Hooker, Davis Create New Beaver Lake Development (Real Deals)

Developers Morgan Hooker and Ward Davis have teamed-up to create Lost Rock, a 160-acre Beaver Lake community valued at $15 million upon completion.

The development is located on Lakeview Bay Road in Benton County near the Madison County line.

Lost Rock will include 56 residential lots that will be sold for the construction of either a cabin or home. The homes will sit on lots of varying sizes but the community property owners association will own and manage 70 acres of the development. The development will have boat docks and water access.

Hooker and Davis worked with Buildingstudio, an architectural firm in Memphis, Tenn., and architects Frank Hamon of Raleigh, N.C., and Marlon Blackwell of Fayetteville to design the residential units.

Stuart Fulbright of Fayetteville is the project manager and landscape architect for the project.

The residential units will be located in five corridors: entry corridor, hilltop meadow, valley pond, woodland hills and waterfront.

Unit sizes for the pre-designed cabins will range from 950 SF to 3,600 SF.

A building guild will be organized to act as the general contractor for the project. An approved builder’s list will also be created to allow area builders to erect units in the development.

Nicky Dou with Coldwell Banker Faucette Realty and Karon Reese with Bassett Mix & Associates are the listing agents for the project.

The development is pre-selling lots.

Milver Molds More Affordable Homes

Milver Development, a branch of Milver Investment Company LLC of Fayetteville, will begin development in March on a 32-unit affordable housing subdivision near Cato Springs Road in Fayetteville.

Upon completion, the development, named The Bungalows at Cato Springs, will be valued at more than $3.8 million.

Burt Box, president of Milver Investment, said his company is an investor and will also serve as the listing agent for the homes.

Real Practices Inc. of Russellville will be the general contractor for the project.

Each home will be 1,200 SF to 1,300 SF and will top out in price at $135,000.

PRI will build five units at a time. Box said he intends to let the market dictate the pace of construction.

Each home will have three bedrooms and two full bathrooms. They will also include wood floors and granite countertops.

Owners can customize parts of the home if the units are purchased while still under construction.

This is the first residential development for Milver, but Box said he intends to do more in the affordable housing market.

Group Grabs Med Building

J.B. Hunt LLC, which is operated by Johnelle Hunt; Thornhart Ventures LLC; Tim Graham through his Graham Holdings LLC; and Lynda Mostyn, make up a group called Lowell Medical Partners II LLC.

The group purchased the Lowell Medical Center building located at 325 S. 6th St. in Lowell, from Unity Health of Arkansas Inc. for $3.1 million.

The 17,585-SF building houses offices of Mercy Health Systems of Northwest Arkansas.

The building’s tenants generate about $1.86 million in rent annually.

The facility sits on 5.8 acres of commercial-zoned land.

Lowell Medical Partners II signed a $2.96 million mortgage from Great Southern Bank.

SSI Builds LEED SWEPCO Facility

SSI Inc. of Northwest Arkansas has begun construction on a $2.2 million Southwestern Electric Power Co. service center for American Electrical Power.

The 15,000-SF building will be located at 500 Hudson Road in Rogers. It will be LEED certified and will include 33 different “green” or sustainable features.

Les Rogers Excavating & Materials Inc. completed the site work for the building.

 SSI will complete the building’s drywall and framing.

L&L Plumbing & Heating Inc. is the mechanical subcontractor and Dolle Electric Inc. is the electrical subcontractor for the project.

Some of the building’s LEED features include recycled content materials, recycling on site, maximization of open space, water and electricity conservation measures and local procurement of materials and building goods.

The building is being constructed on a 2.75-acre lot owned by SWEPCO.

Westmoreland Buys

Rural Residence, Land

George Westmoreland, through his Cotswold Partners LLC, purchased a home and 25 acres of wooded property in rural Rogers for $2 million from James Castleberry, trustee of the Castleberry Family Revocable Trust on January 18.

The split-level home, located at 8800 Kilpatrick Road in rural Benton County, has 888 SF of living area, two bathrooms and an attached garage.

In 2007 it had an assessed value of $2.2 million.

Mahfet Clan Buys McD’s

Joseph Mahfet Jr. and Bernice Napolitano Mahfet, co-trustees of The Mahfet Family Trust, purchased the McDonald’s and adjoining Conoco convenience and gas station located at 3080 W. Wedington Dr. in Fayetteville for $1.71 million on January 11.

The Mahfets purchased the property, located in Wedington Place Addition, from Nelson and Beaty Properties LLLP.

Lance Beaty of Little Rock is the registered agent for the entity.

The property includes a McDonald’s restaurant and gas station, a drive-thru car wash and 12 gas pumps.

The property was built in 2000 and appraised for $1.59 million in 2007.