Centre Pointe at Pleasant Grove Off Balance
by May 23, 2005 12:00 am 56 views
The partnership in the Centre Pointe at Pleasant Grove development has changed. While Urban Retail Properties Co. of Chicago announced in late January it would be managing the project, we were recently informed that they’ve stepped out.
Goodman Real Estate Inc. of Seattle, the Nelson & Beaty Co. LLP of Fort Smith and local investors Mitchell Massey and John Horne were originally going to develop a 184-acre mixed-use project that was going to include at least 350,000 SF of retail space.
The group, known as Centre Pointe Properties LLC, bought 21 acres earlier this year from Leonard Fussel and Vicki Fussel $8.6 million. Goodman spent $8 million in November to buy 100 acres of the site from Diane Huffman for $8 million.
Lance Beaty of Nelson & Beaty Co. said he plans to develop the 41.5 acres the firm owns at the corner of 26th Street and Pleasant Grove Road in Rogers into a 250,000-SF “power center” with a mix of small and big box retailers.
We’re not sure what is happening with the rest of the acreage.