Bristol Park Changes LLCs (Real Deals)

Steele Crossing Partners LP bought the Bristol Gardens apartment complex in Fayetteville for $22.5 million in January.

Bristol Park at Steele Crossing LP was the seller of the property.

Roger Harper, vice president of project management at Bristol Development Group LLC of Nashville, Tenn., said the purchase basically transferred the property from one entity to another within the same company for liability and tax purposes.

No bank financier could be linked to the purchase through a public records search.

The 272-unit project was completed in 2004 and was recently renamed The Reserve at Steele Crossing.

The company is in the process of converting the complex into condo units, which it reported in February would be sold in phases starting from $89,900 for a one-bedroom unit.

Phillip Jones of Reserve Realty will be brokering the units.

Ray Brown Assists New Center Project

Ray Brown & Associates Construction of Broken Bow, Neb., recently bought a building permit valued at $7.8 million to build an assisted-living center on 28th Street in Bentonville.

Ray Brown & Associates is the developer of the 62,192-SF project and also owns a construction and property management division.

Warren Bathke is the owner of the 66-bed facility, and Ray Brown & Associates will manage the property.

It is expected to open in December.

Ray Brown & Associates has three properties under management in Nebraska and has built more than 350 senior living-type properties since 1963.

Lisa Nielsen and Gene Uden are the principals of Ray Brown & Associates.

All of the units will be equipped with kitchens or kitchenettes. Amenities include a large dining room, private dining room, exercise room, library, chapel, activity room, ice-cream parlor and family room. The building has a fireplace on each floor. Residents will also have access to a whirlpool bathing area and security system. Richard Stacey of Kearney, Neb., is the architect.

TierOne Bank of Lincoln, Neb., is financing the project.

Boen Sees CMN Land

Steel Crossing Investments I LLC recently bought 22.8 acres in Fayetteville’s CMN Business Park for $4.43 million.

Leonard Boen of Boen Enterprises LLC is a principal in Steel Crossing Investments.

About 17 acres of the land is considered usable. MSB Properties LLC and Nanchar Inc. is the seller of the property. Marjorie S. Brooks is the managing member of Nanchar.

Brian Shaw of Sage Partners and Jim Irwin of Irwin Partners acted as the buyer’s representatives.

Metropolitan National Bank of Little Rock financed the purchase.

The purchase included portions of lots 8 and 14 in CMN Business Park, which is north of the Target store on the northeast corner of Steele Boulevard and Van Asche Drive.

Baldwin Brings Innisfree Add

Baldwin & Shell Construction Co. of Rogers continues work on a 27,133-SF addition to the Innisfree Senior Living Community on 24th Street in Rogers.

The $2.7 million project will bring an additional 30 assisted-living units to the center and about 4,000 SF of community space.

Of the 30 new units, 16 will be studio units and 14 will be one-bedroom units.

Each will have a full kitchen, private bathroom with walk-in shower and individual heating and air conditioning units. The space should be complete by the end of 2006.

When the construction is complete, the remodeled community space will feature an expanded dining room, activities room, library and game room, ice-cream parlor and beauty salon.

Harrison French & Associates Ltd. of Bentonville is the architect.

Hibernia National Bank of Covington, La., is financing the project.

Carpenter Creates Covenant Creek

Carpenter Construction Inc. of Springdale recently bought 14 building permits valued at a combined $1.8 million to build homes in the Covenant Creek subdivision in Springdale.

The 47-lot project is located at the corner of Har-Ber Avenue and Oak Grove Road.

Carpenter Construction will build all of the homes in the subdivision. Carpenter bought all of the lots from Dean Morris of DGT LLC for about $42,000 per lot. Lots range from 0.19 to 0.42 acres.

Homes will range from 1,525 to 1,668 SF and will sell from $165,900 to $180,900. The first home should be available for occupancy in late July.

Morrison-Shipley Engineers Inc. of Bentonville is the engineer on the subdivision.

Danelle Carpenter of Matlock Real Estate Services Inc. is the listing agent.

The three and four-bedroom homes will feature a 100 percent brick exterior, architectural shingles, crown molding, 10-foot ceilings in some rooms, granite countertops, custom cabinets and a whirlpool tub in the master bedroom.

Arvest Bank-Springdale, Regions Bank of Rogers and Bank of the Ozarks in Fayetteville combined are financing the subdivision.

SSI Backs Basset Lot

SSI Inc. of Tontitown recently bought a building permit valued at $1.4 million to build the 22,655-SF Bassett Furniture Direct store in Fayetteville’s CMN Business Park.

Leigh Enterprises LLC of Fayetteville will own the store, which should be complete sometime this summer.

Leigh Ann Richards is the registered agent of Leigh Enterprises.

Bassett Furniture Industries Inc. of Bassett, Va., has more than 125 stores nationwide.

Richards will own the Fayetteville store and operate it as a “Bassett dealership.” This will be Richards’ first Bassett store.

The only other Bassett Furniture Direct store in Arkansas is in Little Rock.

Fitch Architects of Scottsdale, Ariz., is the architect. McClelland Consulting Engineers of Fayetteville is the civil engineer. Caruso Turley Scott Inc. of Tempe, Ariz., is the structural engineer.

Leigh Enterprises bought the 1.92-acre site from Nanchar Inc./MSB Properties in January for $670,000. Marjorie S. Brooks is the managing member of Nanchar.

Dream Builders Floats Riverwalk Farms Lots

Arkansas Dream Builders Inc. of Fayetteville recently bought four building permits valued at a combined $691,734 to build duplexes in the Riverwalk Farm Estates subdivision off Greenhouse Road in Bentonville.

Arkansas Dream Builders plans to build 15 duplex buildings in the subdivision, all of which are under contract to be sold upon completion.

There will be 137 duplex lots and 161 single-family lots in Riverwalk subdivision. Duplex lots average 0.33 acres.

Mark Spradlin and Kent Ghahremani of Riverwalk Farms LLC are the developers of the 200-acre project that will include a jogging trail, sports complex and swimming pool.

The duplex units will average 1,500 SF per side and will feature two-car garages, three bedrooms and two baths each. They will feature a brick and stone exterior, sodded yards, and wood and tile flooring.

The two-unit buildings will sell from $269,000 to $289,000.

ANB Financial N.A. of Fayetteville, Metropolitan National Bank of Fayetteville and First Federal Bank of Arkansas in Rogers are financing the construction.

Arkansas Dream Builders is also building five patio homes in the Clear Creek Patio Homes subdivision on Greathouse Springs Road in Johnson.

One home is complete and the rest should be finished within a month.

CEI Engineering & Associates Inc. of Bentonville is the engineer on the subdivision.

The plat filed in June 2004 by Clear Creek Residential LLC indicates there are 39 lots in the 20-acre subdivision. John Tyson of Clear Creek Residential LLC signed the plat.

The plat indicates lots range from 0.17 to 0.29 acres.

The Arkansas Dream Builders said their homes range from 3,100 to 3,700 SF and are priced from $150 per SF.

Kyle Patillo and Scott Miller of Lindsey & Associates are listing three of the five Arkansas Dream Builder Homes.

Cale Properties Signs Signature

Commerce Construction of Springdale has started site work on the 55,000-SF Signature Plaza building off Progress Avenue in Siloam Springs. Cale Properties LLLP is the developer of the project.

Doug Allen is the managing partner of Cale Properties.

Allen said to the north and east of the Signature Plaza property there are 135 acres that Cale Properties and other entities plan to develop.

David Erstine of Sage Partners will be the leasing agent on the 8-acre property. Space will lease from $10 to $15 per SF annually and should be available for tenant finish-out in October.

There is also a 5,000-SF out-lot available for land-lease or build to suit.

Signature Bank of Arkansas will occupy about 10,000 SF of the north end-cap space in the plaza.

Signature Bank in Siloam Springs is financing the construction.

The architect is Ken Shireman & Associates of Fayetteville. Civil Engineering Inc. of Siloam Springs is the civil engineer.