Schmitt Starts Sunbridge Villas (Real Deals)

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Robert Schmitt, through his Sunbridge Villas Holdings LLC entity of Fayetteville, has started site work on a residential project in Fayetteville that will be valued at $25.2 million upon completion.
Schmitt recently paid Housley Property Acquisitions LLC of Fayetteville $5.99 million for the 20-acre parcel that was formerly used as a mobile home park.
Heritage Land Title of Arkansas in Fayetteville closed the sale.
The project is being financed by First State Bank of Lonoke and Metropolitan National Bank in Fayetteville.
Plans for Sunbridge Villas call for a mix of single-family and multi-family homes. There will be nine quadplexes and about 140 single-family homes that will be built in three phases over the next three years.
The quadplexes will be either rented or sold, likely to investors. Homes will range in size from 1,500 SF to 1,900 SF and in price from $169,000 to $199,000. An existing pool will be redone and an existing clubhouse that sits at 2605 N. Villa Blvd., may be remodeled.
Schmitt’s company, Hometown Development Ltd. of Fayetteville, is the builder and listing firm for the properties.
Project Design Consultants of Cave Springs is the engineer.
The infrastructure is scheduled for completion in September and the first homes will be ready later in the fall.

Philip/Martin Build Green
Mike Philip and Jeff Martin, through their Philip/Martin Development Partners LLC entity of Fayetteville, have broken ground on a residential project in Fayetteville that will be valued at $21 million upon completion.
Chris Elkins with Metropolitan National Bank of Fayetteville is financing the project.
Woodbury is a new urbanism project on 12 acres on Zion Road between North College Avenue and Old Missouri Road.
Plans call for 40 townhomes at the entrance with 63 single-family homes behind. There’s a pool, a clubhouse and four parks, including a large courtyard in the middle of the community.
Homes will have a 5-star efficiency rating by the Enviromental Protection Agency. In addition, the homes will meet healthy home qualifications and have green building practices integrated throughout. There are fresh-air systems, BioBased Spray Foam Insulation, double-pane windows and other green aspects that will allow the homes to perform about 30 percent more efficiently than homes built to federal code.
The builders also are minimizing the number of trees removed and even moved utilities to save a row of black oaks. In all, more than 200 trees will be planted in the community.
Townhomes range in size from 1,300 SF to 1,400 SF and prices will start in the $160,000 range. Homes will range from 1,215 SF to 1,500 SF and start in the $170,000 range. The exterior will be a mix of brick, stone and James Hardie board and each comes with a two-car garage along with other amenities such as plug-and-play devices, wiring for iPods and living rooms that are set up for flat screen TVs.
Martin’s company, Martin Custom Homebuilders in Fayetteville, is the builder. H2 Engineering Inc. of Fayetteville and Northwest Excavation of Rogers are working on the project.
Woodbury will be listed by Philip’s firm, Re/Max Partners Real Estate in Springdale. BioBased of Rogers is partnering with Sells/Clark in Fayetteville to market the homes nationally.
Four different floor plans are available and the model homes are scheduled for completion by early winter.

Cal-Maine Closes On George’s Eggs
Two recent property transactions totaling $7.17 million can be tied to George’s Inc. of Springdale selling its shell egg division near Siloam Springs to Jackson, Miss.-based Cal-Maine Foods.
Cal-Maine is the majority owner in Benton County Foods LLC, which also includes Country Creek Farms, a Rogers-based egg marketing company.
BCF paid Gary George, through his FEF LLC entity of Fayetteville, $6.19 million for 39,841 SF of space that includes offices and growing facilities for replacement pullets. In another transaction that included about 40 acres of property, BCF paid FEF $975,000.
The agreement to sell the egg division was reached in April for “an undisclosed amount” and both warranty deeds were signed May 25.
Eggs from the division are sold to food service distributors in the south central region of the U.S.
George’s Inc., a private company owned by Gary George, is maintaining broiler production and operations and will continue marketing broilers worldwide.

Ryan’s Restaurant Changes Owners
Ryan’s Grill, Buffet & Bakery in Rogers has changed ownership after a $3.1 million deal.
Shaul Churi paid Crest Net Lease Inc. for the 1.93-acre parcel and 10,587-SF building that was built in 1992. It’s located at 102 S. 21st St. and is one of eight Ryan’s restaurants in Arkansas.
Ryan’s is a subsidiary of Ryan’s Restaurant Group Inc. that’s headquartered in Greer, S.C. The group recently joined Buffets Inc. of Eagan, Minn.
The sale is tied to a lease-back agreement made during Buffets’ acquisition of Ryan’s in November, according to a Buffets’ spokesperson. Ryan’s has signed a long-term lease agreement with the new owner and will continue business as before.
Crest Net Lease is a subsidiary of the public company Realty Income Corp. of Escondido, Calif.

Barber Sells Six Condos
Brandon Barber, through his Lynnkohn LLC entity of Springdale, recently closed on six condominiums at the Legacy Building worth a combined $2.44 million.
The Legacy Building, located at 401 W. Watson St. in Fayetteville, is a seven-story building that includes 37 condominiums. It was built by The Barber Group of Springdale and designed by Robert Sharp Architect Inc. of Fayetteville.
The Charles L. Brosh Family LP paid $513,000 for unit No. 404. The Jim and Diane Blair Charitable Foundation Inc. paid $407,000 for unit No. 508. David L. Bass paid $397,000 for unit No. 303. James VanDoren paid $391,000 for unit No. 402. Brandon Rains paid $390,000 for unit No. 301. Reagen C. Kirkland paid $338,000 for unit No. 307.
Barber Real Estate LLC agent Angie Kestner recently said 17 of the condos are accounted for although not all sales have closed. The Legacy officially opened on May 4.

Hedberg Moves Allergy Clinic
Curtis and Michelle Hedberg are moving their Rogers allergy clinic into a new building in MetroPark that is valued at $1.2 million.
Legacy National Bank of Springdale financed the project.
Hedberg Allergy Clinic is currently located at 5477 Pinnacle Point Dr. and the new location will be 700 S. 52nd St.
The move will double the clinic’s size from 2,000 SF at its current location to 4,000 SF at the new building.
The Hedbergs will double the number of examination rooms from three to six.
As part of the move, Hedberg will be adding another physician in 2008. Dr. Jenny Campbell of Fayetteville will join the staff as an allergist and pediatrician.
Michelle Hedberg said the clinic will probably add a few more nurses to the staff of 12 in the near future.
The building is engineered to add another 4,000-SF expansion if needed.
Haynes Ltd. of Rogers is the architect and controls MetroPark.
The Hedberg’s expect to move operations into the new building this month.

Mathews Starts Retail Strip
Kraig Mathews, through his Dreamtime Enterprises LLC entity of Bentonville, has started construction on a retail project in Bentonville that will be valued at $750,000 upon completion.
First Security Bank of Searcy is financing the project.
Plans call for a 5,308-SF retail strip center on about 0.5 acres at 3403 S.E. J St. The name of the building is currently the Mathews Building, but will be changed to Brownstone Crossing.
Mathews owns Top Dollar Pawn in a 6,300-SF building across the street and may move operations into the new building. It can be divided into four units or leased entirely by a single tenant. It features brick on the exterior side walls and cultured stone/face on the front.
Duane Penner of Real Assets Inc. of Fayetteville is the leasing agent. The price per SF is $18.
Oscar Mathews of Mathews Construction in Bentonville is serving as the general contractor.
Jim Mangold of Mangold Architecture & Construction Inc. in Rogers is the architect. Freeland-Kaufman & Fredeen Inc. in Bentonville is the engineer.
The project is scheduled for completion in August.