Kerzen Creates Hanna’s Vision (Real Deals)

Kerzen Construction Co. of Fayetteville recently bought a building permit valued at $45 million to build a 396,000-SF building off Moberly Lane in Bentonville.

Burt Hanna and David Slone of Slone/Hanna LLC are the developers of the project. Hanna also owns Kerzen Construction.

Space will lease from $10 to $14 per SF. Ramsey Ball of Colliers Dickson Flake Partners in Bentonville is the leasing agent. The first space will be ready about a year from now.

Hanna said the entire project is being financed personally by Slone/Hanna. The building occupies 10 acres of the 40-acre Superior Square business park, which is owned by Slone.

JDL Contractors of Fayetteville did the site work.

Spectrum Engineering of Fayetteville is the structural engineer. CEI Engineering Associates Inc. of Bentonville is the civil engineer. PB2 Architecture & Engineering of Rogers is the architect and mechanical, electrical and plumbing engineer.

Hanna said the construction cost is actually less than the building permit value because some materials, such as the steel, he bought at an 80 percent discount. The 4 million pounds of steel was designed for a building that was never built in California. The four-story building will feature 100 percent brick exterior, a glass elevator shaft and a center atrium.

Hanna said naming rights of the building are available for future tenants.

M.J. Harris Makes Multi-Family Units

Home Place Retirement Development Corp. of Siloam Springs has started construction on a 194-unit apartment complex off Arkansas Highway 12 in Bentonville valued at more than $15 million.

M.J. Harris Inc. of Birmingham, Ala., is the general contractor for Harbin Pointe Apartments.

The 16-acre project will feature upscale one and two-bedroom units ranging from 650 SF to 950 SF.

The units will lease from $650 to $800 per month. There will be 14 buildings containing 194 units, and about half of those will have covered garages. The site will feature more than 10 acres of green space and will have a community center, pool and fitness center.

CEI Engineering Associates Inc. of Rogers is the engineer. Architects Collective Inc. of Tulsa is the architect.

GMAC Financial Services of St. Louis is financing the project.

Denny Nooner, a principal in Home Place, said the company typically develops retirement communities, although Harbin Pointe is not one.

Home Place owns and operates two assisted living properties in Mississippi and has ownership in two assisted living properties in North Carolina. It has applied for and received a 57-bed permit in Bentonville and a 64-bed permit in Fayetteville from the Arkansas Health Services Permit Agency. It also recently filed an application for a 62-bed facility in Bentonville, which it is developing with Charlton Development of Bentonville.

Nooner said Home Place is working with Jordan & Associates of Fayetteville to design a facility for construction in Bentonville in late 2006.

Home Place bought the acreage for Harbin Pointe from 3-Putz LLC in March and July for a combined $4.1 million. Dan Dykema, chairman and CEO of ANB Financial N.A., is the manager of 3-Putz.

Dennis Nooner Sr. and Denny Nooner are principals in Home Place.

Mathias Sells Three Complexes

James Mathias of Mathias Rentals And Construction Inc. in Springdale recently sold three apartment projects to OCP Multifamily LLC, which is managed by Orion Realty of Fayetteville.

Mathias sold 254 units all together and 20 acres of land in Springdale for about $10.1 million. The sale includes the 103-unit Strawberry Meadows, 53-unit Powell Apartments and 97 units off Crutcher Street.

Strawberry Meadows is off of Meadow Street. The purchase includes a combined 3.5 acres of additional land from the three complexes.

Bridger Commercial Funding of Mill Valley, Calif., financed the sale, and Broyles Commerical Mortgage brokered the loan.

B & B Management of Fort Smith will manage the units.

The buyer was an investor group that included Brandon Rogers, the managing member of OCP Multifamily, and Robert Stephens of B&B Management. There were additional “silent” partners.

Crossland Claims AERT Facility

Crossland Construction Co. of Columbus, Kan., recently bought a building permit valued at $4.32 million to build a 60,000-SF manufacturing facility off Huntsville Avenue in Springdale.

Advanced Environmental Recycling Technologies Inc. of Springdale is the owner. The construction on the 18-acre site will be the first new facility for AERT, since the company has only previously occupied renovated warehouses.

The site will manufacture composite extrusions.

Henry Architecture PLLC of Bentonville is the architect. Morrison Shipley Engineers Inc. of Bentonville is the civil engineer.

The building should be complete by mid-December.

Henry Architecture and Crossland Construction are also working on a new 120,000-SF AERT warehouse facility in Lowell where construction should start within the next 60 days.

AERT recycles polyethylene plastics and wood fiber to create composite wood used for decking, windowsills, door components, housing trim, fascia board and other building materials.

The construction is being financed internally.

Clinard Clears Eisma Building

Clinard Construction Co. of Bentonville recently bought a building permit valued at $1.9 million to build an 18,375-SF office/warehouse space off of Otis Corley Drive in the Bentonville South Industrial Park.

Dean Eisma of DEI Rentals Inc. of Bentonville is the developer of the building.

Arvest Bank-Bentonville is financing the project. The space will be ready for occupancy in January. The building is the last of four buildings to be constructed on the 6-acre lot 14. Eisma owns six lots total in Bentonville South.

Morrison-Shipley Engineers Inc. of Bentonville is the civil engineer. Advanced Consulting Engineers of Rogers is the structural engineer.

Scott & Goble Architects of Tulsa is the architect.

The entire building is leased to a confidential tenant. Eisma leases space from $12 to $14 per SF.

The space is about 50 percent office space and 50 percent vendor showroom.

Eisma of SMS Investments LLC bought the 4-acre lot for $400,000 from Super Slam LLC in January 2004. Robert Clinard is a principal in Super Slam LLC. Arvest Bank-Bentonville financed that purchase.

Eisma is also the developer of the 42,000-SF Parkway Bank building off Pinnacle Hills Parkway in Rogers that will be ready for occupancy in December. Eisma also has a 12,000-SF building under construction off “B” Street that will be ready for occupancy in October.

Critical Finds Beacon Condos

Critical Path Construction Management Inc. is completing site work for a condo project valued at $1.5 million in Fayetteville. The project, called Beacon Flats, is located at the intersection of Clayburn Street and College Avenue. A general contractor has not been selected yet for the project.

Tim Cooper of Cooper Architects in Fayetteville is the architect and also a partner in the project, along with Mitchell Massey and Morgan Hooker.

Cooper architects will occupy all 2,700-SF of the commercial space in the 5,500-SF building, which includes five town homes and four lofts. The lofts will range from 600 SF for a one-bedroom to 1,200 SF for a two-bedroom and will rent from $650 to $1,200.

The condos will sell from $215 per SF. Each unit will have parking located below the building.

Signature Bank of Arkansas in Fayetteville is financing the construction. Project Design Consultants of Cave Springs is the engineer.

Beacon Flats LLC bought the 0.69-acre lot from the J.C. Nickell Revocable Trust in February for $297,012.

The same Beacon Flats investors are also developing an upscale condo project off Trenton Street in Fayetteville near Wilson Park. Cooper Architects is still designing that project.

Fugitt Figures Condo Units

Kim Fugitt of Fayetteville recently started construction on a 1.75-acre town home and patio home project valued at $1.35 million.

Fugitt is the architect, general contractor and owner of the project off Valley West Drive in Rogers.

Plans call for eight two-bedroom and seven three-bedroom units, all of which will feature two bathrooms. The “twos” will be 1,416-SF patio homes. The 1,500-SF “threes” will be in two stories.

The homes will sell from $141,600 to $149,500 and will feature two-car garages, 100 percent brick exteriors and private entries.

The connected units are a horizontal property regime, meaning each owner owns the SF of the home, but the property owner’s association owns the land around it. The POA fee will include exterior maintenance, lawn maintenance and exterior insurance.

Barbara Fugitt of Lindsey & Associates in Rogers is the listing agent. The first unit should be ready by March 1.

First Security Bank in Fayetteville is financing the construction. Crafton Tull & Associates Inc. of Rogers is the engineer.