Nickell Investments Sees High Meadows (Real Deals)

Nickell Investments LLC recently received a $12.5 million loan to start home construction in the High Meadows subdivision off “J” Street in Bentonville.

First Western Bank of Rogers, Bank of America of Rogers and First Federal Bank of Arkansas of Bentonville loaned the majority of the money, with the remainder coming from six other banks.

Nickell Investments recently bought all of the 111-lots in the 39-acre subdivision from Craig Smith Enterprises. The lots have final plat approval and the site work is complete.

Morrison Shipley Engineers Inc. of Bentonville is the engineer.

Lots average 0.15 acres.

The first home should be ready for sale in mid June. Homes will range from 1,300 to 1,500 SF and will sell from $130,000 to $150,000. The three-bedroom homes will have brick fronts with siding in the back.

Beaty Starts Self-Storage

Lance Beaty of PG Self Storage LLC has started site construction on 210,000 SF of self-storage space off Pleasant Grove Road in Rogers valued at $7 million.

Sellers Properties Inc. of Lowell is the general contractor, and Wil-Shar Steel Erectors Inc. of Rogers is the steel contractor.

Lance Beaty is the developer of the project.

Liberty Bank of Springdale financed the purchase, and construction costs for a total loan amount of $9 million.

The storage project will be called Pleasant Grove Self Storage and will rent spaces for boat and recreational vehicle storage in addition to climate-controlled spaces for document storage. There will be a total of 1,300 units.

A 100-SF unit will rent for $52 per month, but climate-controlled units are $10 more for the same size. The most expensive unit is 560-SF and will rent for $425 per month.

The first space will be available for occupancy in July.

Once the new units are built, the 70,000-SF of existing self-storage units on Pleasant Grove Road will be torn down and construction will begin on another Beaty project: Centre Point at Pleasant Grove, a 250,000-SF, 41-acre retail development site.

Crossland Rides Harley Dealership

Crossland Construction Co. of Rogers recently bought a building permit valued at $4.2 million to start construction on what will be the largest Harley-Davidson dealership in Arkansas.

Iron Pig Harley-Davidson will be built on Hudson Road in Rogers. The 47,000-SF facility should open in July.

Arvest Bank-Bentonville is financing the project, which is valued at $6 million with the land included.

Paul, Susan and Alvin Johnson are the owners of the dealership, which is the first one in the area. The closest Harley dealership is in Joplin, Mo. Crafton Tull & Associates Inc. of Rogers is the engineer on the project. Avant Design Group of Dallas is the architect.

The new dealership will employ about 40 full- and part-time staff and will include a service department. It will sell and service Harley-Davidson and Buell motorcycles.

Nabholz Gets Gravette Goal

Nabholz Construction Corp. will soon start construction on a $4 million football stadium for Gravette High School.

The stadium will seat a total of 2,700 people with 2,000 seats on the home team side and 700 on the visitor’s side. An eight-lane rubber track will encircle the field. Crafton Tull & Associates Inc. of Rogers is the architect and engineer on the project, which will have a bowl-shaped design.

Visitors will enter the stadium at the top and on the home team side. The stadium and new high school will share the same parking lot.

The track will be complete in the spring of 2007, and the stadium will be finished in the fall of 2007.

Nickell Buys St. James Lots

Nickell Investments LLC recently bought a loan for $2.79 million from Arvest Bank-Fayeteville to start site construction in the St. James Park subdivision off Mount Comfort Road in Fayetteville.

Aaron Nickell of Aaron Nickell Homes is the principal in Nickell Investments.

Nickell Investments bought the 73 lots in the 25-acre St. James Park from Dixie Development of Fayetteville for $1.3 million. Ben Israel is a principal in Dixie Development. Dixie Development had already received preliminary plat approval for the subdivision. Arvest Bank-Fayetteville also financed the land purchase. Clark Consulting of Fayetteville is the engineer.

Aaron Nickell Homes plans to build all the homes in the subdivision. The homes will range from 2,200 to 2,500 SF. The lots will average 0.22-acres. The lots should be ready for home construction by January.

Hometown Sells Condo Project

Hometown Properties Ltd. recently sold a two-building condominium complex on the corner of Leverett Avenue and North Street in Fayetteville to Lynnkohn LLC for $1.6 million.

Robert Schmitt is a principal in Hometown Properties. Brandon Barber and Seth Kaffka are principals in Lynnkohn LLC.

The construction division of Barber Development will finish the condo units.

Chambers Bank of North Arkansas in Fayetteville financed the purchase. The project includes 19 units in two buildings.

The two and three bedroom units will range from 875 to 1,250 SF and will sell from $145,000. The first unit should be ready to sell in May.

Malco Sells Razorback

Malco Theatres Inc. of Memphis recently sold its Razorback 6 Cinema property on College Avenue to College Properties LLC for $1.3 million.

Bob Gaddy is the principal in College Properties LLC.

The sale included the 17,401-SF Razorback 6 building, which was built in 1976, and a total of 3.38-acres of property.

Malco will lease the building from College Properties until its new theater in the CMN Business Park in Fayetteville is complete.

That process will take about a year to 16 months to complete, said Jimmy Tashie, senior vice president with Malco. Tashie said Malco will close the Razorback 6 when the new theater opens.

Malco has plans for a 12-screen stadium-style movie theater in Fayetteville. It bought a 12.9-acre lot in CMN in September for $2.25 million. Tashie said there are also two restaurant pad sites available on the new Malco site.

Malco also has plans to build a new 12-screen movie theater in Rogers, although Tashie would not disclose whether that theater would be located in the Pinnacle Hills Promenade lifestyle center off Perry Road in Rogers or the Pleasant Crossing lifestyle center off Pleasant Crossing Road in Rogers. Malco owns the 12-screen Towne Center in Rogers and the Mall Twin Cinema in Fayetteville.

Patel Picks Regency 7

Bhupendra and Bhartiben Patel recently bought the Regency 7 motel on Shiloh Drive in Fayetteville for $1.02 million.

Jeffrey and Susan Chewning and Terry and Sun Dill were the sellers.

The 12,000-SF hotel is on 1 acre and was built in 1993. It has 32 rooms.

Chewning and Dill bought the land for the hotel from Lee and Effie May Pennington in February 1992 for $93,000.

Critical Path Sees Zion

Critical Path Construction Management of Fayetteville has started site work in the Zion Gardens development off Zion Road in Fayetteville.

The 95-unit project will have 75 single-family homes and 20 town-home units.

Tim Cooper, Tom Buffington, Mike Lamberth and Clay Carlton of Zion Place LLC are the developers of the subdivision.

The single-family home lots will be long and narrow, averaging .09 acres. The single-family homes with two-car garages will feature four different floor plans designed by Tim Cooper Architects of Fayetteville.

H2 Engineering Inc. of Fayetteville is the engineer on the 13.9-acre site.

Chambers Bank of North Arkansas in Fayetteville is financing the project. The site work should be complete in July with the first unit ready for occupancy in October. The single-family homes will range from 1,500 to 1,850 SF and will sell from $185,000 to $210,000.

Zion Place bought the land for the project in July from Morris M. Henry and Ann R. Henry of the Henry Charitable Remainder Annuity Trust for $1.1 million.

Porter Stores Silo Homes

Josh Porter Inc. recently bought three building permits valued at $656,838 to start construction on homes in the Silo Falls subdivision off Garrett Lane and Belleview Road in Rogers.

David Burton of D.C. Burton Properties of Fort Smith is the developer of the subdivision, which has a total of 73 acres. There are 106 lots in Phase I and 82 lots in Phase II.

Forsgren Inc. of Fort Smith is the site contractor on the subdivision, which will have a water feature at its entrance that incorporates an existing silo on the property.

The project will also have a one-quarter mile walking track that surrounds a lake and a putting green with a kid’s area.

About 60 percent of the lots in Phase I are sold. Smaller lots will average 0.25 acres, and larger lots will average 0.36 acres. They will sell from $65,000. Greg Taylor of Griffin Company Realtors in Springdale is the listing agent.

Porter’s French country-style homes will range from 2,600 to 4,000 SF and will sell from $135 to $150 per SF.

First Security of Springdale and Great Southern Bank of Rogers are both financing Porter’s construction. He will build a total of 12 homes in the subdivision.

Hawkins-Weir Engineering Inc. of Van Buren is the engineer on the project.