Real Deals: Arvest backs construction of $30 million Northgate Plaza in Rogers
by May 23, 2019 3:43 pm 2,721 views
Northgate Holdings LLC has picked up a 13-year, $29.8 million funding agreement from Fayetteville-chartered Arvest Bank.
The construction mortgage is backing the first phase of development of a 5.09-acre business complex called Northgate Plaza, a 117,000-square-foot, multi-tenant office building and attached parking deck at 5111 W. J.B. Hunt Drive. Both structures will be six stories. A second office building totaling approximately 40,000 square feet is planned at a later date.
Northgate Holdings, the building/parking and landowner, is a partnership between the Blass family of Little Rock and Johnelle Hunt, chairman of Hunt Ventures in Rogers.
Cushman & Wakefield/Sage Partners in Rogers is the developer consultant. Tom Allen, executive vice president and principal of the firm, is handling the leasing efforts for the office building. Allen and Brian Shaw, CEO and principal of the firm, are leading the development of the property. Construction should be finished in the first quarter of 2020.
Crossland Construction Co. in Rogers is the general contractor, and Core Architects of Rogers is the building/parking designer.
Crafton Tull of Rogers is the civil engineer.
Georg Andersen Associates Inc. of Conway is the interior design consultant for the office building. The firm was also a consultant for the interior design of the 10-story Hunt Tower at 5100 W. J.B. Hunt Drive in Rogers.
SCHOOL REMODEL
Nabholz Construction Corp. in Rogers recently paid the city of Lowell for a building permit valued at $6.6 million.
The permit is being used to renovate the Rogers School District’s Lowell Elementary School at 202 McClure Ave.
The project will update all life-safety systems and install a new roof system, new HVAC systems and new classroom technology. A remodeled kitchen and cosmetic updates throughout are also part of the project.
Nabholz will also build a new art classroom and a new secured entry lobby.
The project will start in June with completion scheduled for fall 2020.
Hight Jackson Associates of Rogers is the architect. Gray Rock Consulting in Fayetteville is the civil engineer, HSA Engineering in Fort Smith is the MEP engineer and Tatum-Smith Engineers Inc. of Rogers is the structural engineer.
Dyer Electric of Cave Springs is the electrical subcontractor.
HAR-BER HOLDINGS
A 3,500-square-foot commercial building in the Har-Ber Meadows development west of Interstate 49 in Springdale has a new owner after a recent sale worth $1.4 million.
Michigan-based United Federal Credit Union (UFCU) paid $400 per square foot for the single-story building at 6706 W. Sunset Ave.
Pine Bluff-based Simmons Bank was the seller.
UFCU plans to renovate the vacant bank branch and open a second Springdale branch later this year. UFCU’s existing Springdale location is inside a Walmart Supercenter at 4870 Elm Springs Road.
UFCU consists of more than 174,000 member/owners worldwide and manages assets in excess of $2.8 billion. The company also has branches in Alma, Fort Smith (2) and Van Buren.
BEAVER LAKE RESIDENCE
A 2,528-square-foot home at Beaver Lake in Rogers has a new owner after a sale worth $560,000. The purchase price equals $221.52 per square foot.
Mark and Margaret Kreuter bought the 2-acre residence on Barzel Point Road from Zbigniew and Maggie Szymski.
Waco Title Co. of Springdale was the title agent. Motus Group with Keller Williams Market Pro Realty in Bentonville was the selling agent.
The four-bedroom home was built in 2009 and was valued at $522,700 last year by Benton County appraisers.
Szymski bought the land in 2004 for $27,000.
DQ DEAL
A franchisee of DQ Grill & Chill has completed a land purchase to begin development of a location in Siloam Springs.
Sims Development Group LLC, led by Aimee and Terry Sims, paid $475,000 for a 0.62-acre lot at 102 U.S. Highway 412, at the southeast corner of Mount Olive Street.
Alan W. Cole of Colliers International in Rogers represented the buyer. The seller, SC Petroleum LLC, was represented by Patrick Kuhlman of RE/MAX Real Estate Results in Bentonville.
The property will be developed into a DQ Grill & Chill quick-serve restaurant franchised by American Dairy Queen Corp., a Berkshire Hathaway company headquartered in Bloomington, Minn. The new location is one of seven DQ Grill & Chills planned for northwest Arkansas including two in Fort Smith and one each in Rogers, Springdale, Tontitown and Van Buren.
The company plans to open the Siloam Springs location later this year. Little Rock-based Bank OZK is financing the construction with a $1.81 million loan.
ROGUE REAL ESTATE
A vacant convenience store in downtown Rogers sold recently for $394,500.
Dirt Bagger Properties LLC, led by Phil and Rebekah Penny, bought the former E-Z Mart gas station at 525 N. Second St.
Yates Group Inc., formerly known as E-Z Mart Stores Inc., was the seller.
Arvest Bank backed the deal with a five-year loan of $315,600.
Hannah Cicioni, owner of CRD Real Estate & Development in Rogers, represented the buyer.
The 2,400-square-foot building will be renovated and house the headquarters of Rogue Trails.
The Pennys own Rogue Trails, a Rogers company that designs and builds a variety of single track mountain bike trails, bike parks, pump tracks and hiking trails.