Bushwood Buys Crossroads (Real Deals)

Bushwood LLC, of which Wayne Britt, Matthew Britt, Johnny Hankins and Robert Daughtery are members, recently bought the Crossroads Village shopping center in Fayetteville from Don Cozart of Cozart Development for $11.4 million.

The 12.5-acre development already has 4,000-SF of existing space available for lease. An additional 13,400-SF pad site south of Harps Food Store is available for future construction.

Bushwood’s five-year plan for the property is to turn the center into a village-type retail and dining destination. Bushwood’s principals said they hope to add some national tenants in addition to keeping existing local tenants.

Community Bank of North Arkansas in Fayetteville financed the purchase.

Commerce Gets Circle Construction

Commerce Construction Co. of Springdale recently bought two building permits valued at a combined $3.08 million to build the 27,000-SF Circle of Life Hospice building at 901 Jones Road in Springdale. The facility will be located on three acres in the Har-Ber Meadows subdivision that was deeded to the organization by Bernice Young Jones.

Circle of Life Hospice is the developer and Commerce is the general contractor. Crafton, Tull & Associates Inc. is the architect and engineer. The total construction cost is estimated at $5.3 million. The completion of the building in late 2005 will make it the first designated licensed hospice inpatient facility in the area.

Circle of Life’s offices are currently located on Sunset Avenue in Springdale. The new building will be divided into three wings including a 16-bed inpatient hospice unit, a palliative-care clinic, chapel, education area and a children’s bereavement area. Many rooms on the property will face gardens, and five of the patient rooms will have private decks. The new center will employ about 50-60 employees.

Arvest Bank-Springdale and First Security Bank’s Springdale office are financing the project. So far, the nonprofit Circle of Life Hospice has raised $4.4 million for the construction.

McMurtrey Swings Into Willowbend

Scott McMurtrey of McMurtrey Homes LLC of Fayetteville recently bought 10 building permits valued at more than $1.1 million to build homes in the Willowbend subdivision off Elm Tree Road in Bentonville.

McMurtrey owns 26 lots in the 50-lot subdivision. Tammy Johnson of Trademark Builders in Johnson owns 17 lots and has started construction as well. Mark Spradlin of Fort Smith was the original developer.

Homes in Willowbend average 2,300-2,700 SF and most will sell from $250,000-$300,000. The first homes should be complete by mid-September. They will feature solid-wood front doors custom cabinets, granite countertops, crown molding, 85 percent brick exteriors, architectural shingles and sodded yards.

Crafton, Tull & Associates Inc. of Rogers engineered the plat. Arvest Bank-Fayetteville is financing McMurtrey’s construction.

Sellers Goes Metro In Bentonville

Sellers Properties of Springdale will soon begin construction on a 40,000-SF building in the Metro Market business park on the corner of 28th Street and Walton Boulevard in Bentonville.

The building features a curved-wall facade, and its space will be marketed to national retail stores.

The eight-acre development is being developed by Ken Ewing and Matt Mawby of Marishamatt LLC and Skinnywater LLC. The developers are personally financing the project.

The architect is Collins Haynes, and the engineer is CEI Engineering Associates Inc. of Bentonville.

Space will lease from $17-$19 per SF. The leasing agent is Steve Fineberg of Lindsey & Associates Inc. in Rogers.

Marishamatt and Skinnywater bought the two tracts of property in April from Dave Covington of Overland Development and the Marvin Gray Trust for $1.05 million.

Peters Builds Cypress Place

Don Peters Construction Inc. of Springdale has started on a 11,060-SF building in the Cypress Place development at the corner of 24th and Chestnut Streets in Rogers.

Tom and Robin Lundstrum of Cypress Investments LLC are the developers of the 1.5-acre project that has a build-out value of at least $1 million.

Hannah McNeil of Fayetteville is the architect. Clark Consulting of Fayetteville is the engineer.

Space will lease from $13.50 to $14.50 per SF. Steve Fineberg of Lindsey & Associates Inc. in Rogers is the leasing agent.

Cypress bought the land from Ronald A. Palmer and Frank Smith of Smith & Palmer Development Company in 2003 for $58,000. Arvest Bank-Springdale is financing the construction.

Parsley Builds Hearthstone

Farmer Custom Homes of Rogers recently purchased four building permits valued at a combined $615,264 to build homes in Rogers’ Hearthstone subdivision. Hearthstone is located near Rogers exclusive Shadow Valley subdivision southwest of Pinnacle Country Club.

Parsley Custom Homes of Lowell and Farmer Custom Homes recently began construction on more than 40 homes in the 252-lot project.

Terri and Danny Parsley of D.P. Development of Lowell are the developers of the subdivision. Lots in Hearthstone will range in size from 0.2 to 0.3 acres.

The country-French style homes will sell from $200,000 with a 1,800-SF minimum. They will feature rock/brick exteriors, carriage-style doors and sodded yards. The entire subdivision will be enclosed in a stone and wood fence and will have designer street signs, gas street lamps and a swimming pool and pool house.

Crowder Construction is completing the site work for phase II of the four-phase development. Engineering Design Associates of Springdale engineered the plat.

Arkansas National Bank in Bentonville is financing the project.

Homes Sell At Pinnacle

William and Stephanie Bradley sold their 3,073-SF home in Rogers’ Pinnacle subdivision to Christopher and Reyna Quinn for $558,000 in May.

The home, located at 101 Champions Blvd., was built in 2001 and last appraised in 2002 for $428,000. The lot alone, number 76, was assessed at $72,000 in 1990.

Quinn financed the purchase through Citibank Federal Savings Bank.

Lots in the 540-acre subdivision sell from $90,000 to $250,000 and range from 0.33 acres to one acre. Tom Hopper of Tallchamps LLC is the developer.

Lester Hall of Lester Hall Construction in Pea Ridge also recently sold a 4,000-SF home at 3 Mission Hills Circle in the Pinnacle subdivision to Fred Stone for $465,000.

As of May, there were about 215 lots left for sale of the more than 700 lots. Included in that number is the 110-acre phase four that is scheduled to open 140 lots for home construction this summer.