$6.1 Million Backing Phase II of Copperstone Apartments (Real Deals)

Lindsey Construction Co. recently purchased seven building permits valued at a combined $6.1 million.

The permits, valued at $873,072 apiece, are being used to build seven additional buildings at the Copperstone Apartments development near Been Road and Arkansas Highway 102 in Bentonville.

Phase II of the multifamily housing development will add 12 units per building for a total of 84 units to the existing property. Copperstone Phase I, which is immediately to the west of the new construction, has 16 buildings and 188 units.

Each unit will include a full-sized kitchen and washer and dryer units, and will have central heating and air conditioning.

The facility includes a swimming pool, fitness center and a full-time management staff.

Lease rates in Phase I range from $450 to $575 with living spaces from 545 SF to 870 SF.

Lindsey Construction is a subsidiary of the property owner, Lindsey Management Co. of Fayetteville.

 

Goodwill Grab

Ownership of a 29,559-SF building in the Pleasant Crossing development near Interstate 540 in Rogers recently changed hands in a $2.54 million deal.

Goodwill Industries of Arkansas Inc. bought the vacant building at 4301 Pleasant Crossing Parkway.

The Little Rock-based nonprofit organization plans to convert the building into a Goodwill store, donation center and career services center. It has a target opening date of mid-spring.

The seller was The Market at Rogers LLC, which is based in Tulsa and managed by Rob Phillips.

The deal was backed with a 10-year mortgage of $2.12 million held by Little Rock’s Bank of the Ozarks.

The property last changed hands in 2005 when Phillips bought the tract from Charles Reaves for $840,000.

The building, constructed in 2007, previously housed Interiors Galleria.

 

Commercial Property

An 18,000-SF commercial property in the Westpark Square addition of Bentonville recently sold for $1.5 million.

1000 LLC is the new owner of the building at 1000 S.W. Westpark Drive, near Southwest I Street and Arkansas Highway 102.

Ed Belto and David Dozier are the managers of 1000.

The Norman Schulz Trust – Fund B was the seller. Evalyn A. Schulz is the trustee.

Schulz acquired the property from Moberly Center LLC, led by Norman Schulz, in October 2007. Schulz, a successful businessman upon moving to Northwest Arkansas in 1978, died in 2009 at age 81.

Schulz paid $1.2 million for the building and 1.41 acres in May 2004. The seller was Commerce Plaza LLC, of which Mark Marquess and Dan Dykema were members.

The property last appraised in 2012 for $1.71 million.

The single-story office building, known as Westpark Plaza, was constructed in 2004.

 

Stonegate Additions

Five building permits totaling a combined $1.41 million are backing the construction of duplexes in the Stonegate subdivision of Bentonville, near Arkansas Highway 102 and Tater Black Memorial Road.

Chris and Keri Elder, owners of Springdale-based Elder Construction Co., are building the duplexes on Southwest Quartz Avenue.

Other Elder units in the subdivision are about 1,350 SF, and have three bedrooms, two bathrooms and double garages.

The units rent between $725 and $750 per month.

The duplexes will be all brick and have privacy fences.

Elder bought the five lots, each about a quarter-acre, for a combined $100,000 in December 2012. The transaction was made in the name of Stonegate Duplexes LLC.

The seller was Great Southern Bank of Springfield, Mo.

 

Meadow Transaction

Ownership of a 16,390-SF building near Fayetteville’s downtown square recently changed hands in a $1.3 million deal.

24 E Meadow LLC, led by Joseph E. Terminella Sr., bought the building at 24 E. Meadow St. The seller was Birddog Development LLC, led by James Loyce Berry.

The deal was funded with a five-year mortgage of $1.02 million held by Arvest Bank-Fayetteville.

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

By Request, an upscale clothing store owned by Monica Terminella, is the building’s primary tenant.

Birddog acquired the building in October 1998 for $660,000.

The property last appraised in 2010 for $1.14 million.

 

Pinnacle Property

An 8,110-SF home in Phase I of the Pinnacle subdivision of Rogers recently drew a $725,000 sale.

Gregg and Jaci Uecker bought the West Leiston Drive home from Danny and Rebecca Hames.

Arvest Mortgage Co. of Lowell helped fund the deal with a 30-year,  $300,000 mortgage.

Waco Title Co. of Springdale was the closing agent.

The home was listed at $875,000. Dana Proctor with Coldwell Banker Harris McHaney Faucette in Rogers was the listing agent.

Hames bought the property from Signature Bank of Arkansas in November 2009 for $372,000. The bank acquired the two-story home and 0.53-acre lot in September 2009.

The previous owner was John R. Hall, who bought the home from Mark Norton Properties in December 2006 for $982,000.

Norton Properties bought three lots from Tom and Gloria Hopper, through their Tallchamps LLC, in August 2005 for $326,000.

 

Stonehenge Property

Seay Construction Inc. of Bentonville recently paid the city of Bentonville for a building permit valued at $552,188.

The permit is being used to construct a single-family home on Stonehenge Drive in the Braithwaite Park addition of Bentonville.

Marvin L. Gray Jr., trustee of the Marvin L. Gray Jr. Revocable Trust, owns the 2-acre lot.

Gray paid $80,000 for the property in February 2012. The seller was Kimberly Renee Howard.

The lot was most recently appraised at $27,000 in 2011.

 

Newcastle Home

A custom home in the Newcastle Estates subdivision of east Fayetteville rang up a $520,000 sale.

Jody and Jessica Thornton bought the North Castle Rock Drive property from Fayetteville’s Booth Building and Design LLC, led by Ben Booth.

Booth bought the lot from Springdale’s Legacy National Bank in May for $55,000.

The subdivision is east of the Joyce Boulevard/North Crossover Road intersection, near Gulley Road.

Great Southern Bank of Springfield, Mo., backed the deal with a 30-year mortgage of $416,000.

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.