Real Deals: Baumann and Crosno lands $4.98M in funding
by June 27, 2024 7:32 am 435 views
Fayetteville homebuilder Baumann and Crosno Construction has picked up a three-year funding agreement from Searcy-based First Security Bank worth $4.98 million.
The funding is tied to 21 acres Baumann and Crosno recently acquired on West County Line Road in Springdale north of the Benton/Washington county line for $2.27 million. The purchase price equals $2.48 per square foot.
The company paid The Steve and Linda Geels Revocable Trust $1.12 million for 10 acres and Berean Properties, managed by Kathy Howerton, $1.15 million for 11 acres. City Title & Closing of Fayetteville was the title agent for both deals.
The contiguous site is bordered by South Downum and Pinkley roads near Shaw Family Park.
Michael Crosno, the construction company’s managing partner, said the land will be developed as a 59-lot residential neighborhood called County Line Square. Home sizes will range from 2,700 to 3,200 square feet with list prices starting in the $600,000s.
Paving contractor Pavecon of Cave Springs, led by Ben Shankle, is handling the site development work. Crosno hopes to begin that work by the first of July and have it completed by next spring.
BENTONVILLE LAND
Two commercial lots totaling 5.24 acres in Bentonville sold recently for $2.05 million. The purchase price equals $8.98 per square foot.
NAVV Investments LLC, a Texas entity whose members include Adinarayan and Srivalli Adari, bought the land on Southwest I Street. The site is southeast of the Southwest Regional Airport Boulevard intersection. Morrison Tract LLC, led by Jeff Smithers and Kris Compton, was the seller.
Springdale-based United Bank backed the deal with an 18-month loan worth $1.5 million. Aaron Nicholson and Marshall Saviers with Cushman & Wakefield/Sage Partners listed the property, which is zoned C-3.
BENTONVILLE BUILDING
A 7,084-square-foot commercial building in Bentonville sold recently for $1.38 million. The purchase price equals $194.81 per square foot.
Migration Properties LLC, led by Jason Keathley, bought the office/warehouse building at 905 S.E. 21st St. Argo Properties LLC, managed by Thomas E. Stark Jr., was the seller.
Legacy National Bank of Springdale backed the deal with a five-year loan worth $715,598. City Title & Closing was the title agent. Palmer Hays with Bennett Commercial Real Estate in Rogers represented the buyer and seller.
The 0.48-acre property includes approximately 4,500 square feet of warehouse space, which was vacant when it was sold.
SHADOW VALLEY SALE
A 3,858-square-foot residence in Phase X of Rogers’ Shadow Valley neighborhood recently sold for $1.27 million, or $330 per square foot.
Justin and Sarah Maddox bought the four-bedroom home on South Exeter Drive. George and Michelle Truitt were the sellers.
Waco Title Co. of Springdale was the title agent. UBS Bank USA of Utah backed the deal with a 30-year, $1.14 million loan.
Lance Johnson Building Co. of Springdale built the home in 2023. In May 2023, Truitt paid the builder $1.05 million for the 0.42-acre residence. In July 2022, Lance Johnson paid $140,000 for the lot. CR Reaves Family LP was the seller.