Vratsinas Pins Pinnacle Permits (Real Deals)

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Vratsinas Pins Pinnacle Permits

Vratsinas Construction Co. of Little Rock recently bought eight building permits valued at a combined $27.3 million to continue construction on the Pinnacle Hills Promenade lifestyle center off Perry Road in Rogers.

General Growth Partners Inc. of Chicago, along with the Pinnacle Group of Rogers, is developing the 980,000-SF project.

Bill Schwyhart, J.B. Hunt and Tim Graham are principals in the Pinnacle Group.

Nicole Spreck, spokes-woman for General Growth, said the recent permits include 80 percent of the lifestyle center “showroom floor,” of which 80,000 SF is office space on the second floor of the lifestyle buildings.

The newest permits do not include work for the planned 99,000-SF J.C. Penney store, 155,000-SF Dillard’s and a 12-screen, 50,000-SF Malco movie theater.

Sally Jones of the Pinnacle Group is the leasing agent for the office space portion of the development.

Dougherty, Schroeder & Associates of Atlanta is the architect. CEI Engineering & Associates Inc. of Bentonville is the engineer.

Kinco Reads Library Project

Kinco Constructors LLC of Springdale recently bought a building permit valued at $4.3 million to build the new Bentonville Public Library off Main Street in Bentonville.

The 38,000-SF building is scheduled to be complete in September 2006.

The new library will feature wireless and RFID technology, self-check-out stations, an expanded children’s department, local history section, a coffee shop, screened-in porch, a park and an amphitheater.

The entire project is valued at $9 million and is being financed by funds raised by the Bentonville Library Foundation. Of that $9 million, Sam’s Club, Wal-Mart and Walton Family Foundations donated a combined $4 million to the effort in February.

Amirmoez, Foster, Hailey, Johnson Architects & Planners of Fayetteville is the architect on the project.

Ryan Engineering Inc. of Siloam Springs is the structural engineer.

Green-Anderson Engineers Inc. of Fayetteville is the mechanical, electrical and plumbing engineer.

E.B. Landworks Inc. of Fayetteville is the civil engineer and landscape architect.

Moulden Marks Duplex Units

Moulden Construction of Fayetteville recently bought 15 building permits valued at a combined $3.5 million to build 30 duplex units off Dick Smith Road in Springdale.

Norman Moulden and Bernice Mathias are the owners of Moulden Construction and the developers of the subdivision.

Moulden said all of the units in the Dick Smith subdivision should be complete by January.

Each three-bedroom, two-bathroom unit will average 1,500 SF and will feature an all-brick exterior and architectural shingles. The two-unit, 3,000-SF buildings will sell from $212,000.

Moulden and Mathias bought the 5.5-acres of lots from Jim and Laura Bryan in September for $600,000. Jim Bryan also completed the site work.

ANB Financial N.A. of Elm Springs is financing the construction.

Landtech Engineering Inc. of Springdale is the engineer.

Davenport Dances In the Sundance

Joe Dean Davenport II and Tracy Davenport recently sold 145 acres to Sundance Holdings LLC for $2.5 million.

The land is on the outskirts of Springdale, off U.S. Highway 412. Mont Sagely of Sagely & Edwards Realtors of Fort Smith and Steve Clark of Fort Smith are members of Sundance Holdings.

Sagely said if the land was to be developed, it would be residential and the pair paid cash for it. He called the purchase “speculative.”

Riggins Creates Chadwick Homes

Kevin Riggins of Riggins Construction recently bought 12 building permits valued at a combined $1.9 million to build homes in the Chadwick subdivision off Powell Street in Springdale.

Liberty Bank of Arkansas in Tontitown is financing the construction.

Carpenter Construction Inc. of Springdale is building homes on 45 of the 62 lots in the 20-acre subdivision. Ceola Construction Inc. of Fayetteville is also building five homes.

Riggins homes will average 1,700 SF and sell from $180,000.

The homes will have a 100 percent brick exterior, granite countertops, custom cabinets and hardwood floors.

Kendall Riggins of Griffin Company Realtors of Springdale is the listing agent. The first home should be ready for move-in by late spring.

Ralph Prendergraph is the developer of the subdivision. Prendergraph sold the lots to Riggins, Ceola Construction and Carpenter Construction for an average price of $45,700. Lots average 0.22 acres.

Maverick Lassos Lambeth Land

Brandon Rogers and John Flake of Maverick Properties LLC recently bought 16 acres off Main Street in Johnson from The Estate of James Lambeth for $1.4 million.

Both Rogers and Flake are principals in Orion Realty, but this venture is a partnership between Rogers and Flake, Rogers said.

Rogers was also the buyers representative on the sale.

The property is zoned commercial. Regions Bank of Rogers financed the purchase and is financing the site work. A division of Orion Realty, Orion Development Company LLC, will perform the site work.

Rogers said the project will be primarily retail, but it’s too early to disclose leasing rates or the architect and engineer.

Overton Oars Warehouse Digs

Mike Overton of Overton Inc. recently bought two building permits valued at a combined $1.4 million to build two office/warehouse buildings off American Street in Springdale.

Overton is the general contractor and developer.

Each building will have six 1,200-SF warehouse units for lease that will feature a 14-foot overhead door and a 200-SF office. Virginia Pozza of Overton Realty in Springdale will lease the space from $5.75 per SF.

Each building is on a .50-acre lot.

Overton also has 99,000 SF of mini-storage units under construction off American Street valued at $531,729. The construction is the Phase II addition of 100 units to the existing 62.

Overton said storage space leases from $45 for a 50-SF unit to $100 for a 225-SF unit.

The storage spaces will feature individual keypad entries, wrought-iron fencing, climate control and 24-hour security camera surveillance.

First Security Bank of Springdale is financing the construction. Design Direction of Fayetteville is the architect.

Citadel Lures Lochmoor Lots

Citadel Residential Group LLC of Tulsa recently bought five building permits valued at a combined $1.4 million to build homes in the Lochmoor Club subdivision off Arkansas Highway 112 in Bentonville.

Bank of Oklahoma N.A. of Tulsa is financing the construction.

LandQuest Communities of Detroit is the developer of the 211-lot project. Dominic Geric and Guy Rizzo are principals in LandQuest, and Bart Bauer is a managing partner.

Homes in Lochmoor will sell from $279,000 and lots average 0.22 acres in the 80-acre subdivision.

Boos Builders, Tall Oaks Construction, Musson Custom Homes and Crestmark Homes are also building in the subdivision.

Bauer said LandQuest sends its lots to builders in increments, usually releasing 100 lots at once.

Freeland-Kauffman & Fredeen Inc. of Rogers is the engineer.

LandQuest will also soon begin site work on the 171-lot Brighton Farms subdivision off Bright Road in Bentonville.

Lots in Brighton will average 0.13 acres in the 40-acre subdivision. Bauer estimated homes will sell from $130,000.