Creekside Changes Flow
by May 9, 2005 12:00 am 83 views
The original partners in Rogers’ Creekside commercial park have sold 56 acres of the original 115-acre development to a new entity for a whopping $17.9 million, or $319,642 per acre ($7.30 per SF).
The property includes the Creekside Medical Park and the out-lots around it, which are bounded by Bellview Road, New Hope Road and Hospital Boulevard.
Mitchell Massey of Strategic Development Partners LLC and Gerald Johnston of the GMC Family Trust bought the parcel from Tom Terminella, Greg Nabholz, Tom Morter and Terry Johnson. Massey had teamed up with the original partners on the medical park in late 2004, but formed a new partnership and bought the land from Creekside Development LLC.
Massey and Terminella are well-known developers in Fayetteville. Nabholz is a long-time Conway construction guru. The Rogers partners, Morter and Johnson, are principals at Morter Chiropractics and VeriSource Inc., respectively.
Both the buyer and seller have entered into a co-development agreement.