Real Deals: $7.3 million permit issued in Bentonville, Malik Monk buys a home in Stone Meadow

by Paul Gatling (pgatling@nwabj.com) 736 views 

Crossland Construction Co. in Rogers recently paid the city of Bentonville for a building permit valued at $7.31 million.

The permit is being used to build a two-story, 46,500-square-foot office building at 400 S.E. Plaza Ave. called Fountain Plaza Hershey. The 3.33-acre site is at the northeast corner of Southeast Rainbow Road and Southeast Plaza Avenue.

Bentonville-based development firm Dynamic Development Inc. is the developer of the build-to-suit project.

• Brittenum Buy
Residential acreage in Phase II of the Harbin Pointe addition off of Highway 12 in southwest Bentonville recently sold for $935,538.

Fayetteville homebuilder Brittenum Construction Co. acquired four parcels totaling 13.65 acres, which equals $15.73 per square foot. The land is divided by Southwest Buckeye Street, south of Southwest Juniper Avenue. KCG-BV LLC, led by Keith Naples of Texarkana, Texas, was the seller.

Bank of the Ozarks in Fayetteville backed the deal with a three-year construction mortgage worth $1.52 million. City Title & Closing LLC of Fayetteville was the title agent.

KCG-BV acquired the bank-owned land for $1.75 million in February 2016 in a deal that involved 10 parcels and 23.38 acres. Farmers Bank & Trust Co. of Magnolia was the seller.

• Farmhouse Residence
A 4,500-square-foot farmhouse in Little Flock north of Highway 62 has a new owner after a sale worth $900,000. Cheryl Hull and Don Ewing bought the 13.7-acre property on North 13th Street from Tim and Karla Hunt.

Arvest Bank of Fayetteville provided financing with a 30-year mortgage of $720,000. Waco Title Co. of Springdale was the title agent.

The 3,751-square-foot home with five bedrooms was built in 2000. Hunt bought the property in February 2011 for $625,000, and completed a renovation and addition the following year. The property includes a swimming pool, greenhouse, barn and an adjacent “mother-in-law” apartment.

• Commercial Deal
A 15,200-square-foot commercial property in Lowell recently sold for $795,000. The purchase price equals $52.30 per square foot.

405 S.B. LLC, led by Joseph W. Rheingans, bought the 5.02-acre office/warehouse building at 405 S. Bloomington Ave. Starr Farms Inc., led by Joe Fred Starr Jr., was the seller.

Arvest Bank of Fayetteville provided financing with a three-year loan of $713,000. Waco Title Co. of Springdale was the closing agent.

An employment center operated by Tyson Foods Inc. of Springdale was the most recent tenant. The single-story building was built in 1997 and appraised earlier this year for $1.07 million.

• Stone Meadow Sale
New construction in Bentonville’s Stone Meadow neighborhood recently sold for $247,900.

Malik Monk bought the 2,050-square-foot residence on Southwest Riverstone Road from Dream Structures LLC, led by Steve and Teresa Fisher. Monk, a graduate of Bentonville High School, is a recent first-round draft pick of the NBA’s Charlotte Hornets.

Draper and Kramer Mortgage Corp. provided financing. Patrick Quinn with Coldwell Banker Harris McHaney Faucette in Rogers was the listing agent. Realty Title & Closing Services LLC of Rogers was the title agent.

Dream Structures bought the lot in November 2015 for $114,000. Palmco Properties LLC was the seller.
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Editor’s note: Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at pgatling@nwabj.com. Please write ‘Real Deals’ in the subject line.

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