Ayrshire Purchases Baldwin Real Estate
by January 7, 2002 12:00 am 114 views
The land and building that housed the offices of Baldwin Piano & Organ Co. was sold Nov. 30 to Ayrshire Electronics LLC for $2.2 million.
Bob Nickle of Nickle-Hill Group represented Baldwin and its creditors on the sale of the property. The building, at 1101 S. Beechwood Ave., is 175,000 SF and on a 23-acre tract.
In January, Ayrshire had purchased Baldwin Specialty Products, the business’ goodwill and equipment for $9.7 million. Baldwin filed for Chapter 11 bankruptcy protection in May. Baldwin owed GE Capital nearly $31 million at the time.
Baldwin, in business since 1862, is based in Mason, Ohio. Its Fayetteville plant was over 40 years old.
Ayrshire is owned by Milo D. Bryant of Louisville, Ky. It employees more than 300 workers in Fayetteville. The circuit boards and electo-mechanical assemblies made at Ayrshire go into heating and air-conditioning controls, exercise equipment, vending machines, mail-sorting equipment and other products.
In September of 1998, Burt Hanna of JB Hanna LLC purchased a 100,000-SF former Baldwin warehouse for $1.6 million at 1107 S. Beechwood St.
Hiett Valley Financing Secured by L&E
Kirk Elsass and John David Lindsey of L&E Equity Investments got a loan of $1.03 million from First Security Bank on Nov. 5 to continue adding homes at an east Rogers subdivision.
Hiett Valley subdivision, in east Rogers near New Hope Road, will have 23 houses that will lease for $825 per month. The houses will be about 1,250 SF each. Two of the houses will have four bedrooms each, with the other 21 having three bedrooms each.
A property owners’ association will control the covenance in the subdivision. Homes can be leased.
Woodworks Plus Inc. of Farmington is building 18 of the homes, while Lance Johnson Building Co. of Springdale is the general contractor on five houses.
Schmitt Building Old Wire Homes
Robert Schmitt on Nov. 5 purchased 11 building permits valued at a total of $957,000 to build homes in Fayetteville.
Shadow Hill subdivision will have homes on N. Old Wire Road and N. Colette Ave., southeast of the intersection of Old Missouri Road and Old Wire Road.
GY Construction Inc. is the general contractor on Schmitt’s homes. The homes will be 1,500 SF each.
On Oct. 31, Marvin and Brenda Dandy of Hometown Properties secured four loans totaling $460,000 from First Security Bank of Fayetteville to also build homes at Shadow Hill.
River Valley Continues Meadows Construction
River Valley Homes and president Marty J. Haest Jr. in October purchased eight building permits totaling $545,840 to build more homes at an east Springdale subdivision.
The homes will be at phase III of Northeast Meadows subdivision and will be on Prairie Street, Timberline Avenue, Pioneer Street and Moody Lane. The homes will range from 1,400-1,746 SF.
New Fayetteville Roads Named
The Fayetteville Police Department and the City of Fayetteville released its newest listing of roads.
They include: Lapis Lane, Aqua Crossing, Tourmaline Way, Spinel Link, Citrine Link, Amethyst Court, Garnet Court, all of which are located at The Cliffs Apartments’ complex in east Fayetteville just west of Crossover Road; and Persimmon Street, Scottsdale Drive, Crockett Place, Creekridge Way, Rockford Drive, all of which are located at Shiloh West Apartments’ complex in west Fayetteville, west of Shiloh Drive and south of Wedington Drive.