Liberty Bank Starts NWA Headquarters With $6.5 Million Permit

by Paul Gatling ([email protected]) 208 views 

Nix Construction Co. of Jonesboro recently bought a building permit valued at $6.5 million to begin construction of a 21,613-SF banking center for Jonesboro-based Liberty Bank of Arkansas.

The building will be at the corner of Joyce Boulevard and Vantage Drive in Fayetteville.

Brackett-Krennerich Architects of Jonesboro is handling the design work.

The Rogers office of Crafton Tull is the engineer.

Professional Concrete Specialties of Rogers is the foundation subcontractor.

The new center is expected to open in November 2013. It will house about 35 employees, including 10 new hires.

Hotel Acquisition                    

A 74-unit hotel in Springdale tipped the scales at $3.4 million.

Tom Bhakta and Terry Dill, through their T.H. Hospitality LLC, sold the Fairfield Inn & Suites at 1043 Rieff St.

Springs Hospitality LLC is the new owner of the development.

The 57,000-SF hotel was constructed in 2003 valued at $7.43 million. The building on 1.42 acres was last appraised in 2010 for $3.38 million.

City Title & Closing LLC of Fayetteville was the closing agent.

The Fairfield Inn generated revenue of $901,667 in 2011.

Harding Home

James H. Cone Construction Inc. of Little Rock recently bought a building permit valued at $2 million.

The permit is being used for the construction of a 12,000-SF, two-story building at 901 S. 52nd St. in Rogers.

The building, called the NWA Professional Center, will house a satellite campus for Harding University.

The facility will be on 1.83 acres next to an office building shared by Coldwell Banker Harris McHaney Faucette and BKD LLP.

Harding acquired the vacant land late last year for $952,000.

The facility will provide space for undergraduate, graduate and nontraditional students, as well as for corporations and community organizations in the area.

The design team consists of the Fayetteville office of SCM Architects, B&F Engineering Inc. of Hot Springs and Cone Construction.

Project professionals include Mike Steelman and Paul Heck with SCM, John Rogers with B&F and Kevin Messick with Cone Construction.

The building is scheduled to open for the spring 2013 semester.

Bentonville Apartments Sold

A 62-unit multifamily development near downtown Bentonville has a new owner after a $1.72 million sale.

Riata Properties LLC of Allen, Texas, led by Darren Printz, bought the Polo Square Apartments at 1301 E. Central Ave, just east of the intersection of J Street and Central Avenue.

The deal was partially funded with a $1.42 million mortgage held by Western National Bank of Midland, Texas.

Polo Square LLC of Fort Smith, which is managed by John Baxter, was the seller.

Baxter acquired the development in August 2010 for $992,000 from Preston Wood Associates LP.

The 68,092-SF development, with two- and three-bedroom apartments, is on 3.3 acres. It was built in 1995 and remodeled in 2010.

It appraised earlier this year for $1.78 million.

Chandler Takes Neighboring Property

A 15,048-SF warehouse in Springdale tipped the scales at $1.56 million.

Chris Chandler, CEO of Chandler Equipment Inc. at 4180 W. Sunset Ave. in Springdale, bought the neighboring Hugg & Hall property at 4078 W. Sunset Ave.

The seller was Super Properties III LLC, led by John C. Hugg and Robert M. Hall.

Legacy National Bank of Springdale provided the financing.

City Title & Closing LLC in Fayetteville was the closing agent.

The building last appraised in 2010 for $1.7 million.

Warehouse Buy

A 7,715-SF commercial property near the municipal airport in Bentonville changed hands in a $939,000 deal.

J.R. and Rita Young of Van Buren, through their Young & Young Development Co. LLC, paid for the former Abbey Carpet & Floor office/warehouse building at 2401 S.W. D St., just east of Louise M. Thaden Field.

Abbey Carpet is now in a 5,000-SF building at 2812 S. Walton Blvd. in Bentonville

Lorane LLC, led by Ravender and Lori Robinson Kumar, was the seller.

The building was built in 2005 and is on 1.47 acres.

The deal was funded with a mortgage worth $1.3 million held by Citizens Bank and Trust Co. of Van Buren.

The property, listed for $650,000, appraised earlier this year for $630,950.

Dick Weaver with Dick Weaver and Associates Inc. in Bentonville was the listing agent.

First National Title Co. in Bentonville was the closing agent.

Pinnacle Property        

A five-bedroom home inside the Pinnacle Country Club gates in Rogers drew a $675,000 sale.

Bolette Andersen bought the Wimbledon Way property from David York.

The deal was partially funded with a mortgage worth $506,250 held by JPMorgan Chase Bank.

The 3,204-SF home is on 0.38 acres, and last appraised earlier this year for $680,250.

Meza Harris with the Rogers office of Lindsey & Associates was the listing agent.

Savanna Sale

A 4,369-SF home in Phase II of the Savanna Estates subdivision in Fayetteville changed hands in a $670,000 deal.

Bill and Stephanie Kendall bought the East Fredricksburg Circle home from James and Leacy Corley.

Legacy National Bank of Springdale financed the transaction.

Realty Title & Closing Services LLC of Fayetteville was the closing agent.

The single-story home was built in 1995, and last appraised in 2010 for $528,050.

Corley bought the home in September 2007 from Hollis & Daniels LLC for $825,000. Hollis & Daniels bought the home in May 2005 from Francis and Donna Leighton for $427,000. Leighton bought the lot in February 1994 from Buddy Peoples and Mark Foster for $57,000.

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.