Arkansans Get Evelyn Hills (Real Deals)

On June 20, an Arkansas group of investors acquired the Evelyn Hills Shopping Center from Weingarten Nostat Inc. of Houston. The Arkansas group paid $10 million for the property.

Four organizations made up the buyers: Rolin Park LLC of Hot Springs, Central Properties Inc. of Little Rock, Evelyn Hills Partners LLC of Springdale and Giles Properties Ltd. Partnership of Little Rock.

Rolin Park owned the largest share of the buy with 27.9 percent and Giles Properties the smallest with 22.1 percent.

John Selig is the managing member of Rolin Park and the president of Giles Properties. John J. Flake is the president of Central Properties. Matthew Dearnley is the manager of Evelyn Hills Partners.

The Arkansas investors took out an $8.5 million mortgage from Summit Bank in Little Rock.

Built in 1958, Evelyn Hills is Fayetteville’s oldest shopping center. The center covers approximately 155,000-SF, sits on 15.26 acres and features businesses such as Chuck E. Cheese’s and Ozark Natural Foods.

Salem Road Picks Up Land

On March 30, Salem Road LLC of Russellville spent $2.2 million to buy about 40 acres from Nock-Broyles Land Development LLC of Fayetteville.

Hank Broyles is the registered agent and incorporator of Nock-Broyles.

James Knight is the registered agent and incorporator of Salem Road.

Salem took out a $2.44 million mortgage from The Farmers and Merchants Bank in Stuttgart.

The address for the property is listed as 3724 W. Salem Road in Fayetteville.

Johnson Development Features Townhomes

A roughly 7-acre, 300,000-SF new townhome project is planned for development on Main Drive in Johnson.

Karrington Ridge Townhomes is being developed by Elder Properties LLC of Springdale.

Elder Construction Co. of Little Rock is serving as the general contractor for the townhomes.

Kerri Elder, one of the developers, declined to put a value on the project, which is slated for 72 units.

As of June 26, Elder had not yet received a building permit from the city of Johnson.

Elder did receive a $575,000 mortgage for land on Main Drive from Legacy National Bank of Springdale, which is financing the townhomes.

Elder also said the land for the project sells for approximately $4 to $5 per SF, which would make the land worth about $1.2 million to $1.5 million.

Orion Development Co. of Fayetteville is serving as the site work contractor.

Miller Boskus Lack Architects PA of Fayetteville is the architect, while Presley, Brannan and Associates Inc. of Fayetteville is the engineer.

The project will include 1,100-SF townhouses that will rent from $625 to $650 per month.

The units will feature two bedrooms, 2.5 baths, washers and driers. Electric fireplaces will be in the living rooms.

Construction on the French-style condominiums is expected to be complete by early 2007.

Two Lots Change Hands in Clear Creek

Barber Development Inc. of Fayetteville sold Lot 101 of Johnson’s Clear Creek Subdivision, Phase III, to Matthew M. Muratore and L. Diann Muratore for $770,000.

The warranty deed was signed May 2. The address for the lot is listed as 4765 Prestwick Circle.

CitiMortgage Inc. of O’Fallon, Mo., helped in the financing of the purchase with a $616,000 loan.

The Muratores also got a $77,000 mortgage from Citibank in St. Louis related to the property.

On May 10, Legend Builders Inc. of Springdale sold Lot 145 of Clear Creek, Phase II, to Thomas W. Hinton and Emily A. Hinton for $746,000. The Hintons got two mortgages totaling $696,000 from First Security Bank in Searcy related to the purchase.

Roger Griffin is the president of Legend Builders.

The Clear Creek subdivision is located south of Greathouse Springs Road and west of Interstate 540 in Johnson. It sits on about 430 acres with more than 200 lots.

There are five phases to the subdivision and a patio phase.

Most of Phases I through IV and the patio homes have been sold.

Clear Creek Development Co. of Fayetteville is the developer of Clear Creek. Tom Jones and Lisa Scroggins are listed as managers for Clear Creek with Chuck Erwin, Barbara Tyson and Cheryl Tyson listed as members.

Rehbocks, Litakers Buy Candlewood Homes

Carolyn R. Rehbock and Steven Rehbock purchased a house in the Candlewood Subdivision of Fayetteville from Jeffery C. Strong and Sara D. Strong on May 26.

The house is located at 2502 Candlewood Drive.

The amount on the warranty deed was listed at $755,000. The Rehbocks received a $604,000 mortgage from RMC Vanguard Mortgage Corporation of Houston.

Steve L. Litaker and Janette T. Litaker purchased a home from David F. Holloway and Lisa M. K. Holloway on May 22.

The house is located at 2688 N. Candlewood Drive in Fayetteville.

The Litakers received a $375,000 mortgage from GMAC Corp. in Horsham, Penn.

Candlewood is a 59-lot subdivision in east Fayetteville. Candlewood Development LLC of Springdale is the developer. Homes start at $450,000 and have a minimum of 3,000-SF. Lots sell for $51,000 and above.

Gary Combs is the registered agent for Candlewood.

Hash Brothers Add To Serenity Subdivision

Hash Brothers Construction LLC of Cave Springs recently bought four building permits totaling $733,356 to build houses in the Serenity Subdivision in Springdale.

Phase I of the subdivision includes about 100 lots while Phase II has about 73.

Three of the lots in Phase II are big enough for subdivisions of their own, according to a Hash Brother representative.

The four houses, which are around 2,000-SF, should be completed in six or seven months.

Serenity is located off Butterfield Coach Road.

The four houses are on Solitude Street and Serene Street.

Brian Hash is the manager for Hash Brothers.

Gary Brandon is the developer of Serenity.

Summit Place Plans Single-Family Homes

Summit Place is a 50-lot, single-family subdivision planned for the south side of Township Road and east of College Avenue in Fayetteville.

TMS Development Inc. of Fayetteville is the developer and owner of the project.

Site construction work is being done by Wilson Excavating LLC of Bentonville.

Jorgensen and Associates Consulting Engineers Inc. of Fayetteville is the engineer.

Steven Dearien is the president of TMS.

Lots are slated to range from $125,000 to $205,300 and range in size from 0.5 acres to about 1 acre.

The entire subdivision covers about 30 acres.

About 20 lots have been sold so far.

Construction started on March 1. Project manager Mark Courdin said completion of the project is slated for early 2007.

First Western Bank & Trust Co. in Roger is financing the project.

C. Thomas Pearson Jr. and Wyma Pearson sold the land for the subdivision to the St. Rita Trust (Steven Dearien and Denise Dearien) and the JAR Trust (Retta F. Courdin) in June of 2005.

The trusts then sold the land to TMS in August 2005.

St. Rita and JAR received a $495,000 mortgage from First Western Bank related to the land.

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