Mathias Makes Move on Highfill Land for $4.45M

Sam Mathias of Springdale recently closed on a $4.45 million land purchase of 1,085 bank-owned acres in Highfill just west of the Northwest Arkansas Regional Airport.

Mathias bought the property from Pine Bluff-based Simmons First National Bank, the successor of the property by its acquisition of Metropolitan National Bank in November 2013.

First National Bank of Paragould financed the deal with a one-year purchase money mortgage of $2.35 million.

Waco Title Co. of Springdale was the title agent.

Clinton Bennett of CBRE Northwest Arkansas represented the seller. The complete property listing was 1,582.5 acres for $7.3 million. The remaining 498 acres is listed for $2.29 million.

MNB acquired the land via foreclosure in July 2010 from the previous owner, Stonehill PRM Highfill LP of Texas, led by James C. Brownlow.

Stonehill purchased the land from the Arkansas Teacher Retirement System in February 2005. That deal was backed by a principal mortgage of $13.5 million by MNB.

 

Campus Construction

Little Rock-based Kinco Constructors recently purchased a building permit valued at $1.82 million.

The permit is being used to build an 8,230-SF building at 520 N. Lindell Ave. in Fayetteville.

The University of Arkansas Wesley College Ministry will be the tenant.

First Security Bank of Searcy is financing a portion of the project. Other funding is coming from a capital campaign at Central United Methodist Church in Fayetteville, a grant from the United Methodist Foundation of Arkansas, and funds obtained in a property swap with the UA.

Tyson Reimer with Kinco’s Springdale office is the project manager

Miller Boskus Lack Architects of Fayetteville is handling the project design. Greg Walker is the project architect and Audy Lack is the principal in charge.

Arco Excavation & Paving of Springdale is doing the dirt work.

Tatum-Smith Engineers Inc. of Rogers is the structural engineer.

Jorgensen & Associates of Fayetteville is the civil engineer.

HSA Engineering Consulting Services Inc. of Fort Smith is the mechanical, electrical and plumbing engineer.

American Air Conditioning and Mechanical Contractor of Springdale and King Electrical Contractors Inc. of Fayetteville are also working on the project.

The two-story building is scheduled to open in early 2016.

 

Clear Creek Abode

An 8,575-SF home in the Clear Creek Phase III addition of Fayetteville is off the market after a sale worth $1.05 million.

Thomas and Emily Hinton bought the 1.80-acre property on Prestwick North Circle at Blessings Golf Club.

Linda M. Dillman was the seller.

Legacy National Bank of Springdale provided financing with a 30-year mortgage of $1.05 million.

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

Mary Bassett with Bassett Mix & Associates of Fayetteville had the listing.

The home has seven bedrooms and was built in 2005.

Dillman bought the lot in December 2003 for $113,000. Clear Creek Residential LLC was the seller.

 

Crossover Land

Undeveloped land along North Crossover Road in Fayetteville recently sold for $850,000.

BAT LLC, led by Barbara A. Tyson, bought 15.15 acres that surrounds the 67-unit Morningside of Fayetteville assisted living facility at 4461 N. Crossover Road. The land acquired by BAT has frontage on North Crossover Road and Randall Place.

Foster Hospitality Group LLC of Springfield, Missouri, was the seller.

Realty Title & Closing Services LLC was the title agent.

Foster, which builds and operates senior care and assisted living facilities in the Midwest, bought the property adjacent to Morningside in September 2013 for $775,000. Greg and Hannah Lee were the sellers.

 

Sloan Estates Sale

Bank-owned residential lots in a subdivision that was once in the development portfolio of Brandon Barber recently sold for $845,000.

Buffington Homes of Arkansas LLC, headquartered in Fayetteville, bought the 13 lots at an average of $65,000 per lot. The property is in the Sloan Estates addition, east of Fayetteville just off Arkansas Highway 45 and North Gulley Road.

Chambers Bank of Danville was the seller, through its JRJC LLC entity.

First National Title Co. in Fayetteville was the title agent.

The seller financed the lot purchase and First Bank of Hampton is providing the construction loans.

“We have started and sold two homes so far that were a little over 3,100 SF,” said Clay Carlton, a principal of Buffington Homes. “One sold for $400,000 and the other for $408,000. We are getting ready to start four more that will be similar in size, but we are offering other floor plans up to 3,800 SF. So the [price] range will be $400,000 to $485,000.”

Chambers Bank acquired the property in October 2012 from the Washington County Property Owner Improvement District No. 7 for $1.43 million in a deal that involved 39 lots, an average of $36,666 per lot.

The property initially belonged to LynnKohn LLC, led by developers Barber and Seth Kaffka. Development of the 57-lot subdivision on 32 acres began in 2005.

Barber filed for Chapter 11 bankruptcy of LynnKohn in August 2008.

He listed $3.1 million worth of unsold lots in Sloan Estates.

The Bank of Fayetteville and Chambers Bank each held mortgages on the property for $1.7 million and $1.3 million, respectively.

 

Savanna Sale

A 5,914-SF home in Phase III of Savanna Estates in Fayetteville recently sold for $750,000.

Shawn and Jane Munsell bought the five-bedroom home on Fredericksburg Circle. Brad and Julie Choate were the sellers.

Martha Haguewood with Lindsey & Associates of Fayetteville had the listing at $900,000.

The home was built in 2003 and its most recent appraisal is listed at $798,200.

Choate bought the two-story home in 2008 from Tim and Angela Price for $850,000. Price bought the home in May 2002 from Dan Krughoff for $700,000.

Krughoff bought the lot in May 1996 from Buddy and Geraldine Peoples for $69,000. Peoples bought the lot, and others, in October 1994 from Dunnerstock Development for $200,000.

 

Heritage Hills Home

New construction in the Heritage Hills subdivision of Springdale recently sold for $650,000.

Gerald and Charlotte Johnston bought the 4,300-SF custom home on Legacy Drive, just off Carley Road.

Riggins Properties Inc. of Fayetteville, led by Darin Riggins, was the seller.

Realty Title & Closing Services LLC was the title agent.

Kendal Riggins with Lindsey & Associates of Fayetteville had the listing.

Riggins bought the one-acre lot in August for $65,000. Pinnacle Bank of Rogers was the seller. 

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.