Real Deals: CrossMar Industrial Park growing with $15.4 million permit

by Paul Gatling ([email protected]) 1,092 views 

CrossMar Investments, a commercial development group in Bentonville led by Chris Crossland and Phil Martz, recently paid the city of Bentonville for a building permit valued at $15.4 million.

The permit is being used for a single-tenant, build-to-suit project at 4501 S.W. Rainbow Farm Road, at the southwest corner of Rainbow Farm Road and Southwest Regional Airport Boulevard. Matt Brasel, CrossMar’s chief financial officer, did not disclose the name of the tenant.

The 175,000-square-foot building will be the third building developed in the CrossMar Industrial Park, across from a Walmart Distribution Center. The other two — one at 150,000 square feet and the other at 200,000 square feet — are multi-tenant buildings that are fully leased. Magnolia-based Farmers Bank & Trust is providing financing with a five-year, $13.2 million loan.

The construction site is situated on 57.3 acres CrossMar bought recently for $2.49 million. The purchase price equals $1 per square foot. David Glass was the seller. Core Architecture of Rogers is handling the building design.

NWACC Construction
Milestone Construction Co. of Springdale recently paid the city of Springdale for a building permit valued at $5.3 million.

The permit is being used to build a two-story, 38,000-square-foot building at 6101 Watkins Ave., west of Arvest Ballpark. NorthWest Arkansas Community College (NWACC) of Bentonville is the building owner. The school will use the facility to offer general education courses, early college experience program classes for high school students earning college credits and various health profession courses. NWACC acquired the land from Philip Taldo in 2014.

Subcontractors working on the construction include Professional Air Systems LLC of Springdale, Fayetteville Mechanical Contractors Inc., Hill Electric Inc. in Farmington, Engineering Consultants Inc. in Lowell, HSA Engineering in Fort Smith and McClelland Engineering of Fayetteville.

ARMI Acquisition
A 7.5-acre industrial property in the Fayetteville Industrial Park came off the market in a $3.92 million deal.

Fayetteville-based mechanical contractor Arkansas Myriad Inc. (ARMI) Contractors bought the 80,360-square-foot building at 2575 S. Armstrong Ave. The property was most recently used as a warehouse for Fayetteville retailer Lauren James. Sosa Properties LLC, Fredi and Ana Valle and Luis and Leticia Sosa were the previous owners.

Generations Bank provided financing with a three-year loan of $3.35 million. Jeff Pederson with Lindsey & Associates in Fayetteville represented the buyer. Chris Vega with Southern Tradition Real Estate in Springdale represented the seller.

Dickson Street Deal
A landmark building on Dickson Street in downtown Fayetteville has changed hands in an all-cash purchase of $3.17 million.

Three House LLC, registered to Fayetteville attorney Jason Bramlett, bought the 13,672-square-foot building at 430 W. Dickson St., across from the Walton Arts Center. The purchase price equals $231.86 per square foot. 430 West Dickson Inc. was the seller. City Title & Closing of Fayetteville was the title agent. Jeff Pederson with Lindsey & Associates in Fayetteville was the listing agent and also represented the buyer. Pederson said the buyer is a local family that is planning an extensive remodel of the two-story building, built in 1910.

“Their goal is to maintain and grow the greatness of Dickson, and this was an opportunity for them to do that,” he said. “They do not have a tenant in mind at this time.”

Hog Haus Brewing Co., a restaurant and brew pub, was the most recent tenant. Its last day in business after 14 years was Oct. 28.

Multifamily Land
A 13-acre commercial site in Rogers recently changed hands for $2.35 million. The purchase price equals $4.15 per square foot.

Indiana-based developer SC Bodner Co. bought the land in between South Champions Drive and South Pinnacle Hills Parkway from Bill Adams. Rogers city planners have already approved the 241-unit development south of the roundabout on Pauline Whitaker Parkway. First Security Bank of Searcy provided financing with a one-year loan of $2.11 million.

Dickson Street Deal II
A vacant commercial development on Dickson Street and two adjoining properties changed hands recently in three separate deals totaling $1.85 million.

HMT of Fayetteville LLC, an entity controlled by Fayetteville attorney Craig Jones, paid $950,000 for the 15,000-square-foot building at 227 W. Dickson St. The building at the 0.13-acre site previously housed popular Fayetteville nightclub Dickson Street Theater.

A limited liability company led by Greg Billingsley and Ross Cully was the seller. They purchased the building from Jimmy and Molly Rapert for $630,000 in September 2014. In 2016, they and business partner Brian Hill announced plans to develop the property as an independent movie theater called Lumiere but pulled the plug on the project earlier this year and put the building up for sale.

HMT also completed separate deals with Billingsley ($400,000) and Christ Community Church ($500,000) for two parcels behind Dickson Street Theater on Locust Avenue. They total a combined 0.4 acres, and each parcel includes a vacant residence. T.J. Lefler and Matt Mozzoni with Sage Partners in Rogers were the listing agents for all three properties. City Title & Closing in Fayetteville was the title agent.

Church Funding
Bentonville church Flagstone Church of Christ has picked up a 10-year, $1.5 million funding agreement arranged through James Brookhart at Arvest Bank in Rogers.

The mortgage is backing an 11,000-square-foot expansion at 3801 S.W. Eden Brooke St. and remodel of the existing 3,000-square-foot building. Oelke Construction of Springdale is the general contractor.

Tire Development
A 1.86-acre commercial lot in Phase II of the Centre Pointe commercial development in Rogers recently sold for $1.4 million. The purchase price equals $17.28 per square foot.

Halle Properties LLC of Scottsdale, Ariz., bought the lot at 2401 W. Pleasant Grove Road, east of Interstate 49. Danville-based Chambers Bank was the seller. Waco Title Co. was the title agent.

Halle Properties is managed by national tire retailer Discount Tire Co., which has received city approval to build an 8,192-square-foot building on the property. Discount Tire also has Northwest Arkansas locations in Fayetteville and Fort Smith.

Beaver Lake Abode
An 8.18-acre Beaver Lake home in Garfield has a new owner after a recent sale worth $825,000. Dreamcatcher Cove LLC, managed by Doug Hurley and Brent Mills, bought the property on Dreamcatcher Cove from the Farrell Joint Revocable Trust.

First Security Bank of Searcy provided financing with a three-year loan of $825,000. Lenders Title Co. in Bentonville was the title agent. Chris Bartholomew and Andy Tiner with NWA Realty Group LLC were the listing agents.

The two-level home has more than 6,000 square feet and was built in 2000. The property appraised this year for $866,750. The land sold in June 1995 for $103,333.

Editor’s note: 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.