Real Deals: $11.37 million permit backs Arkansas Blue Cross building in Springdale
by July 5, 2020 11:10 am 5,696 views
Conway-based Nabholz Corp., which maintains its Central Region headquarters in Rogers, recently paid the city of Springdale for a commercial building permit valued at $11.37 million.
Nabholz is using the permit for an approximately 76,000-square-foot medical office building west of Interstate 49. The property is immediately northwest of the intersection of I-49 and Don Tyson Parkway.
Little Rock-based USAble Corp., a wholly owned subsidiary of Arkansas Blue Cross and Blue Shield, bought the 8.81-acre lot in November 2019 for $3.8 million. USAble assembled that same month an adjacent four lots totaling 3.46 acres at a cost of $1.4 million.
The land will be developed to support a growing Arkansas Blue Cross team of employees in Northwest Arkansas. The company opened a full-service regional office in Northwest Arkansas in 1994. The company also has two ArkansasBlue retail locations in Fayetteville and Lowell. The headquarters of Arkansas Blue Cross will remain in Little Rock.
Nabholz is the general contractor for the four-story building. Crafton Tull of Rogers is the project’s engineering/architecture firm. Other subcontractors include Nabco Mechanical & Electrical Contractors Inc. of Conway (plumbing, HVAC and electrical), All Steel Construction of Benton (structural steel fabrication and erection), TCM Enterprises Inc. of Fayetteville (drywall and framing) and Florida-based Red Hawk Fire & Security.
Plans for the building still are being finalized. Construction is expected to be completed in the summer of 2021.
FIRE TRAINING CENTER
Tulsa, Okla.-based Flintco, which has a regional office in Springdale, recently paid the city of Springdale for a commercial building permit valued at $1.43 million.
Flintco is using the permit to build a 9,200-square-foot fire training center for the city at 2398 Turnbow Ave. The building will include offices, two classrooms, a garage for training with reserve fire equipment and a kitchen.
Flintco is the general contractor. Ashley Mauldin with Crafton Tull in Rogers is the architect. Jason Apple with Engineering Services Inc. in Springdale is the civil engineer. Other subcontractors working on the project are Marrs Electric Inc. (Springdale), HDI Plumbing Contractors (Fayetteville), American Air Conditioning & Mechanical Inc. (Springdale) and Structurecrete LLC (Jenks, Okla.)
Construction is expected to be completed in the summer of 2021.
INDUSTRIAL INVESTMENT
A 2.89-acre industrial sale in Springdale registered $1.42 million.
Freeman Family Rentals LLC of California, managed by Robert A. Freeman, bought the 22,269-square-foot building at 419 E. Robinson Ave.
A tenancy in common investment (TIC) between Fayetteville Fund LLC, managed by Jordan Jeter and Philip Schmidt, and Diversified Financial Holdings LLC, managed by Rich Richardson, was the seller.
Matt Strom with Kelley Commercial Partners in Springdale represented the seller. Waco Title Co. of Springdale was the title agent. First National Bank of Fort Smith backed the deal with a seven-year loan of $727,500.
The building includes about 2,000 square feet of office space and numerous 20-foot dock high doors and loading docks.
The building last changed hands in June 2018 for $890,000. Upward Investments LLC, led by Jared Thomson, was the seller.
The building has two tenants — Harlow Truck and Bus Repair and Granite Depot of Springdale.
TALAMORE ESTATE
A 3.09-acre estate in Phase V of Bentonville’s Talamore subdivision changed hands recently in a $1.1 million deal.
Kathryn and Jason McLay bought the property on Pembrook Circle from Karla and Clay Johnson. Kathryn McLay is president and CEO of Sam’s Club.
The five-bedroom home is 4,571 square feet and includes a swimming pool and an 800-square-foot guest house.
Somer Adams with Lindsey & Associates in Rogers was the listing agent.
Payne Construction Inc. of Bentonville paid $105,000 for the lot in August 2015. Johnson paid $1.05 million for the home in March 2017.
DOWNTOWN ROGERS INVESTMENT
An investment acquisition in downtown Rogers tipped the scales in an all-cash transaction worth $1.05 million.
Manifest One LLC, which lists Tia Nayar as registered agent, bought two neighboring commercial buildings at 710 N. Second St. and 203 W. Wood St. They sit along the new spur of the Razorback Regional Greenway.
Reinboth Lynch LLC, managed by Jeffrey D. Lynch, was the seller.
PCI Advance Title LLC of Rogers was the title agent. CRD Real Estate & Development of Rogers, led by Hannah Cicioni, represented both buyer and seller.
710 N. Second is a 2,852-square-foot building with a single tenant: Hawk Moth Brewery. 203 W. Wood is a 7,110-square-foot building with two tenants: CRD Real Estate & Development and Heypex Global.
CONSTELLATION CLAIM
The sale of 11 single-family lots in the Mills Park subdivision of Elm Springs closed recently for $646,500. The purchase price equals $58,772 per lot.
CTFL Holdings LLC, led by Aaron Wilkerson, bought the property from NorRho LLC, whose members include Duane Rhodes. The site is at the northeast corner of Water Avenue and Weston Street, west of Arkansas Highway 112.
First National Bank of NWA financed the deal. Liberty Title & Escrow of Arkansas in Fayetteville was the title agent. Rick Hawes and his son Aaron Hawes with Landmark Real Estate & Investment of Fayetteville were the listing agents. Jenni Jones with Prestige Management and Realty of Rogers represented the buyer.
Wilkerson owns Bentonville home building company Constellation Properties. The company will develop the lots into single-family homes ranging from 2,500 to 3,000 square feet. Lot sizes range from 0.26 to 0.37 acres.
Two homes are already under construction. First National Bank of NWA is financing construction. Wilkerson said he is still finalizing the selling price per square foot.
Real Deals submissions: 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.