KCC Buys $19 Million Permit (Real Deals)

KCC Contractors Inc. of Springfield, Mo., recently bought a building permit valued at $19 million to continue construction on the 125,000-SF John Q. Hammons Center in Rogers.

The 13-acre site is located adjacent to the Embassy Suites off Pinnacle Hills Parkway in Rogers.

John Q. Hammons is the developer of the project.

Crafton Tull & Associates Inc. of Rogers is the engineer. Butler Rosenbury & Partners Inc. of Springfield is the architect.

It will feature a 42,000-SF ballroom that could seat up to 3,000.

The project is supposed to be completed in the late third quarter of 2006.

A new 152-Suite Embassy Suites tower is also planned near the Hammons Center site, but construction hasn’t started on that project.

Depot Sale On Track

Fayetteville Depot LLC recently bought 1.6-acres on Dickson Street from Shuler Development Corp. for $2 million.

The purchase includes the 4,400-SF train depot and a 2,200-SF building behind the depot.

First Federal Bank of Arkansas in Harrison financed the purchase.

Fayetteville Depot LLC consists of Greg House of Houses Inc. and Steve and Rexanne Mansfield.

Shuler Development Corp. — which consists of John Lewis, David Lewis, Frank Kelly and Don Heckathorn — had owned the property for more than 10 years.

The architect and the engineer on the first phase of the project is the Benchmark Group of Lowell.

Fayetteville Depot LLC announced about a year ago that it was buying the property.

House said Fayetteville Depot LLC had some encroachment issues and had to secure a quitclaim deed for the property, in addition to having to get a letter of clearance from the Arkansas Department of Environmental Quality before purchasing the property.

Plans call for a two-phase project. Phase I will include a parking lot to generate revenue, the renovation of the existing 6,000-SF and the opening of a coffee and ice cream shop within the next six months.

Phase II probably won’t see buildings until 2008, but will include “several hundred thousand SF of mixed use buildings,” House said.

The site and engineering work are valued at $100,000, he said.

Reaves Sells Pleasant Lot

C.R. Reaves Limited Partnership recently sold the 3.54-acre lot 7 in the Pleasant Crossing subdivision to The Market at Rogers LLC for $1.8 million.

Robert Phillips is the manager of The Market at Rogers, which is based out of Tulsa. Phillips, along with Peggy Treasure, is the owner of the lot and of Interiors Galleria, a 30,000-SF home decorating concept store that will be built there.

SpiritBank of Tulsa financed the purchase.

Interiors Galleria is a showroom for interior decorators and artists who lease the space from the store. About 30 percent of the store is already pre-leased, said Jim Roberts, leasing manager for Interiors.

The store is expected to open in fall 2006. Interiors Galleria has locations in Plano, Texas, Oklahoma City, Tulsa and Owasso, Okla.

Terminella Offers Gated Estates

Northwest Excavation, a division of Nabholz Construction Corp. of Rogers, has completed site work for the Grand Valley Estates and Grand Valley Stables subdivisions off Guy Terry Road in Springdale.

Each subdivision will be gated, have 24 lots and each will have a property owner’s association. Tom Terminella of Terminella & Associates Inc. of Fayetteville is the developer of the subdivisions, which are located adjacent to each other.

The 78-acre Estates and 76-acre Stables are part of Terminella’s 760-acre Grand Valley project, which will include two more residential subdivisions.

Terminella bought 109 acres for Grand Valley in January 2004 from Clifton and Calla Boulin, Patricia and Randall Philpot, Donald and Sandra Thomas, and Mike and Donna Terry for a combined price of about $1.4 million.

Grand Valley Estates lots will range from 1.74 to 7.23 acres and will sell from $100,000 per acre. Most lots average 2 acres.

Engineering Services Inc. of Springdale is the engineer for both subdivisions.

The Grand Valley Stables will be an equestrian community featuring a horse barn that will be maintained by the POA.

Lots are 1.5 acres each and will sell from $100,000 per acre.

The stable lots are each 1.5 acres and sell from $100,000 per acre.

Doug Gibson of Terminella & Associates Inc. in Fayetteville is the listing agent for both homes.

Gibson said homes in the Stables and Estates will sell from $150 to $200 per SF.

Palmco Buys Prime Commercial

One Springdale Inc. recently sold 6.5 acres at the southeast corner of Arkansas Highway 112 and U.S. Highway 412 West in Springdale to Palmco Properties LLC for $1.6 million. Arvest Bank-Fort Smith financed the purchase.

John Alford of Fort Smith is the manager of Palmco.

Alford said Palmco has no immediate plans for the property.

There were no outside real estate agents involved in the commercial deal.

Phillip Taldo and Gary Griffin of Griffin Company Realtors of Springdale are members of One Springdale Inc.

Gates Plants Arbors Units

Gates Development of Bentonville recently bought 10 building permits valued at a combined $1 million to build condo units in the Arbors at Pinnacle Ridge subdivision off 21st Street and New Hope Road in Rogers.

The most recent permits are for Phase II. Each phase contains four buildings with four condo units each.

Gates Development — of which Fritz Steiger, Jim Von Gremp and Bob Sowder are principals — is the managing member of The Arbors at Pinnacle Ridge, the developer of the project.

In December, The Arbors bought the franchise rights to Northwest Arkansas from EPCON Communities, a national homebuilding company based in Dublin, Ohio. For the franchise fee, developers received patented architectural and engineering plans, as well as marketing support.

Harrison French Architecture in Bentonville is the architect on the four-unit buildings that follow a “pinwheel design.” Crafton Tull & Associates Inc. of Rogers is the engineer.

The 94-unit complex will be built out in six phases. The single-story condos will feature four different floor plans ranging from 1,300 to 1,900 SF and selling from $188,000 to $245,000.

The 18-acre development will also have a 3,000-SF clubhouse, pool and putting green.

Pinnacle Bank in Bentonville is financing the construction and financed the land purchase.

The Arbors bought the 18 acres from Kyle and Judy Castor in February for $1.36 million.

Kerri Miller of NWA Development Corp. is the listing agent for the condos.

The first home should be ready by the end of 2005. The two display models should be ready by early December.

Myer Lassos Ranch Project

Paul Myer has started site work valued at $800,000 on the 20-acre mixed-use Myers Ranch project off Dodson Road in Bentonville.

Seven Valleys Construction is the site contractor.

Upscale Companies LLC, of which Paul Myer is the sole member, is the developer of the subdivision. Site work should be complete by mid-November.

Harrison French Architecture of Bentonville is the conceptual architect for the project, and Crafton Tull & Associates Inc. of Rogers is the engineer.

Plans call for two 12-story mixed-use towers and a seven-story hotel. Myer said he is still in negotiations with a national upscale, all-suite hotel. Lots range from 1.4 to 5 acres. Two 1.4-acre restaurant/ retail pad sites are available.

Myer bought the property last March from two different sellers, Max Lough and John Leroy for $2.1 million. The original purchase’ included 40 acres, of which he has since sold 20.

Ozark Mountain Bank of Branson, Mo., financed the purchase and is financing the site work.

Jeff Kemp of Orion Realty of Fayetteville is the listing agent. Land will sell from $8 to $11 per SF.

L & F Plants Maple Lots

L & F Construction LLC of Fayetteville recently bought six building permits valued at a combined $729,350 to build homes in the Maple Valley subdivision off Mount Comfort Road in Fayetteville.

L & F Construction, of which Fred and Ashley Patrick are members, is the developer and general contractor for the 3.5-acre subdivision, which will have a total of 18 homes.

Jorgenson & Associates Engineers & Surveyors of Fayetteville is the engineer for the subdivision.

Arvest Bank-Fayetteville is financing the construction.

Homes will range from 1,750 to 1,850 SF and will sell for less than $200,000, Fred Patrick said.

Lots average 0.22 acres.

Flintco Creates Tenant Finish

Flintco recently bought a building permit valued at $610,000 to complete a tenant finish out in an existing building at 509 E. Millsap Road in Fayetteville.

The space will be finished in December.

The 5,500-SF building will house Fayetteville Dialysis Clinic, which is owned by Dr. Fred Smardo.

Guest Redick Architects Inc. of Fort Smith is the architect.

Engineering Services Inc. is the structural engineer. Green-Anderson Engineering of Fayetteville is the mechanical, electrical and plumbing engineer.

The entire building is 24,000 SF and was built in 2000.

Fayetteville Dialysis will lease the space back from owner Dr. Lloyd Trichell of Fayetteville Podiatry.

Southern Star Enterprises LLC, of which Lloyd Trichell and Terry Trichell are members, bought the building from Stephen Griffin in 2003 for $2 million.