Real Deals: $4.27 million permit starts trampoline park construction
VCC Construction of Little Rock is using a building permit valued at $4.27 million to build a 28,000-square-foot building at 648 E. Van Asche Drive in Fayetteville.
NWA Trampoline LLC of Little Rock, led by Haitham K. Alley, is the developer. Altitude Trampoline Park will be the tenant. Roger Boskus of Miller Boskus Lack Architects P.A. of Fayetteville designed the building. Crafton Tull of Rogers is the engineering subcontractor. Searcy-based First Security Bank is providing financing.
NWA Trampoline acquired the land (6.65 acres) in November for $1.01 million. Nanchar Inc. and MSB Properties were the previous owners of the property.
• Arena Acquisition
A 130,000-square-foot building in Springdale has changed hands for $2.3 million. The purchase price equals $17.69 per square foot. Arkansas Warehouse Group LLC, led by Gary Nichols, acquired the building at 1906 Cambridge St. Shane and Shelly Willis of Farmington were the sellers.
Grand Bank of Tulsa, Okla., financed the deal with a five-year mortgage of $1.84 million. Waco Title Co. of Springdale was the title agent. Next Level Achievements, a nonprofit that offers athletic programming, is the building tenant.
Willis paid Simmons Bank $2.1 million for the 2.38-acre development, then known as All-Star Sports Arena, in August 2014. Simmons recovered the indoor sports complex in April 2013 from Scott and Connie Harris and Richard and Linda Harris at a $2.2 million foreclosure sale.
• Commercial Deal
A 15,424-square-foot commercial building just off Interstate 49 in Johnson has a new owner after a recent sale worth $1.93 million. KWMPR 3801 Main LLC, led by Larry Robison, paid $125.45 per square foot for the Shoppes at the Mill development at 3801 Johnson Mill Blvd., east of Interstate 49. It’s situated on 1.82 acres in the Maverick Commercial Park.
Shoppes at the Mill LLC, led by Little Rock developer John Flake, was the seller. Citizens Bank in Fayetteville provided financing with a five-year loan of $1.66 million. City Title & Closing LLC of Fayetteville was the title agent.
Robison is the executive broker for the commercial division of Keller Williams Market Pro Realty. He said the firm will relocate its existing Johnson office at 1845 Main Drive to a vacant 6,080-square-foot space in the building. The remainder of the building is fully leased by four tenants.
Flake and business partner Brandon Rogers developed the building in 2008. They acquired the land in October 2005 from The Estate of James Lambeth as part of a 16-acre, $1.4 million deal.
In a separate deal, Keller Williams also acquired an adjacent 0.61-acre lot for $265,000 ($9.97 per square foot). Maverick Properties LLC, led by Flake and Matthew Dearnley, was the seller. Robison said the site will likely be developed in the future. The use is undetermined.
• Silver Meadows Sale
Single-family lots in Phase 1 of the Silver Meadows neighborhood in Highfill changed hands recently in two deals totaling $941,950. Highfill 2016 LLC, an affiliate of Fayetteville-based Rausch Coleman Homes, paid $463,450 for 31 lots. Faith, Hope & Grace Properties LLC, led by Mark Snyder, acquired 29 lots for $478,500.
Shoebox Holdings LLC, led by Howard Mangum of Ozark, Mo., was the seller in both deals. The neighborhood is at the southwest corner of Vaughn and Mason Valley roads. Shoebox acquired the 60 lots on June 6 for $624,000. Silver Meadows of Benton County LLC, led by Mitchell Massey, was the seller.
• Future Hub
The University of Arkansas has completed its purchase of a vacant, 5,400-square-foot commercial building in downtown Fayetteville for $850,000. The purchase price equals $157.40 per square foot.
The Fayetteville Chamber of Commerce was the previous tenant and the seller. The single-story building is at 123 W. Mountain St. near the downtown square. Funding was provided by private gifts and university reserves.
City Title & Closing LLC of Fayetteville was the title agent. Ramsay Ball with Colliers International in Rogers represented the buyer. Jeff Pederson with Lindsey & Associates in Fayetteville represented the seller.
The building will house the Brewer Family Entrepreneurship Hub, an initiative of the Sam M. Walton College of Business supporting UA entrepreneurship and innovation efforts while serving as a starting point for students and their companies to launch ideas.
• Country Estate
A 5,087-square-foot country estate on 7.17 acres in east Fayetteville recently sold for $825,000. The purchase price equals $162.17 per square foot. Joseph and Taylor Kelamis bought the five-bedroom home on Rom Orchard Road from Brooks and Marilyn Rice.
Arvest Bank in Fort Smith provided financing with a 30-year, $825,000 mortgage. John Hagberg with Crye-Leike Realtors in Fayetteville was the listing agent. Camilla Williamson with Weichert, Realtors — The Griffin Co. in Fayetteville was the selling agent. Carol Shadrick with Advantage Title in Fayetteville was the title agent.
The home was built in 1992 with 3,100 square feet on 5.17 acres. In 2007, it was renovated and expanded to 5,087 square feet, and two additional acres were purchased to bring the total to 7.17. Rice acquired the property in November 2004 for $490,000. James and Susan Alger were the sellers.
• Clear Creek Abode
A 4,000-square-foot residence in Phase II of the Clear Creek neighborhood in Johnson has changed hands for $823,000. Steven Vold bought the Clear Creek Boulevard residence from Doug and Jennifer Keller. The purchase price equals $205.75 per square foot.
Fayetteville-chartered Arvest Bank provided financing with a 15-year mortgage of $658,400. City Title & Closing LLC was the title agent.
The five-bedroom home last sold in December 2011 for $571,000. Keller was the buyer. Landmarc Custom Homes LLC, led by Chris Bradley and Tim Boudrey, was the seller. Landmarc acquired the 1-acre lot in January 2011 from Ralph and Rhonda Maxwell for $80,000.
• Annsborough Acquisition
New residential construction in the Annsborough subdivision on Lake Windsor in Bella Vista recently sold for $550,000. James and Marsha Graves paid $125 per square foot for the 4,400-square-foot home on Neffwood Lane. 479 Investment Group LLC, led by Matt Marrs, was the seller.
Fayetteville-based Signature Bank of Arkansas financed the purchase with a 20-year mortgage of $424,100. Marcus Necessary with Weichert, Realtors — The Griffin Co. of Bentonville was the listing agent.
The four-bedroom home was built in 2016 and appraised that year for $502,000. Marrs bought the lot in February 2010 from ANB Venture LLC for $15,000.