Bentonville Builder Invests $2.47 Million In 10 Starts off Town Vu

 

Dhanasekar Subbiah, president of MDS Homes Inc. of Bentonville, is using 10 building permits with a combined value of $2.47 million to build single-family homes in the Kerelaw Castle subdivision of Bentonville.

The homes are all on Southwest Caprington Street off of Town Vu Road.

MDS bought the 10 lots, each about 0.2 acres, in May from C Holdings LLC of Danville for $250,000.

Chambers Bank of Danville funded the deal.

C Holdings bought 129 lots in June 2008 for $4.59 million. The seller was Lynnkohn LLC, an entity controlled by Brandon Barber.

Barber bought the 152-lot subdivision in December 2005 for $5.02 million. The seller was John Alford of Fort Smith.

 

Bellafont Buy

Ownership of a 10,415-SF building in Fayetteville’s Bellafont retail center off Joyce Boulevard recently changed hands in a $1.34 million deal.

Bo Briggs, the managing member of Bellafont Holdings LLC, bought the building on 1.4 acres at 1364 E. Augustine Lane.

Brunwick Development Group LLC of Fort Smith, led by Alex Baumeister, was the seller.

Summit Bank in Little Rock financed the deal with a mortgage of $1.13 million.

Existing tenants of the building include Firehouse Subs, The Bottle Wine & Spirits, and Fayetteville Nutrition. Dead Swanky Salon has leased the remaining space and will open in August.

T.J. Lefler of Sage Partners in Fayetteville represented the seller in the transaction.

Matthew Dearnley of Flake & Kelley in Springdale represented the buyer.

 

Bridgewater Estate

A 6,500-SF estate in east Fayetteville’s Bridgewater Estates subdivision recently sold for $1.33 million.

Eric and Rachelle Sale bought the property on North Gulley Road from Richard Greubel Jr. and his wife, Ellen.

Citibank NA helped fund the deal with a mortgage of $900,000.

The six-bedroom home was built in 2006, and last appraised in 2010 for $1.34 million.

Greubel paid $1.57 million for the home in March 2007. The sellers were John David Lindsey and his wife, Amy.

Lindsey paid Bridgewater Estates LLC $232,091 for the 3.09-acre lot in December 2004.

 

Medical Purchase

A bank-owned medical office building in Phase I of the Willow Creek development of Johnson recently sold for $1.25 million.

Michael Wilson and Chad Brekelbaum, surgeons with Fayetteville-based Northwest Arkansas Urology Associates, bought the former Taylor Plastic Surgery Institute building at 5401 Willow Creek Drive.

The purchase was made in the name of NWA Urology Properties LLC. The seller was Arvest Bank of Fayetteville.

Searcy-chartered First Security Bank funded the deal with a five-year mortgage of $1.5 million.

The 7,000-SF building was constructed in 2001, and appraised in 2010 for $1.08 million.

Arvest foreclosed in 2011. Robert Taylor, through his AHL LLC, was the previous owner.

Taylor bought the land in 2001 for $237,000. The seller was David Prewett, through his Interstate 540/Greathouse Springs Road Investments LLC.

 

Great Financing

The owner of a 3-acre Great Day Skate Place development in Bentonville recently picked up a $1.23 million funding agreement.

Meadow Springs School Inc., led by Roseanna Carter, received the loan from First Western Bank in Rogers.

The 20,500-SF building at 1615 S.E. Moberly Lane was built in 2001, and appraised in 2012 for $2.16 million.

The property was previously used to secure two March 2009 loans totaling $914,371 from Arkansas Capital Corp. of Little Rock.

Carter bought the land in September 2000 from Carl Posey for $145,000.

 

Dover Deal

A 5,960-SF home in Phase I of the Pinnacle subdivision of Rogers has a new owner after a $1.15 million deal.

Randy and Karla Rogers bought the West Dover Drive property from Gary Stearman.

Bank of America NA funded the deal with a 30-year mortgage of $1.15 million.

Stearman bought the three-level home on a 0.8-acre lot from Petra Holdings LLC in June 2011 for $1.25 million.

Petra bought the property in February 2011 from Warnock Family LLC for $1.12 million.

Warnock bought two lots in April 2008 from Adam and Brooke Daily for $1.52 million. Daily bought two lots in October 2006 from John Staples for $180,000.

Staples bought two lots in June 2005 from J.S. and A.L. Wright for $175,000. Wright bought two lots in January 2003 from Vernon and Patricia McNeal for $99,000.

McNeal bought two lots in January 1999 from Tallchamps LLC for $103,000.

 

Shadow Valley Construction

Lance Johnson Building Co. of Springdale is using four building permits valued at a combined $920,000 to construct townhomes in Phase I of the Shadow Valley Townhomes addition of Rogers.

The properties are on Valley View Road. Two of the townhomes are single-story units that are 2,019 SF. The other two are two-story units that are 2,471 SF.

LJBC is the general contractor.

Kimbel Mechanical Systems Inc. of Springdale, Romac Electric Inc. of Rogers, Foster Roofing of Springdale and Twin Oaks Custom Cabinets of Neosho, Mo., are among the subcontractors on the project.

Construction should be completed by mid-December.

Shadow Valley developer Charles Reaves recently sold the four lots to an undisclosed investor, and the townhomes are pre-sold.

The lots appraised in 2012 for a combined $140,000.

E.J. Johnson of Coldwell Banker Harris McHaney Faucette in Rogers represented his father’s construction company.

Ben Fox of Harris McHaney Property Management in Rogers represented the buyer.

Clear Creek Home

A 4,833-SF home in Phase II of the Clear Creek development of Johnson recently sold for $895,000.

David and Adrienne Wagner bought the home on Clear Creek Boulevard from James and Boni Lochner.

James Lochner is COO of Sprindale-based Tyson Foods Inc.

Elite Title Co. of Springdale was the closing agent.

Iberiabank Mortgage Co. in Fayetteville financed the deal with a 30-year, $417,000 mortgage.

The two-story home was built in 2005, and appraised in 2010 for $758,100.

Lochner bought the home in March 2010 from Mary Bassett for $950,000.

Bassett bought the lot in July 2003 from Clear Creek Residential LLC for $127,000.

 

Hallmark Office

Milestone Construction Co. of Springdale is using a building permit valued at $659,500 to complete a finish-out in a renovated office building at 1602 E. Central Ave. in Bentonville.

The job is for Hallmark Cards Inc., and the finish-out is for 14,340 SF in the 60,000-SF building.

Central Investments LLC is the building owner, paying $1.45 million for the 8.4-acre property in March 2012.

Five J Electric Inc. of Rogers, Multi-Craft Contractors Inc. of Springdale and Quality Plumbing of Lowell are all subcontractors on the project, which should be complete this month.  w

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.