Real Deals: Crossland’s $31.2 million permit backs work on Founders Plaza in Rogers

Crossland Construction Co. in Rogers recently paid the city of Rogers for a commercial building permit valued at $31.26 million.

The permit is being used to build a five-story office building in Pinnacle Hills, called Founders Plaza. The building will include approximately 117,778 square feet and an adjacent parking deck with capacity for 800 cars.

Hunt Ventures in Rogers, led by Johnelle Hunt, is the landowner, building/parking owner and developer. The site is situated adjacent to the 10-story Hunt Tower.

Tom Allen with Cushman & Wakefield/Sage Partners in Rogers is the landlord broker and developer agent on behalf of Hunt Ventures.

Crossland is the general contractor and is also handling the dirt work, concrete work and steel erection. Brandon Allen with Core Architects is the lead architect for the building/parking design and Crafton Tull is the civil engineer. Additional subcontractors include Built-Well Construction Co., ACE Glass, Mountain Mechanical, Bill’s Electric Inc. and Freedom Fire Pro.

Regions Bank is providing financing. Crossland Construction executive Chris Schnurbusch said the overall permit value for the project will increase to $40 million as the parking deck design is finalized.

CLINIC CONSTRUCTION
C.R. Crawford Construction of Fayetteville recently paid the city of Fayetteville for a commercial building permit valued at $3.1 million.

The permit is being used to build an 11,100-square-foot building at 3033 E.Hearthstone in Fayetteville. The 1.8-acre site is at the intersection of Arkansas Highway 265, across from the Botanical Garden of the Ozarks. Through a limited liability company, Dr. Laurel Hynes paid $465,610 for the land in April 2019.

The building is the future home of Crossover Veterinary Clinic, now at 3980 S. Old Missouri Road in Springdale. Hynes is the clinic owner and will be the building owner.

Zed Johnson of Fayetteville is the architect. He described the single-story building as one of the most advanced veterinary clinics in the region. It will include six exam rooms, diagnostic imaging, a double surgery suite, two dental treatment areas, an intensive care unit, recovery areas and a small exercise yard.

Landform Designs of Fayetteville, led by Greg and Julie Bland, is the landscape architect. GA Engineers of Fayetteville, led by Greg Anderson, is the MEP engineer. Tatum Smith Welcher of Rogers is the structural engineer and Jorgensen & Associates is the civil engineer.

Chambers Bank is financing construction. The project should be completed before the end of the year.

CHILDCARE CONSTRUCTION
Neal Hefner Construction recently paid the city of Bentonville for a commercial building permit valued at $2.07 million.

The company is using the permit to build a 13,934-square-foot building at 3701 S.W. H St., south of Southwest Regional Airport Boulevard. The commercial childcare facility will be known as Mustard Seed Childcare.

The construction site covers 1.77 acres. Gary E. Stearman Revocable Trust owns the property.

Bentonville firms CEI Engineering and Burris Architecture are working on the project.

1031 EXCHANGE
A 610-acre land sale east of Springdale along Beaver Lake registered $2.06 million. The purchase price equals $3,391.80 per acre.

Nob Hill Farms LLC, an entity controlled by Orchard Properties of Fayetteville, bought the land known as “Beaver Lake 610.” It’s situated near 22500 War Eagle Black Top Road, 2 miles north of U.S. Highway 412.

Caliber Development Co. 3 LLC of Oklahoma, owned by Connecticut-based investment firm Wexford Capital LP, was the seller.

The deal involved a 1031 exchange, a move that allows investors to avoid capital gains taxes when selling a property, as long as the purchaser buys a similar property with the profits.

Jeff Clifton with Mossy Oak Properties and Barry Graves with Weichert, Realtors-The Griffin Co. marketed the property for the seller. Bart Hester represented the buyer.

Caliber Development paid $9.8 million for the land in February 2006. The property includes 2 miles of Beaver Lake shoreline.