Milestone Construction Leading School Project

Milestone Construction Co. LLC of Springdale, led by president Sam Hollis, recently purchased a building permit valued at $27 million.

The permit is for the construction of a K-6/middle school facility for the Bentonville School District. The 177,000-SF, single-story structure will be built on 240 acres off Southwest Bright Road and Southwest Gator Boulevard near Arkansas Highway 112 in southwest Bentonville.

The initial earthwork and off-site utility package was awarded to NEC Inc. of Rogers. Milestone is the general contractor for the building and all site improvements.

Hight-Jackson Associates PA of Rogers, led by president Ron Shelby, is the architect.

The Bentonville office of Morrison-Shipley Engineers Inc., led by president Greg Shipley, is the civil engineer.

Tatum-Smith Engineers Inc. of Rogers, led by president J. David Tatum, is the structural engineer.

Other subcontractors for the project include Mountain Mechanical Contractors Inc. of Fayetteville, Beaver Electric, Freedom Fire Pro LLC of Rogers, Dan White Construction of Hot Springs, Wil-Shar Steel Erectors of Rogers, Seamless Systems of Fort Smith, Built-Well Construction Co. of Hiwasse and Desco Flooring of Olathe, Kan.

The school is scheduled to be open for the Fall 2012 semester.

 

Riggins Starts 11 Homes

Kevin Riggins, through his Riggins Construction Inc. of Springdale, recently purchased 11 building permits with a total value of $2.5 million.

All of the permits are for the construction of single-family homes – six in Washington County worth $1.6 million and five in Benton County worth $914,939.

The six homes in Washington County are all in the Hickory Park subdivision of Fayetteville, which is just west of Arkansas Highway 265, near Township Street.

The homes will be built on East Shagbark Bend and East Mockernut Crossing.

The five starts in Benton County are divided between the Riverwalk Farm Estates subdivision off Greenhouse Road in Bentonville and the Keystone subdivision near Arkansas Highway 72 and Tater Black Memorial Road, also in Bentonville.

The homes will be built on Southwest Briar Creek Avenue (Riverwalk), Southwest Arch Street and Southwest High Point Avenue.

First State Bank Springdale and First State Bank of Fayetteville are providing the financing for the Benton County homes.

 

Fountain Plaza Acquisition

A 0.75-acre lot in the Fountain Plaza development of Bentonville changed ownership in a $1.8 million deal.

Gregel CBAC Bentonville LLC of Cincinnati, Ohio, bought the property at 600 S.E. Walton Blvd. Main Carr Development LLC, which lists Eric Reed as the manager, was the seller.

Christian Brothers Automotive, a 4,841-SF repair service facility, sits on the property. CBA, with headquarters in Houston, Texas, is a national auto repair franchise currently with 86 locations in 11 states. Tom and Kathy Beadel are the Bentonville franchisees.

The purchase was backed by a $1.2 million loan from U.S. Bank NA. The mortgage was signed by Eliot Myers, managing member for Gregel Realty Association LLC, an Ohio LLC as managing member of Gregel CBAC Bentonville LLC.

 

Circuit City Sold

An investment group from Georgia has taken ownership of a vacant retail building in Fayetteville.

744 Arkansas Properties LLC of Duluth, Ga., paid $1.5 million for the former Circuit City building at 744 E. Joyce Blvd.

The seller was Pac Zachary with the Atlanta office of GlassRatner Management & Realty Advisors LLC, acting as receiver for WEC 99A-2 LLC.

The building was constructed in 1998. It contains 20,716 SF and sits on 2.35 acres. Circuit City closed its stores nationwide in 2009.

Clinton Bennett of Grubb & Ellis-Solomon Partners represented the seller.

Bennett said plans for future development include leasing the building within the next few months, adding there are discussions ongoing with two national retailers.

 

Rogers Hotel Sold

A 60-unit hotel in Rogers drew a $1.25 million sale.

The Microtel Inn & Suites at 909 S. 8th St. was sold to NWA Hospitality LLC, led by Amarjit “John” Singh.

The seller was Diversified Hotels of Arkansas LLC, led by Jagdev Singh.

The purchase was backed with a 20-year mortgage worth $1 million from Grand Savings Bank of Grove, Okla.

The three-story building was built in 2008. It last appraised in 2011 for $1.87 million.

 

Pinnacle Home Tops $1 Million

A 5,960-SF home in Phase I of the Pinnacle subdivision in southwest Rogers rang up a $1.2 million sale.

The Gary E. Stearman Revocable Trust, led by Gary Stearman, bought the home on Dover Drive from Petra Holdings LLC.

Todd Wood is the registered agent for Petra Holdings, which acquired the home in February for $1.1 million. The seller was Warnock Family LLC, which lists Christopher T. Rogers as its registered agent.

Waco Title Co. of Springdale was the closing company.

 

Oxford Drive Abode

A 5,126-SF home in Phase IV of the Pinnacle subdivision in southwest Rogers has a new owner following a $900,000 transaction.

The Cornell Revocable Living Trust, led by trustees Brian and Martha Cornell, bought the Oxford Drive home from William and Tammy Simon.

The deal is backed with a 30-year mortgage of $417,000 from Arvest Bank of Fayetteville.

Mark Melton Construction Co. of Bentonville constructed the two-story home in 2009.

Trust Title Co. of Rogers closed the sale.

Carlene Clendenen of the Rogers office of Coldwell Banker Harris McHaney & Faucette was the listing agent.

 

Palmer Buys DTS Plaza

PLMR I LLC, led by Charles Palmer, purchased a 21,525-SF commercial building at 128 S. Southwinds Drive in Farmington.

Palmer paid DTS Brokerage and Developments LLC, led by Thomas Sims, $775,000.

The purchase was backed by a $680,000 loan from First National Bank of Fort Smith.

The building, known at DTS Plaza, last appraised in 2010 for $840,250.

 

Masonic Addition Purchase

A 3,987-SF home in the Masonic Addition of Fayetteville has a new owner.

Bill and Jane Hardin bought the North Washington Avenue home for $715,000. The sellers were Michael and Julie Roetzel.

The home was constructed in 1940. It last appraised in 2010 for $596,650.

Waco Title Co. in Springdale was the closing company.

 

Balmoral Buy

A 4,322-SF home in Phase VII of the Shadow Valley subdivision of southwest Rogers drew a $705,000 sale.

Chris and Lynne Abston bought the home on Balmoral Drive from David Harris Construction Co. of Rogers.

The transaction was backed with a 13-year mortgage of $417,000 from Arvest Mortgage Co. of Lowell.

The property was listed with Elite Real Estate of Rogers.

Mercury Title LLC of Rogers was the closing company.

Harris acquired the 0.25-acre property, which sits alongside the fairway of the seventh hole of Shadow Valley Country Club, for $95,000 in December 2009 from Shadow Valley developer Charles Reaves.

Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.