Real Deals: Construction of Fayetteville office building nears completion

by Paul Gatling ([email protected]) 970 views 

Completion of a $9 million commercial project in Fayetteville is scheduled for November.

CR Crawford Construction of Fayetteville is the general contractor for a two-story, 19,000-square-foot office building known as the Pendergraft Building. The site is just west of the intersection of West Drake Street and North Gregg Avenue in Fayetteville.

Nequette Architects Inc. of Birmingham, Ala., designed the native stone structure. High Street Real Estate & Development of Springdale is managing development and leasing.

The Pendergraft Building is named in honor of Ross and Donnie Pendergraft. It will serve as the headquarters for the Pendergraft family business occupying 7,000 square feet. The building’s remaining space is available for lease.

The Pendergraft Building is the first project in Drake Farms, a 175-acre mixed-use neighborhood to be developed incrementally over the next 25 years. The property consists of several tracts of land purchased by the Pendergraft family over the past quarter-century. It lies north of West Drake Street and spans from Gregg Avenue to Garland Avenue.

Two commercial lots in southern Benton County’s Diesel Downs development in Springdale sold recently for a combined $2.35 million. The purchase price equals $5.50 per square foot.

Springdale N. 45th LLC, managed by Brian Shaw, bought the two lots on North 45th Street totaling 9.81 acres. The site is at the northeast corner of Interstate 49 and Wagon Wheel Road in Springdale near a Murphy-Hoffman Co. (MHC) truck dealership. Wobbe Lane LLC, led by Raymond Merrill, was the seller.

Paragould-based First National Bank backed the deal with a one-year loan of $1.76 million. Capital Abstract & Title Co. of Fort Smith was the title agent. Clinton Bennett with Bennett Commercial Real Estate in Rogers was the listing agent.

Shaw is executive chairman and principal of Cushman & Wakefield Sage Partners in Rogers. He said the land was purchased for future office/warehouse development and will be a Sage Partners project.

Merrill paid $1.03 million for the two lots in March 2017.

A 2.56-acre industrial property in Springdale changed hands recently for $1.98 million.

Quinn Family LP II, registered to Johanna Quinn of Jonesboro, bought the fully-leased 11,514-square-foot building at 4268 Haile Lane. Haile Lane LLC, controlled by Matt Imhoff and Farris DeBoard, was the seller. The purchase price equals $172.39 per square foot.

Imhoff, with Cushman & Wakefield Sage Partners in Rogers, represented the seller. Jordan Woodcock of Marcus & Millichap represented the buyer. City Title & Closing was the title agent.

Connecticut-based rental equipment company United Rentals is the building tenant.

Haile Lane paid $1.41 million for the property in September 2018. DuWayne Eoff Property Management LLC of Missouri was the seller.

A 5,546-square-foot residence on Lake Windsor in Bella Vista sold recently for $1.28 million. The purchase price equals $231.69 per square foot.

Brandon and Alyssa Williams bought the Mayfair Drive property from Hollis and Tamara Campbell.

Tennessee-based Pinnacle Bank backed the deal with a 30-year, $1.02 million loan. Waco Title Co. of Springdale was the title agent. Tina Waggener with Weichert, Realtors-The Griffin Co. in Bentonville represented the buyer. Eric Bailey with Collier & Associates in Bentonville represented the seller.

Campbell paid $825,000 for the five-bedroom home in August 2018. The home was built in 1996.

A six-unit townhome near the University of Arkansas in Fayetteville changed hands recently for $865,000.

Major League Investments LLC, managed by Doug Shockley, bought the renovated property on North Addington Avenue from Barrister Management Co. LLC, led by William G. Horton.

Waco Title Co. was the title agent. Limbird Real Estate Group in Rogers was the listing agent. Kyle Atkins with Arkansas Real Estate Group represented the buyer.

Each unit has two bedrooms. Barrister paid $435,000 for the two-building property (6,480 square feet) in April 2020.

A 1-acre commercial lot west of Interstate 49 in Rogers changed hands for $575,000. The purchase price equals $13.20 per square foot.

LL Ark Properties LLC, registered in Delaware, bought the lot at 413 S. Metro Parkway, next to Steve Landers Toyota of Northwest Arkansas. CH Office Development Properties 2 LLC, led by Hunter Haynes, was the seller.

City Title & Closing was the title agent.

LL Ark Properties is an entity controlled by Landers Auto Group of Little Rock and Luther Auto Group of the Minneapolis, Minn., suburb of St. Louis Park. LL Ark Properties paid $25.4 million for the 12.5-acre auto mall in 2016.

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.