Real Deals: Construction begins in Lowell on Independence Plaza’s first building

by Paul Gatling ([email protected]) 501 views 

C.R. Crawford Construction Co. of Fayetteville recently paid the city of Lowell for a commercial building permit valued at $2.24 million.

The permit is backing construction of a 15,503-square-foot retail building. It’s the first building in a 30-acre commercial development called Independence Plaza. It’s situated at the southwest intersection of Interstate 49 and West Monroe Avenue (Arkansas Highway 264).

The building is 15% pre-leased and is expected to open in the spring of 2022. It will consist of seven storefronts with two outdoor patios and two drive-thru lanes on each end of the building.

KMK Equity LLC is the developer. First State Bank in Russellville is financing the construction. BiLD Architects is the building designer. McClelland Consulting Engineers of Fayetteville completed the initial site design work and NAPA Construction of Fayetteville completed the development’s infrastructure work.

Independence Plaza consists of seven lots. In addition to the retail building under construction, the remaining lots are zoned for a restaurant, a hotel and four office buildings.

Scott Dillard, president and CEO of Lowell-based Central Research Inc. (CRI), manages KMK. David Erstine and Alex Schemel with CBRE in Fayetteville are marketing the office and retail spaces that will be built on the site as well as the commercial lot opportunities.

FAYETTEVILLE MULTIFAMILY
A fully-leased, 14-unit multifamily property one block from the University of Arkansas campus in Fayetteville changed hands for $1.87 million. The purchase price equals $133,714 per unit.

BV Flats on the Hill LLC, managed by Neill Bennett, bought the two-building property at 8 and 12 S. Hill Ave. at the West Center Street intersection. ABACO International Group LLC, managed by Michael Enderlin, was the seller.

Rob Henry with Simplicity Real Estate Solutions of Springdale was the listing agent. City Title & Closing of Fayetteville was the title agent. First State Bank in Fayetteville backed the deal with a $1.38 million loan.

ABACO paid $1.35 million for the 0.67-acre property in December 2020. It includes eight single-story and six two-story units.

‘ROYAL’ REAL ESTATE
A 14,457-square-foot commercial building in Bentonville sold recently for $1.55 million. The purchase price equals $107.21 per square foot.

Royal Rangers LLC, led by Anitha Yerneni, bought the single-story building at 1380 S.W. Westpark Drive. SCL Westpark Plaza LLC, led by Robert J. Reis, was the seller.

Guaranty Bank of Missouri backed the deal with a $1 million loan. City Title & Closing of Fayetteville was the title agent. Brennan Sharpe with Steve Fineberg & Associates Commercial Real Estate in Bentonville represented the buyer and seller.

Six tenants occupy the fully-leased building, which was built in 2005. The building last changed hands in February 2007 for $1.32 million.

DOWNTOWN ROGERS
Six residential buildings in downtown Rogers changed hands recently for $1.37 million.

Elkhead LLC, led by Shawn Dible, bought the properties at 612-636 N. Sixth St. The four-parcel acquisition included five buildings with 15 multifamily units and one single-family residence (1,383 square feet). Stevinson Investments LLC, led by James T. Stevinson Jr., was the seller.

Legacy National Bank of Springdale backed the deal with a five-year, $1.21 million loan. Waco Title Co. of Springdale was the title agent. Nick Slagle, broker and owner of Home Roots Property Management of Rogers, represented both sides in the deal.

The multifamily units are spread among four older buildings, each about 2,300 square feet, and one new building that is approximately 3,000 square feet.

Following the transaction, the new owner has started significant improvements to upgrade the older buildings.

OFFICE PROPERTY
A 9,706-square-foot, fully-furnished office building in Rogers sold recently for $1.3 million. The purchase price equals $133.93 per square foot.

NT Properties LLC, managed by Dung Nguyen and Sherry Tran, bought the single-story building at 1700 W. Commerce Drive. JKD Properties LLC, whose members include Kim Kauffman, was the seller.

Waco Title Co. was the title agent, and Arvest Bank provided financing with a one-year loan worth $578,564. Randy Crossno with NAI Capstone in Rogers was the listing agent.

The building was built in 2005, and the 1.06-acre property was appraised this year for $1.46 million. JKD paid $1.45 million for the property in 2006.

The new owners plan to use the building to operate a daycare.

KUM & GO LAND
A $1.17 million commercial land sale in Rogers is paving the way for a new convenience store development on South Pinnacle Hills Parkway in Rogers.

Iowa-based Kum & Go bought 2.4 acres at the southwest corner of South Pinnacle Hills Parkway and West Pleasant Grove Road. The purchase price equals $11.25 per square foot. Warren Family LLC, managed by David D. Warren, was the seller.

David Erstine with CBRE in Fayetteville represented the buyer. Susan Gleghorn with Elite Realty in Springdale represented the seller.

Development plans include construction of a 5,620-square-foot convenience store, a canopy with six fueling stations, paved parking lot and detention pond.

The city has approved the project, and grading has started. Texas-based S&W Construction is the general contractor. Ozark Civil Engineering of Bentonville is also working on the project.

DOWNTOWN BENTONVILLE
An updated residence in downtown Bentonville changed hands recently for $910,000.

Will Burse bought the 3,739-square-foot home on Northwest Third Street.  The purchase price equals $243.38 per square foot. Tyler and Amanda Murray was the seller.

Springdale-based Legacy National Bank backed the deal with a five-year loan of $682,500. Waco Title Co. was the title agent. Michelle Dearing (seller) and Laura Gheen (buyer) with Engel & Völkers Bentonville brokered the deal.

Murray paid $825,000 for the four-bedroom home in April 2020. Bentonville homebuilder Dave Marrs built the residence in 2011.

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.

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