Real Deals: Simmons Bank backs $30 million apartment development in Rogers

by Paul Gatling (pgatling@nwabj.com) 1,009 views 

Fitzroy Rogers LLC has picked up a 13-year, $29.9 million funding agreement from Pine Bluff-based Simmons Bank.

The mortgage is backing construction of The Fitzroy, a 250-unit upscale apartment development off West Laurel Avenue at South 26th Street in Rogers. The 13.19-acre site is north of home goods retailer At Home.

Fitzroy Rogers LLC, managed by Brandon Huffman and James Barnes, bought the land for $2.3 million. The purchase price equals $4.01 per square foot. The Shaver Revocable Trust, Hooton Special Needs Trust and Noland Joint Revocable Trust were the sellers. Waco Title Co. was the title agent.

The property will feature three four-story apartment buildings and one three-story apartment building, with a two-story leasing office and clubhouse. The site will also provide 40% green space and electric car charging stations, among other amenities.

Little Rock-based Huffman & Co. is the developer. Huffman Contractors is the builder. HFA in Bentonville is the civil engineer. Charlan Brock & Associates in Florida is the architect.

DOWNTOWN DEAL
A 9,324-square-foot commercial building on a hard corner of Bentonville’s downtown square sold recently for $5 million. The purchase price equals $536.25 per square foot.

DB Square Main & Central I LLC, registered to Bentonville attorney Lisa Kelley, bought the two-story building at 101 W. Central Ave., at the southwest corner of the square.

101 West Central Avenue LLC, A Delaware-registered entity which lists Lan Hagerty as the sole member, was the seller.

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

101 West Central paid $1.7 million for the property in February 2015. Fiamma Ristorante occupies the building’s first floor. The second floor is comprised of office space.

WALMART SIGN SHOP
The sale of a 60,884-square-foot industrial warehouse in Lowell tipped the scales at $3.73 million. The purchase price equals $61.34 per square foot.

Walmart Inc. bought the single-story building at 513 S. Lincoln St. Rogers Warehouse Development IV LLC was the seller.

A Walmart spokesperson said the company will use the building as the new home for its sign shop. The existing sign shop is on Southeast P Street in Bentonville, in the footprint of the retailer’s new corporate campus. About 25 employees work at the sign shop.

The Lowell warehouse was built in 2013. Rogers Warehouse paid $410,000 for the land (4.18) acres in 2005.

CAERLEON CLAIM
A 6,423-square-foot residence in the gated St. Valery Downs neighborhood in Bentonville sold recently for $880,000. The purchase price equals $137 per square foot.

Joseph and Rosie Heinert bought the Caerleon Circle property from the Woodlin Living Trust.

JPMorgan Chase Bank provided financing with a 30-year loan of $660,000.

Waco Title Co. of Springdale was the title agent. Nicky Dou with Keller Williams Market Pro Realty in Bentonville was the listing agent.

The five-bedroom home was built in 2005, measuring 4,255 square feet. Woodlin bought the home in August 2010 from HSBC Bank USA for $611,000. The bank acquired the home in July 2010 from Robert and Melissa Reed.

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