Buffington Starts Buildout of West Fayetteville Development (Real Deals)
by July 6, 2012 10:01 am 215 views
Clay Carlton, through his Buffington Homes of Arkansas LLC in Fayetteville, recently bought 16 building permits valued at a combined $3.05 million.
The permits are being used to begin the buildout of a stalled townhouse development, The Pines at Springwoods, in west Fayetteville, just east of Deane Solomon Road near Razorback Park golf course.
Jonesboro-based Liberty Bank of Arkansas owns the land and one of the existing 18 units in the subdivision, acquired through foreclosure from Springwoods Leisure Living LLC, led by Don Marley, in September 2009.
The project, which originally called for 122 units ranging in price from $185,000 to $245,000, began in late 2006. Eighteen were completed. Seventeen were sold, including eight within the last 15 months.
Scott Hancock, executive vice president at Liberty Bank, said Buffington has been contracted to construct seven fourplex buildings and two duplex buildings for a combined 32 new units.
Each unit will be about 2,000 SF and include granite countertops, an enclosed sunroom, outdoor patio and two-car garage.
Amenities of the complex include a swimming pool and a 3,200-SF clubhouse with a pool table and exercise room.
Two units have been pre-sold for $210,000 each.
Optical Transaction
Ownership of a 13,708-SF medical office building in Fayetteville changed hands recently after a $2 million transaction.
William R. McCullough, through his WRM Holdings LLC, bought the building at 594 E. Millsap Drive.
The seller was Brewer & Brewer Investments LLC, owned by Jerry and Kay Brewer and their son Chad Brewer.
The First National Bank of Fort Smith partially funded the deal with a five-year mortgage worth $1.6 million.
The single-story building, known as The Eye Center, was built in 1995 and sits on 2.04 acres.
Preschool Property
A preschool development in the Airport Center subdivision of Bentonville changed ownership in a $650,000 deal.
RTL Holdings LLC, led by Richard S. Darouse, bought The Children’s Hour Preschool building at 2501 S.W. D St.
Gilwa Management Inc., led by James Gilwa, was the seller.
Heritage Bank of Jonesboro helped fund the deal with a three-year mortgage worth $520,000.
The 0.99-acre development last appraised for $695,850 in 2011.
The single-story building contains 5,984 SF and was built in 2003.
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.