$14.41 Million Nets Majority of Fayetteville Condo Development

Ownership of 201 condominiums in Fayetteville changed hands in a $14.41 million transaction.

Capital Assets Inc. of Tulsa bought the units at The Reserve at Steele Crossing near the Northwest Arkansas Mall.

The seller was Bristol Garden Ventures Inc. of Franklin, Tenn.

Jonesboro-based Liberty Bank of Arkansas helped finalize the deal with an $11.9 million financing agreement.

Brian Carlton with the Dallas-based commercial real estate firm Holliday Fenoglio Fowler represented Bristol.

Gary Krisman with Grubb & Ellis-Levy Beffort represented CAI.

The Reserve development, built in 2004, has 272 units. The remaining 71 units are individually owned condo units, split roughly 50-50 between owner occupied properties and lease properties.

The complex is on 29.5 acres and has 16 buildings, including a clubhouse. Other amenities include a pool, 24-hour fitness center, outdoor grilling areas and car-wash pavilion.

CAI, led by principals Royce Wright and his son, Greg Wright, now manages 6,300 units in 25 multifamily properties, with the majority of those in Tulsa.

Others are in Oklahoma City, two are in Bentonville (Harbin Pointe and Flagstone Creek) and one is in Arlington, Texas.

 

Outdoor Operations

Clinard Construction Management Inc. of Bentonville recently purchased a building permit valued at $5.2 million.

The permit is being used for the construction of a 37,758-SF office building at 1201 Melissa Drive.

It will house the corporate headquarters of Outdoor Cap Co. of Bentonville, a privately held company founded in 1977 and an industry-leading supplier of headwear.

The steel and brick office building will be just south of Outdoor Cap’s current operations just off Southwest I Street.

The large-scale development plan was approved by the city of Bentonville in December 2011.

The Bentonville operation is the largest of the company’s three distribution centers. The others are in Dallas and Rancho Cucamonga, Calif.

Arco Excavation and Paving of Tontitown is handling the site work.

Paul Mahan, president of Outdoor Cap, owns the land.

 

Rupple Row Duplexes

Roth Custom Homes of Bentonville, led by president Randy Roth, has purchased three building permits with a combined value of $1.13 million.

The permits are being used to begin building duplexes in the Rupple Row subdivision of Fayetteville near The Donald W. Reynolds Boys and Girls Club.

There are 30 multifamily lots in the subdivision. The first three will be complete in August. Four more starts are in the permitting process.

The two-story duplexes are on North Wordsworth Lane. Each duplex will be 1,820 SF per side.

Kimbel Mechanical Systems of Springdale is the HVAC and plumbing contractor.

Prime Power Electric Co. of Rogers is the electrical contractor.

Other subs include Foster Insulation of Springdale, Northwest Arkansas Drywall of Bella Vista and Wendells Custom Trim Work of Fayetteville.

Each duplex includes three bedrooms, three full bathrooms and one half bathroom. Amenities include gas fireplace, two-car garage, hardwood flooring on the first floor and granite countertops throughout.

Exterior of the Craftsman-style duplexes will be a combination of brick and masonry.

 

Hidden Springs Home

A 4,962-SF, bank-owned home in Fayetteville drew an $888,000 sale.

Marcus and Angela Waldrip bought the property on Hidden Springs Drive just off Highway 45 East.

Signature Bank of Arkansas, which acquired the property in February, was the seller.

Signature also partially funded the deal with a mortgage worth $687,500.

First National Title Co. of Fayetteville was the closing agent.

Leigh Anne Beck with Beck Haus Realtors in Fayetteville was the listing agent.

The five-bedroom, two-story home is on 5.97 acres and was built in 2006. Amenities include a heated saltwater pool and outdoor living space with fireplace.

Thomas and Tisha Broyles were the previous owners. Broyles acquired the property in November 2007 for $1.16 million.

The property last appraised in 2010 for $778,800.

 

Covington Buy

A 4,703-SF home in Phase II of the Covington Park subdivision of Fayetteville tipped the scales at $575,000.

Eric and Karen Ervin bought the home on East Chatsworth Road from David and Dana Saylor.

IberiaBank Mortgage Co. of Little Rock provided the financing.

The two-story home was built in 2004 and appraised in 2010 for $489,350.

Saylor purchased the 0.40-acre lot from McMahon Brothers Construction Inc. in September 2003 for $80,000.

McMahon Brothers Construction purchased the lot from Gary and Theresa Atha in September 2002 for $77,000.

 

Sun-Maid Lease

Sun-Maid, a supplier of raisins and other dried fruits, recently leased 3,379 SF at 5306 Village Parkway in Rogers.

Leasing terms were not disclosed. The asking price was $15.75 per SF.

David Erstine of Sage Partners in Fayetteville handled the transaction.

The space contains 12 private offices, a reception area and conference room.

Devereaux Management Co. of Rogers is the property manager.

Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.