Riggins Construction Spreading Work Around in Bentonville (Real Deals)

Riggins Construction Co. of Springdale, led by president Kevin Riggins, recently purchased 12 building permits valued at a combined $2.62 million.

The permits, averaging $218,000 apiece, are for the construction of 12 single-family homes in Bentonville.

The homes are divided among the Cornerstone Ridge subdivision (4), the Keystone subdivision (3), the Riverwalk Farm Estates subdivision (2), the Willowbend subdivision (2) and the Lochmoor Club subdivision.

Riggins used multiple lenders for financing, including Delta Trust & Bank in Fayetteville, First State Bank of Fayetteville, First State Bank in Springdale, Signature Bank of Arkansas of Fayetteville and Jonesboro-based Liberty Bank of Arkansas.

 

Motel Purchase

Ownership of a bank-owned, 60-room motel in Siloam Springs changed hands in a $1.65 million deal.

Ketankumar B. Patel, through his Shree Ganesh Investments Inc., bought the Quality Inn, formerly a Holiday Inn Express, at 1300 Highway 412 West.

The seller was Arvest Bank of Fayetteville, through its RHV LLC.

Jonesboro-based Liberty Bank of Arkansas funded the deal with a mortgage of $1.32 million.

The two-story property is on 1.95 acres. It appraised in 2012 for $2.07 million.

 

Construction Activity

A commercial building permit valued at $1.39 million is backing a commercial development in Benton County.

Bentonville-based homebuilder ADR Homes by Roth LLC, led by Jeff and Ami Roth, is using the permit to build Roth Granite Shop at 6077 S.W. Regional Airport Blvd., near the Wal-Mart Distribution Center.

The 16,000-SF building will house a granite shop and warehouse along with an office.

ADR is the general contractor.

 

Spring Hill Sale

Rausch Coleman Land Development of Fayetteville recently paid $1 million for about 45 acres of 103 undeveloped lots in the Spring Hill subdivision off Silent Grove Road in Springdale.

Rausch Coleman made the purchase through its RC Springhill LLC, which lists John Alford as the registered agent.

The property was previously in the OREO portfolio of First Federal Bank of Harrison.

Bank of the Ozarks of Little Rock backed the deal. Lots in the subdivision average 0.2 acres.

 

Bore Buy

A Missouri group is the new owner of a retail development in Springdale after an $890,000 transaction.

Bore/MPC LLC paid for the 1.51-acre property at 3672 W. Sunset Ave., formerly the site of Maaco Auto Body & Collision Center.

Bore/MPC is managed by Columbia, Mo.-based MFA Petroleum Co., led by president Jerome Taylor.

The seller was RWD Properties LLC, led by Mary Kemberley Dawson.

The deal was backed with a mortgage of $851,812 held by Landmark Bank in Madill, Okla.

The property and 13,182-SF building last appraised in 2010 for $841,550.

Ted Viala with the Rogers office of Lindsey & Associates was the listing agent.

Michael Adams with Morrison Wanger Adams in Rogers represented the seller.

 

Pinnacle Abode

A 5,120-SF house in Phase IV of the Pinnacle subdivision in Rogers rang up a $765,000 sale.

Steven and Amy Elliott bought the Buckingham Drive home and half-acre lot.

The seller was Shelley Simpson, through her Six Little Babes LLC.

The deal was backed with a 30-year mortgage of $612,000 held by Wells Fargo Bank of Sioux Falls, S.D.

The property appraised in 2011 for $754,000.

The two-story home was built in 2008 by Camelot Construction LLC, of which Simpson is also managing member.

Camelot bought the lot and three others from Six Little Babes in May 2006.

Six Little Babes paid Tallchamps LLC, led by Tom Hopper, $382,000 for the lots in September 2004.

Health Care Property

Milestone Construction Co. of Springdale is leading the renovation of a 9,761-SF building in Springdale for Northwest Health Systems of Springdale.

The project at 3057 Springdale Ave., near the U.S. Post Office, will be the new home of The Children’s Clinic at Springdale, which is currently at 601 W. Maple Ave.

The building owner is BV Ventures LLC, led by Milestone co-founder Travis Ruff.

BV Ventures bought the building in September for $650,000. The seller was Harrison-based First Federal Bank, which took ownership via commissioner’s deed in November 2009 from the previous owner, Gary Combs, who owned the property through his Landside Acquisitions LLC.

Key Architecture Inc. of Fayetteville is the building architect.

HP Engineering Inc. of Rogers is the engineering contractor.

Laurie Anderson, MD, and Tonya Murphy, APN, will be the clinic’s initial physicians.

 

Panda Place

A land transaction in Fayetteville closed recently, paving the way for a Panda Express restaurant at 2111 W. Martin Luther King Blvd.

Panda Restaurant Group Inc. of California recently paid $472,500 for two tracts totaling approximately 0.6 acres at that address, formerly the site of a USA Drug.

The sellers were Addie Lee Lister ($406,180) and Parnell Group Inc. ($66,320).

The Lister property is the former USA Drug store and the Parnell property is a small strip of land adjoining it to the south, making the site large enough for Panda to fit.

Alan Cole with Colliers International in Bentonville represented the buyer.

Construction is expected to begin immediately.

The restaurant will be the third Panda Express in Northwest Arkansas, joining others in Bentonville and Rogers.

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.