Fulbright Building Refinanced, Partners Restructured
(August mortgage reports are available here.)
John Tyson and Ted Belden, through their Fulbright Properties LLC, recently purchased the building that formerly housed the Fayetteville Library on Dickson Street from The Fulbright Building LLC.
Tyson, Belden, Richard Alexander, Rob Merry-Ship and John Nock were partners in The Fulbright Building LLC. That group oversaw the $7.9 million renovation of the building that was financed by First Federal Bank in 2007.
The new purchase price was $4.6 million and included adjacent parcels of land. Tyson signed a mortgage for $3.45 million with Legacy National Bank of Springdale.
The 37,340-SF building was constructed in 1975. The building and adjacent parcels recently appraised for a combined $2.5 million.
Lorette Noland is the property manager. About eight executive suites are available for lease; rates are between $25 and $30 per SF, depending on location within the building. The rate includes utilities and other services.
Grafts New Building
Commerce Construction Co. of Springdale recently purchased a building permit valued at $2.84 million for construction of offices to be located at 901 SE Plaza in Bentonville.
The 20,390-SF building will be the new home of Premier Dermatology & Skin Renewal Center, owned by Missy Clifton.
Commerce is the general contractor. Steve Miller of Miller Boskus Lack Architects of Fayetteville is the architect.
Professional Concrete Services of Rogers is the foundation contractor.
Johnson Mechanical of Fayetteville is the HVAC and plumbing contractor.
Arkansas Foam of Springdale is the insulation contractor.
Campbell Electric of Fayetteville will provide electrical services.
Clifton, through her Missy Murphy Clifton Irrevocable Trust, purchased the 2.58 acres from Dynamic Development Inc. in November for $730,000. Dynamic Development is owned by the Fleeman family.
Premier will occupy about 14,000 SF and will lease the remaining space.
The office will have 21 treatment rooms for medical, surgical and cosmetic dermatology and a day spa. Premier employs 18 people. Dirt work has begun and the building is slated for a May opening.