Crossland Carries New Sam?s Club (Real Deals)

Crossland Construction Co. of Rogers recently bought a building permit valued at $9.7 million to build a 142,000-SF Sam’s Club store off Arkansas Highway 102 and Bekaert Drive in Bentonville.

Carlson Consulting Engineers Inc. of Bartlett, Tenn., is the engineer on the 25-acre project.

Raymond Harris & Associates of Dallas is the architect.

Carrie Thum, director of corporate affairs at Wal-Mart Stores Inc., said construction of the Bentonville store will take about 10 months to complete.

Whitt Sells Cottonwood

Whitt Properties LLC of Fort Smith recently sold 32.5 acres and a 10,800-SF building in the Cottonwood Village development off “J” Street in Bentonville.

Chris Whitt, Kayne Whitt and Storm Nolan are principals in Whitt Properties LLC.

Cottonwood Investment I LLC bought the land for $4.75 million.

Price C. Gardner of Friday Eldredge & Clark LLP law firm of Little Rock is the sole member of Cottonwood Investment I and II.

Two different buyers purchased the building. Cottonwood Building LLC paid $671,000 of the $895,210 purchase price, and Cottonwood Investment II paid the remainder.

Terry Pool of Kutak Rock LLP law firm in Fayetteville is the sole member of Cottonwood Building LLC.

Ramsey Ball of Colliers Dickson Flake Partners of Bentonville was the buyer’s representative on all parts.

Clinton Bennett of Dallas Real Estate Services Inc. of Fayetteville was the seller’s representative.

The 20 remaining lots range from 0.64 to 7.7 acres and will sell from $6 to $12 per SF. The building will lease from $12.75 per SF annually, “NNN”, which means the tenant pays all expenses in addition to base lease rate.

The building is also for sale for $1.2 million. The lease rate does include a tenant improvement allowance of $20 per SF.

Butch Gurganus and Ramsey Ball of Colliers Dickson Flake Partners will be the listing and leasing agents for Cottonwood.

Metropolitan National Bank of Little Rock and of Fayetteville financed the sales.

Plans for a 25,000 SF and a 35,000 SF building are in the works.

Mill Creek Culls Commercial Acres

Mill Creek Development LLC recently bought 47 acres of commercial land off Interstate 540 and 48th Street in Springdale for $4.3 million from Dunnerstock Development Inc.

Mark Foster and Buddy Peoples are principals in Dunnerstock Development.

Ramsey Ball is the managing member of Mill Creek Development.

Ball, of Colliers Dickson Flake Partners of Bentonville, was the buyer’s representative. Tom Terminella of Terminella & Associates of Fayetteville was the seller’s representative. Project Design Consultants of Cave Springs is the engineer.

Ball said Mill Creek will sell the land in individual lots and will develop some of the land

First Community Bank of Jonesboro financed the sale.

Westwood Wins Belk Addition

Westwood Contractors Inc. of Fort Worth, Texas, recently bought a building permit valued at $3.1 million to build a 50,000-SF addition to the Belk department store on 47th Street in Rogers.

Westwood Contractors built the original 73,000-SF Belk building in Scottsdale Center in 2001. That year, Belk Inc. of Charlotte, N.C., signed a 20-year lease agreement with Scottsdale developer Tom Hopper of Tallgrass Development Inc.

Artech Design Group Inc. of Chattanooga, Tenn., is the architect. Gannett Fleming Inc. of Charlotte, N.C., is the structural engineer.

There are more than 270 Belk stores in 14 states, in addition to 22 Belk owned Profitt’s and 25 Belk owned McRae’s brand stores. Belk Inc. is the largest privately owned department store chain in the U.S.

Westwood is also building a 68,000-SF Belk store in Branson that will open in 2006.

Deweese Does Riverwalk Lots

Deweese Construction Inc. of Fayetteville recently bought 10 building permits valued at a combined $2.8 million to build duplex units in the Riverwalk Farm Estates subdivision off Greenhouse Road in Bentonville.

John Deweese, who owns Deweese Construction and Home Source Realty, said the company will build a total of 60 duplex units or 30, two-unit buildings in Riverwalk.

There will be 137 duplex lots and 161 single-family lots in Riverwalk subdivision.

Mark Spradlin and Kent Ghahremani of Riverwalk Farms LLC are the developers of the 200-acre project that will include a jogging trail, sports complex and swimming pool.

Deweese bought the lots from Riverwalk Farms in January for $53,000 to $58,000 each. Lots average 0.33 acres.

Deweese said the units will average 1,500 SF per side and will feature two car garages, three bedrooms and two baths each. They will feature a brick and stone exterior, sodded yards and wood and tile flooring.

The two-unit buildings will sell from $269,000 to $289,000. Deweese’s Home Source Realty is the listing agent.

First Security Bank of Fayetteville and Arvest Bank-Lowell are financing the construction.

Bowen Buys Fountain Lot

Leonard Bowen recently bought a 2.22-acre lot from Dynamic Development Inc. in the Fountain Plaza development off Walton Boulevard in Bentonville for $1.4 million.

The lot is located between the Bank of the Ozarks construction site and McAlister’s restaurant.

No bank financed the purchase.

Bowen bought the lot as part of a 1031 exchange, or like-kind exchange, where the proceeds from the sale of one asset are used to buy another, and the buyer avoids capital gains tax. Bowen does not have immediate plans for the site.

Butch Gurganus of Colliers Dickson Flake Partners of Bentonville was the buyer’s and seller’s agent.

Dynamic Development, of which Jeannie Fleeman Sooter is a principal, is the developer of the 46-acre project.

Gurganus said there are about eight to 10 lots, or about 17 acres left for sale in Fountain Plaza, in addition to retail space for lease.

About 7,000 SF of a recently completed 20,000-SF retail center is available for lease from $20 per SF, which includes a build-out allowance of $20 per SF. Signature Bank of Arkansas opened Jan. 17 in the 20,000-SF center, and two restaurants are planned. BancorpSouth Bank also owns a lot in Fountain Plaza, and Metropolitan National Bank has started construction on its lot in development.

Lillich Launches Theta Tau House

David Lillich Construction Inc. recently bought a building permit valued at $956,743 to build a 6,600-SF building on 1322 W. Cleveland St. in Fayetteville.

The new building will be the home of Theta Tau, a professional engineering fraternity.

Upsilon House Corp. is the developer of the project. Theta Tau owns a 2,600-SF home on the 1.93-acre site that will be demolished for parking. The home was constructed in 1947.

JKJ Architects PLLC of Rogers is the architect on the building. Civil Engineering Inc. of Siloam Springs is the engineer.

The building is scheduled to be complete in the summer of 2006 and will include 12 bedrooms that will house about 24 people.

The Upsilon chapter of the Theta Tau at the University of Arkansas was founded in 1928.

The Bank of Fayetteville is financing the construction. .