Growth Grabs Additional Promenade Land (Real Deals)

Chicago-based General Growth Properties, acting through Pinnacle South LLC, recently purchased two parcels of land, totaling 30.2 acres, from Great Northwest Development LLC for $6.8 million.

Great Northwest Development is registered to the late J.B. Hunt, Tim Graham and Bill Schwyhart.

Both tracks of land are located west of Bellview Road and run adjacent to the Pinnacle Hills Promenade.

In papers filed with the Benton County Circuit Clerk, General Growth indicated that the purchased land will be developed as part of the existing shopping center.

General Growth Properties purchased a second section of land through Pinnacle South LLC.

The group paid HSG Holdings LLC $512,000 for 2.94 acres of land.

HSG Holdings is registered to Schwyhart and Graham.

The land is also located adjacent to the Pinnacle Hills Promenade.

Fayetteville Surgery Undergoes Expansion

Fayetteville Surgery Center LLC recently sold the Physicians Surgery Center, located at 3873 N. Parkview Dr. in Fayetteville, to NWA Surgeon Investors Properties LLC for $6.4 million.

The purchase included the existing facility and the two adjacent lots.

NWA Surgeon Investors Properties LLC has announced plans to renovate and expand the 34,000-SF building.

Upon completion, the new facility will be used as an orthopedics specialty hospital.

Among those leading the group are former Surgery Center administrator Russ Green, who will head the hospital, and board members Dr. Robert Tomlinson and Dr. David Cannon.

Tomlinson is an orthopedist and Cannon specializes in pain management.

Dixie Downsizes Land Holdings

Kenneth Mourton, registered agent of Bella Terra LLC, purchased the entire Eden’s Brooke Subdivision in Bentonville from Ben Israel, chairman of Dixie Management & Investments LP for $5.5 million on November 9.

The subdivision has 104 residential lots and 5 acres of commercial-zone land.

Crye-Leike Planning New Office Space

Bell-Corley Construction purchased a $1.5 million building permit for an 18,900-SF office/retail center at 4010 N. Remington in Fayetteville.

Crye-Leike Realtors will occupy more than 10,000 SF of the space with Realty Title occupying an additional 12,000 SF.

The new location will house more than 75 Crye-Leike associates as well as a computer lab and conference room. 

The additional 7,200 SF that will not be immediately occupied will be leased to retail or office tenants.

William & Dean Associated Architects completed the design work for the building.

Harold Cyre, through his Harold E. Crye Revocable Trust purchased the land for the new building for $1 million in November 2006.

On November 5, Crye, through the Harold E. Crye Revocable Trust, purchased about 9 acres of commercial land in Siloam Springs from Anita Robards, successor trustee of the Alene Cearley Revocable Trust, for $921,000.

A 6,500-SF Crye-Leike Realtors office is planned for the northwest portion of the property.

Work for the new office is expected to get under way in March 2008. The office will house about 55 Crye-Leike Realtors.

Archer Park Adds Space

Clinard Construction Management purchased a $1.46 million commercial building permit from the city of Bentonville for the construction of the Archer Business Park located at 1402 E. Central Ave.

The business park sits on more than 4 acres and is owned by Wayne and Victoria Martin.

The park is made up of three office/warehouse units and two retail units with parking surrounding each unit.

The three office/warehouse units are 15,000 SF, 11,5000 SF and 8,700 SF respectively.

The two retail spaces are 11,800 SF and 8,200 SF.

Colliers Dickson Flake Partners is the leasing agent in the business park.

22nd Street Gets Party & Play Space

Elder Construction is building new commercial space on 22nd Street in Bentonville.

The company, which is serving as the general contractor for the project, recently purchased a $1.4 million building permit from the city of Bentonville.

The new 10,000-SF steel building will house a new Jump!Zone Party Play Center.

The party and play center will have an indoor, inflatable play area and four party rooms.

There is also an area for children to play basketball, soccer, volleyball and dodgeball.

B.C. Steel Buildings of Oklahoma is the site contractor for the project.

The center is scheduled to open in February 2008.

A Jump!Zone is located in North Little Rock.

Two additional Arkansas locations are planned for Fayetteville and Conway.

Barber Buys Rural Land

Brandon Barber, through his BLB Holdings LLC, purchased about 19 acres of land in rural Bethel Heights for $1.2 million from George & George Land Co. LLC on Oct. 30.

A vacant home and barn are located on the land.

Flash Finds New Station

J & P Flash Inc. purchased the Citgo gas station in Elkins from Elkhorn Properties LLC for $750,000 on November 5.

The station is located on a 5.65-acre parcel of land.

West Memphis-based J & P Flash operates Flash Markets.

Steve Henderson of Winslow is the registered agent for Elkhorn Properties.

Ground Zero Begins Building

Ground Zero Construction Inc. of Siloam Springs is developing retail/restaurant space for 112 Partners LLC of Fort Smith.

A Walgreens store and McDonald’s restaurant will occupy two of the five total lots owned by 112 Partners.

Total construction costs are estimated at $500,000.

The development totals about 21 acres.

Ground Zero is serving as the general contractor for the project and will complete all of the sub-contracting work.

Morrison-Shipley Engineers was the engineer for the project.

Rod Garman is the owner of Ground Zero Construction.