Real Deals: C.R. Crawford leads Texas healthcare project in Rogers

by Paul Gatling (pgatling@nwabj.com) 464 views 

C.R. Crawford Construction of Fayetteville recently purchased a building permit from the city of Rogers valued at $6.75 million. The permit is being used to build a 40,868-square-foot rehabilitation patient care facility at 4309 S. Pleasant Crossing Blvd., at the intersection of South Dixieland Road, east of Interstate 49.

Everest Rehabilitation Hospitals LLC of Texas is the developer. The company paid $1.35 million for the 4.94-acre lot this past March. The purchase price equals $6.27 per square foot. The deal was backed by a $12 million construction loan from ServisFirst Bank of Alabama.

Commercial development firm Sitton Group of Rogers, led by Matt Sitton, was the previous owner of the property.

Health Club Holdings
An 18,374-square-foot commercial building in Fayetteville changed hands for $2.8 million. The purchase price equals $152.38 per square foot.

A group of California investors (Yui Cheong NG, Shuet Yi Ng and Lawrence Ng) bought the single-tenant building at 1768 N. Crossover Road. JDN Fayetteville LLC, managed by Douglas G. Sansone, was the seller. Symetra Life Insurance Co. of Iowa provided financing with a $1.54 million.

The Class B building was built last year. Planet Fitness is the tenant and has nine years remaining on its lease. JDN bought the 0.34-acre lot in October 2016 for $225,000.

Dead Horse Land
Land that was once envisioned as a 137-acre neighborhood south of Stonebridge Meadows Golf Club in east Fayetteville has changed hands for $2 million. The purchase price equals 34 cents per square foot.

Seven Springs Holdings LLC, registered to David Randle of Fayetteville, bought the property on Dead Horse Mountain Road. A limited liability company (LLC) controlled by developers Mike Lambeth and Clay Carlton, owners of Fayetteville homebuilder Buffington Homes, was the seller.

Jordan Jeter with Flake & Kelley Commercial in Springdale was the listing agent. The land is zoned for low-density residential and/or agricultural purposes.

Liberty Estates Lots
A Springdale homebuilder has acquired 28 residential lots in Tontitown in three separate deals totaling $1.54 million.

Limited liability companies (LLCs) controlled by Northrock Builders, led by Justin Salter and Aaron Birdsong, paid $55,000 per lot in Phase II of Liberty Estates, just off Barrington Road and Highway 112. NorRho LLC, led by Robert Norman and Duane Rhodes, was the seller. Arvest Bank provided financing.

Daniel Hawes with Landmark Real Estate & Investment LLC in Fayetteville was the listing agent. Jackson Williams with Weichert, Realtors — The Griffin Co. in Springdale was the selling agent.

Northrock plans to build out the lots with homes ranging from 2,500 to 2,700 square feet. Homes in Phase I have been selling between $121 and $124 per square foot.

School Purchase
The recent sale of a vacant commercial building in Bentonville registered $1.45 million. The Bentonville School District bought the 17,513-square-foot building at 1510 N. Walton Blvd. The purchase price equals $82.79 per square foot.

NCR Corp. of Duluth, Ga., was the seller. Waco Title Co. of Springdale was the title agent. Butch Gurganus and Wade Smith with Colliers International in Rogers were the listing agents.

The single-story office building was built on 2.10 acres in 1992 and appraised this year for $2.59 million. The school district plans to renovate the building for its Ignite Professional Studies program, which combines technical training with professional development and business education. The renovations are expected to be finished for the 2019 school year.

Commercial Sale
A 2.56-acre commercial development in Springdale changed hands recently for $1.41 million.

A limited liability company (LLC) controlled by Matt Imhoff and Farris DeBoard bought the property at 4268 Haile Lane. DuWayne Eoff Property Management LLC of Missouri was the seller. Batesville-chartered Citizens Bank provided financing with a $1.19 million loan. City Title & Closing LLC of Fayetteville was the title agent.

BlueLine Rental, which leases construction equipment, is the tenant, with a lease expiring in 2021. The single-story building is 11,514 square feet and was built in 2008. The property has a cap rate of 7.5%.

Homebuilder Holdings
A Missouri-based custom homebuilder has closed on an 80-acre land deal in rural Benton County for $1.1 million.

Schuber Mitchell Homes of Webb City bought the land on the east side of Mason Valley Road in Highfill, 2 miles northwest of Northwest Arkansas Regional Airport. The purchase price equals 31 cents per square foot.

Cynthia Coughlin, through her Highland LLC, was the seller. First National Bank of Fort Smith backed the deal with a one-year loan of $880,000. City Title & Closing LLC of Fayetteville was the title agent.

Schuber Mitchell is developing the 249-lot Silver Meadows neighborhood nearby on the west side of Mason Valley Road, at the intersection of Daniels Road. Homes there start at 1,500 square feet and $160,000.

Buffington Buy
A Fayetteville homebuilder acquired 39.9 acres east of Interstate 49 in Rogers for $1 million. The purchase price equals 57 cents per square foot.

A limited liability company (LLC) controlled by Buffington Homes of Arkansas bought the property at the southeast corner of Laurel Avenue and Concord Street, north of West Pleasant Grove Road. The Noland family was the seller. Conway-based Centennial Bank provided financing with a loan of $750,000. First National Title Co. of Fayetteville was the title agent.

Clay Carlton, a principal with Buffington Homes, said the property still has to be platted and rezoned, but development plans include a neighborhood with approximately 150 homes. He said it would be similar to the company’s The Parks at Brighton subdivision in Bentonville. Homes there range from 1,900 to 2,800 square feet, with prices starting at $250,000.
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Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at pgatling@nwabj.com. Please write “Real Deals” in the subject line.

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