Real Deals: Commerce starts building Bentonville church with $22.7M permits

by Paul Gatling ([email protected]) 2,089 views 

Commerce Construction Co. of Springdale recently paid the city of Bentonville for two building permits valued at $22.7 million.

Commerce is using the permits to build an approximately 73,000-square-foot building at 1611-1617 McCollum Road.

Fellowship Bible Church of Northwest Arkansas is the project owner. The land, two parcels totaling roughly 25 acres, was donated to the Rogers-based church in August 2017.

Fellowship Bible will be the tenant. The Bentonville church will join existing campuses in Rogers and Fayetteville.

‘LICKETY’ LAND
Five tracts totaling 373.8 acres east of Springdale changed hands recently for $2.77 million. The purchase price equals $0.17 per square foot.

Lickety Split Properties LLC, led by real estate investors Robert C. Norman Jr. and Slade Wilson, bought the property south of Vaughan Road. The Nancy Jo Steele Rubeck Trust was the seller.

Armstrong Bank in Springdale provided financing with a two-year loan of $2.78 million.

Jacklyn Perry and Eric Arndt with Simplicity Real Estate Solutions of Springdale represented the buyer. Aaron Hawes with Landmark Real Estate & Investment of Fayetteville represented the buyer.

Hawes said the new owners plan to divide the land into large tracts and run cattle on the property.

CIRCLE K CONSTRUCTION
Elm Tree CK LLC recently picked up a five-year funding agreement from Pine Bluff-based Relyance Bank worth $2.73 million.

The mortgage will back construction of a Circle K convenience store at the southeast corner of Arkansas Highway 72 and Southwest Elm Tree Road in Bentonville.

Elm Tree CK is an affiliate of Little Rock developer Bluefin Development. Bluefin bought the land — two parcels totaling 1.27 acres — in July for $599,000. The purchase price equals $10.83 per square foot. Steele Development Inc., led by president Tony Steele, was the seller.

Bluefin Development will develop and own the store, which will be operated by Circle K, a Texas-based chain. Jared Coleman, a Bluefin Development partner, said the firm plans to open 30 Circle K stores over the next few years in Northwest Arkansas and central Arkansas.

City planners approved Bluefin Development’s large-scale development plan on Oct. 6.

HAR-BER HOLDINGS
A pair of office buildings in the Har-Ber Meadows addition west of Interstate 49 in Springdale changed hands recently for a combined $2.7 million.

In separate deals, Magnum Properties LLC, managed by Parvez Musani, bought the buildings at 6836 Isaac’s Orchard Road (9,794 square feet) for $1.45 million and 6878 Isaac’s Orchard Road (4,968 square feet) for $650,000. The purchase price is a combined $182.90 per square foot.

Springdale-based nonprofit Arkansas Support Network was the seller in both deals.

Roger Reithemeyer with NAI Capstone in Rogers represented the buyer.

First National Bank of Fort Smith backed the deals with two loans totaling $2.1 million. Both mortgages have maturity dates of three years. City Title & Closing of Fayetteville was the title agent.

Arkansas Support Network will remain a tenant of the 6836 building. CEO Syard Evans said both office buildings are fully leased, and the new owners are real estate investors.

LOCH LOMOND RESIDENCE
A remodeled residence in the Eddleston neighborhood of Lake Loch Lomond in Bella Vista sold recently for $1.1 million.

Charles and Anna Horner bought the 4,033-square-foot residence on Plockton Lane. The purchase price equals $272.74 per square foot. Steven and Lisa Lockwood were the sellers.

Pine Bluff-based Simmons Bank backed the deal with a 30-year, $350,000 mortgage. Waco Title Co. of Springdale was the title agent. Amber Nye with Portfolio Sotheby’s International Realty of Rogers brokered the deal.

The four-bedroom home sits on 2.3 acres and was built in 1989. The private property is situated on a peninsula and has 970 feet of shoreline. It also includes a single-slip boat dock and a 1,000-square-foot shop. Lockwood bought the property in June 2004 for $410,000. Alfred and Shirley Gore were the sellers.

Gore paid $341,000 for the property in November 1993.

OAK TREE ABODE
A 5,030-square-foot residence in Centerton’s Oak Tree neighborhood changed hands recently for $925,000.

The Randal J. Renkel Revocable Trust is the new owner of the 2-acre property on Oak Tree Drive. John and Sheri Martin were the sellers.

Jan Holland with Coldwell Banker Harris McHaney & Faucette in Bentonville was the listing agent and Jessica Palermo with Lindsey & Associates in Fayetteville was the selling agent. Realty Title in Rogers was the title agent.

The five-bedroom home was built in 2015 and appraised this year for $947,300. Martin paid $850,000 for the property in August 2015. JSN Properties of Northwest Arkansas LLC, led by homebuilder Jeremy Neisler, was the seller.

TALAMORE HOME
A 4,649-square-foot residence in Phase I of Bentonville’s Talamore neighborhood has a new owner after a recent sale worth $820,000. The purchase price equals $176 per square foot.

Randy and Noel Cole bought the 3.7-acre property from Christopher and Shawnda Schnurbusch.

Jenny Miller with Keller Williams Market Pro Realty in Bentonville represented the seller. Chris Wimberly with Southern Tradition Real Estate in Springdale represented the buyer. City Title & Closing of Fayetteville was the title agent.

The four-bedroom home was built in 2005 and appraised in 2016 for $683,450. The property also includes a detached 1,258-square-foot heated and cooled garage/shop.

Schnurbusch bought the land in February 2004 for $118,000. Cynthia A. and Scott A. McDoulett were the sellers. McDoulett bought the lot in July 2000 from 3-Putz LLC for $69,333.

COMMERCIAL SALE
A vacant car dealership on U.S. Highway 71B in Springdale sold recently for $690,000.

Chadak LLC, whose members include Chad D. Godwin and Donald A. Karchmer, bought the 1.05-acre property at 5829 N. Thompson St. America’s Car-Mart Inc. of Rogers was the seller.

Peoples National Bank N.A. of Illinois provided financing and City Title & Closing of Fayetteville was the title agent.

America’s Car-Mart paid $411,000 for the property in November 2012.

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