, situated near the Bentonville Community Center at 1101 S.W. Citizens Circle.

Crossland Construction Co. in Rogers will build the facility, which is scheduled to be complete by early 2018. Core Architects Inc. of Rogers handled the design work. The clinic, Mercy’s fifth in Bentonville, will house six providers and feature 29 exam rooms. The building is designed to add another 14 exam rooms.

• Commercial Deal
A retail/office/warehouse strip center just off Arkansas Highway 102 in Bentonville recently sold for $3.22 million. Cash East and Jordan Jeter, through their SRRE Investments LLC, acquired the 2.98-acre commercial development at 1400-1402 S.W. Susana St.

SS Properties LLC, whose members include Norm Banwarth and Kent Webb, was the seller. First Security Bank in Fayetteville provided financing with a 10-year loan of $2.73 million. Waco Title Co. of Springdale was the title agent.

The development, known as 102 Business Park, includes two buildings, each with 20,394 square feet of space. Combined, the two buildings are 93% occupied. The purchase price equals $79.06 per square foot.

• Church Sale
The sale of a 2.46-acre church property in Rogers was recorded recently for $1.47 million. Rogers School District bought the 17,000-square-foot building at 2100 W. Perry Road, adjacent to Rogers High School. Calvary Chapel in the Ozarks Inc. was the seller. Waco Title Co. of Springdale was the title agent.

The school district plans to utilize the building for additional meeting space. The church is being allowed to stay in the building through the end of July, and is actively searching for its next location.

• Talamore Construction
New construction in Phase V of Bentonville’s Talamore neighborhood recently sold for $1.31 million. Eric and Julie Haskel purchased the 6,213-square-foot home on Pembrook Circle, a purchase price of $211.70 per square foot. KOA LLC, managed by Oliver Kiesel, was the seller.

JPMorgan Chase Bank provide financing with a 30-year loan of $1.11 million. Cathy Richter with Coldwell Banker Harris McHaney Faucette in Rogers was the listing agent. First National Title Co. in Bentonville was the title agent.

Kiesel bought the 2.71-acre lot in March 2016 for $135,000. Elite Equity Group of Arkansas LLC was the seller.

• Highway 102 Acreage
Bank-owned land along Highway 102 in Centerton recently sold for $850,000. FSSCL LLC acquired 60 acres at 18854 W. Highway 102, northwest of the Kitty Road intersection, west of Highway 279.

First Western Bank in Rogers was the seller. The purchase price equals 0.33 cents per square foot. First Western provided financing with a 20-year loan of $680,000. City Title & Closing LLC of Fayetteville was the title agent.

FSSCL members include Britto Michaelsamy, Sundararajan Periasamy, Merlin Joe, Kannan Sundaramurthy and Prince Antony Michael Joseph. First Western took ownership of the land in May 2012. J&J Richards Properties LLC, led by James H. Richards, was the previous owner.

• Englefield Abode
A 4,646-square-foot home in the St. Valery Downs neighborhood of Cave Springs recently sold for $750,000, a purchase price of $161.42 per square foot. Andrew and Laurel Holler bought the home on Englefield Drive. Buster and Sarah Arnwine were the sellers.

Fayetteville-chartered Arvest Bank provided financing with a 30-year mortgage of $600,000. Mercury Title LLC of Rogers was the title agent. Marcus Necessary with Weichert, Realtors — The Griffin Co. in Bentonville was the selling agent. John Mayer with Coldwell Banker Harris McHaney Faucette in Rogers was the listing agent.

The home was built in 2011, and appraised in 2016 for $703,650. Arnwine bought the property in June 2015 for $710,000. Joseph and Jane Lisuzzo were the sellers. Lisuzzo bought the 0.82-acre lot in July 2010 from First State Bank of Lonoke for $52,000.

• Greathouse Grab
A 3,900-square-foot residence on 2.5 acres in Springdale has a new owner after a sale worth $660,000. Scott and Wendy Peters bought the three-bedroom home on Greathouse Springs Road from Kenneth and Judy Bryant.

IberiaBank Mortgage Co. in Little Rock helped finance the deal with a 15-year loan worth $524,000. Meza Harris with Lindsey & Associates in Rogers had the listing. Waco Title Co. in Springdale was the title agent.

• Royal Abode
A 4,087-square-foot home in Centerton’s Versailles subdivision has a new owner after a recent sale worth $570,000. The purchase price equals $139.46 per square foot.

Kyle and Sondra Masters bought the four-bedroom home on Royal Avenue from Vernon and Carla Habersetzer. Louisiana-based IberiaBank provided financing with a 30-year mortgage of $424,100.

Doug Gibson with Crye-Leike Realtors in Rogers was the listing agent. Marcus Necessary with Weichert, Realtors — The Griffin Co. in Bentonville was the selling agent.

The home was built in 2015 on a 1.25-acre lot and appraised in 2016 for $515,700.
Habersetzer bought the home in March 2015 for $438,000. Riggins Construction Inc. of Springdale was the seller. Riggins paid $57,000 for the lot in March 2014.

• Hold My Beer
A bank-owned commercial lot in the Griffin Addition just off the northbound Interstate 49 exit ramp in Bentonville recently sold for $350,000.

Hold My Beer LLC, managed by Gavin Edwards, purchased the 2.52-acre lot from Fayetteville-chartered Arvest Bank. The purchase price equals $3.19 per square foot. Waco Title Co. was the title agent.

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