Centre Points To Pleasant Grove (Real Deals)

December Mortgage Report
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Leonard Fussel and Vicki Fussel recently sold 21 acres off Pleasant Grove Road to Centre Pointe Properties LLC for $8.6 million. The land will be used for the new 184-acre mixed-used Centre Pointe at Pleasant Grove project that was announced recently.

Goodman Real Estate Inc. of Seattle and The Nelson and Beaty Co. LLLP of Fort Smith, along with Mitchell Massey of Fayetteville, are all partners in the development of Centre Pointe.

Goodman spent $8 million in November to buy 100 acres of the site from Diane Huffman for $8 million.

Centre Pointe LLC will partner with Urban Retail Properties Co., a Chicago third-party retail management firm, to develop Centre Pointe.

Plans for the shopping center are valued at $300 million. They include 350,000 SF of retail space, 70,000 SF of commercial space, a hotel and more than 180 condominiums.

Centre Pointe expects to submit large-scale development plans to the city of Rogers in May.

CDI Constructs Veteran’s Home

CDI Construction of Rogers recently began renovation and construction efforts valued at $5.4 million for the Arkansas State Veterans Home.

The home is at the corner of North Street and College Avenue in Fayetteville in the former Washington Regional Medical Center building.

The project includes the renovation of an existing 44,000 SF of space on the top two floors of the building’s east tower.

CDI will also be adding on a six-story, 14,000-SF tower on the north end of the building.

Wittenburg Deloney & Davidson Inc. of Little Rock is the architect on the project. Tinsley Mullen Engineers Inc. of Little Rock is the engineer.

The project is being funded at the state and federal level. About $2.4 million was appropriated by the state legislature in 2003, and $4.5 mililion was granted through the Department of Veterans Affairs.

Lazenby Battles In Pea Ridge

Ken Lazenby of Lazenby Real Estate Inc. has begun construction on 15 lots valued at a combined $1.1 million to build homes in the Battlefield View subdivision at Pea Ridge.

Lazenby will build on 100 lots in the 220-lot subdivision being developed by Franklin Miller of Battlefield Properties LLC. Lemons Engineering & Consultants of Cabot is the engineer. Lazenby bought the lots from Miller in January for $1.9 million.

Homes will range from 1,300 to 1,450 SF and sell from $108,800 to $115,600.

Bank of the Ozarks in Little Rock is financing the construction.

Lazenby also has 235 of the 292 lots at Bellview Estates in Rogers under contract to buy from developer Mark Marquess. The subdivision is located off Bellview Road in Rogers. CEI Engineering & Associates Inc. of Bentonville engineered the plat for the subdivision.

The three to four-bedroom Lazenby homes at Bellview will range from 1,500 to 2,100 SF and will sell from $100 per SF. The one-and-a half story homes will feature granite countertops and crown moldings.

ANB Financial of Springdale is financing the construction for Bellview.

Lazenby will also start construction in the next month on 92 duplex buildings and 16 four-plex buildings in the Residences at City West subdivision off Womack Street in Centerton. The units, which he is developing, will average 1,380 SF per side and will have three-bedrooms, two baths and two-car garages. The two-unit buildings on 0.22-acre lots will sell from $170,000 to $180,000.

Bank of the Ozarks in Little Rock is financing the development. Sand Creek Engineering & Landscape Architecture Inc. is the engineer.

Basic Plugs Electric Center

Basic Construction Co. of Springdale recently bought a building permit valued at $1.8 million to start construction on a 16,000-SF retail/office center off Electric Avenue in Springdale.

Latitude Electric Office LLC, of which Gary Combs is the principal, is the developer. PB2 Architecture & Engineering of Rogers is the architect and Joseph Looney & Associates of Lowell is the engineer. First Federal Bank of Arkansas’ Fayetteville branch is financing the construction. The building sits on a two-acre parcel.

The building will look very similar to the strip center that Basic Construction built right down the street off Arkansas Highway 265. Combs sold that 16,000-SF building to Barber Properties LLC in August for $1.6 million.

Nickell Nails New Subdivision

Aaron Nickell Homes Inc. of Lowell recently bought 12 building permits valued a combined $1.6 million to build homes in the new Crofton Manor subdivision off Mount Comfort Road in Fayetteville. Nickell Homes will be building on all 55 single-family lots in the 20-acre subdivision.

Aaron Nickell of PTB Development Inc. is the developer of the subdivision. Northstar Engineering Inc. of Bentonville engineered the plat. First Western Bank, Great Southern Bank and First Security Bank, all of Rogers, Metropolitan National Bank, Pulaski Bank & Trust, both of Little Rock, and Simmons First Bank of Northwest Arkansas in Springdale are financing the construction.

Homes will range from 1,800-2,000 SF and sell from $102 per SF. Lots average 0.15 acres. The first home should be ready in April. They will feature crown moldings, granite counter tops, some tile, master bedroom tray ceilings sprinkler systems and a fenced in yard.

Lindsey & Associates of Rogers will be listing the homes.

Hometown Hones Duplex Units

Hometown Development Inc. recently bought eight building permits valued at $1.6 million to build duplex units in the Benton Ridge subdivision off Arkansas Highway 265 in Fayetteville.

Hometown Development, of which Robert Schmitt is president, is the general contractor of the site, and the developer, along with some silent partners. There will be 15 duplex and eight single-family lots.

The Barber Group of Fayetteville is building all of the single-family homes. The duplex units will range from 1,900 to 2,000 SF per side and will sell from $100 per SF. They will feature granite countertops, crown molding and wood flooring.

Chambers Bank of North Arkansas in Fayetteville, Liberty Bank of Arkansas in Springdale and First Western Bank in Fayetteville are financing the construction. Crafton Tull & Associates of Rogers was the engineer. Basic Construction Co. of Springdale completed the site work.

SSI to Build Brazilian Digs

SSI Inc. of Tontitown recently bought a building permit valued at $1.2 million to build an 8,500-SF restaurant at 741 East Van Asche Dr. in Fayetteville’s CMN Business Park.

Steve and Ping Chen of Fort Smith will own the Brazilian-style steakhouse, called Boi De Ouro. First Security Bank in Fayetteville is financing the construction. Ken Shireman & Associates of Fayetteville is the architect, and CEI Engineering Associates Inc. of Bentonville is engineering the site.

New Deal Makes Deal

New Deal IV Inc. of Fayetteville recently sold 25 acres off Walnut and 28th Streets in Rogers to SCB Investments and NorthArk Holdings for $1.5 million. Brandon Barber of SCB and J.R. Meeks of Northark Holdings are partners in the purchase. They have another 20 acres under contract to buy from New Deal IV to complete the purchase on that location for 45 acres total.

Dallas Real Estate Services Inc. of Fayetteville brokered the deal.

About 25 acres of the property is zoned for multi-family development, and plans call for 260 upscale apartment units.

Barber and Meeks are planning a business park on the eight acres zoned residential/commercial that are located behind ANB Financial. The property also includes about nine acres of commercial frontage off Walnut.

Nabholz Nabs Arvest Bank

Nabholz Construction Corp. of Rogers recently bought a building permit valued at $1 million to build a new 6,288-SF Arvest Bank off Pleasant Grove Road in Rogers.

The new bank will be located in the Pleasant Crossing development.

Hight-Jackson Associates of Rogers is the architect, and Freeland-Kauffman & Fredeen Inc. of Rogers is the engineer. The bank should be finished by mid-august and will feature five drive-through lanes.

Buffalo Gets Construction Wings

Buffalo Construction Inc. of Louisville, Ky., recently bought a building permit valued at $580,528 to build a 6,397-SF Buffalo Wild Wings restaurant at 2707 S.E. Moberly Lane in Bentonville.

John Bliss owns the restaurant through his entity, B&K Wings LLC. The new restaurant will seat about 295 diners, and will occupy about 1.5 acres of the 20-acre Covington Center development.

Covington Center is owned by Dave Covington of Overland Development Co. in Rogers.