$3.76M Mortgage Paves Way for Parkway Development

PH Retail I LLC, a Hunt Ventures holding, recently picked up a construction mortgage from First Security Bank of Searcy for $3.76 million.

The mortgage is tied to the 2.88-acre lot 3B of the Pinnacle Heights commercial addition of Rogers.

The undeveloped property is at the northeast corner of the roundabout on Pauline Whitaker Parkway.

The developer plans to build an 18,000-SF strip center with retail and dining tenants. Two undisclosed restaurant tenants have signed lease agreements, according to John George, executive vice president of Hunt Ventures. About 11,000 SF are still available for lease.

Milestone Construction Co. LLC of Springdale is the general contractor.

 

Tractor Deal

A Springdale commercial project changed hands recently in a $3.35 million deal.

According to a special warranty deed, Frall Developers Inc. of Mount Airy, Maryland, led by president James Frey, acquired the Tractor Supply Co. development at 4355 E. Robinson Road.

The Hutton Co. of Chattanooga, Tennessee, was the seller.

Branch Banking & Trust Co. of Winston-Salem, North Carolina, backed the deal with a mortgage of $2.14 million

The 19,050-SF store opened in 2008. Tractor Supply is a national retailer of farm and ranch supplies.

Hutton bought the 3.81-acre property in May 2007 for $735,000. Charles and Beverly Shockley were the sellers.

 

Commercial Sale

Centennial Bank of Conway lightened its OREO portfolio recently with a $1.8 million sale.

Pinnacle Corner LLC, a Hunt Ventures holding, bought three tracts totaling 7.17 acres in Phase II of the Pinnacle Pointe addition in Rogers.

The six undeveloped lots are on Walsh Lane and West Pinnacle Point Drive.

The land once belonged to Bill Schwyhart and Robert Thornton.

Centennial recovered the land in March 2012.

 

Rivendell Acquisition

A 32-unit multifamily development in Rogers has a new owner after a sale worth $1.19 million.

Sosa Properties LLC of Fayetteville, led by Saul and Karina Sosa, bought the Rivendell Apartments at 2605 W. Olive St.

Silva Properties of Farmington, led by Mark Silva, was the seller.

Signature Bank of Arkansas of Fayetteville financed the deal with a three-year, $1.2 million mortgage.

Waco Title Co. of Springdale was the closing agent.

The 2.68-acre development includes four, two-story apartment buildings and one single-story office/clubhouse building. It last appraised in 2011 for $1.03 million.

Each apartment building contains 7,588 SF. The office/clubhouse building contains 1,320 SF.

Of the 32 rental units, two are vacant and being remodeled.

Silva bought the property in October 2011 for $1.16 million. Springwood LLC was the seller.

 

Nottingham Address

A 4,981-SF home in Phase IV of the Pinnacle subdivision has a new owner after a sale worth $1.11 million.

Darren and Donna Field bought the home on West Nottingham Lane from Debra K. Evans.

Waco Title Co. was the closing agent.

First Bank of Rogers provided financing with a mortgage of $999,000.

The two-story home was built in 2010 and appraised in 2011 for $818,550.

Evans acquired the home in June 2010 for $800,000. Decatur State Bank was the seller.

The bank took ownership via commissioner’s deed in June 2009.

McTab Construction Inc. bought the 0.57-acre lot in April 2008 for $129,000. Brady Hill, through his Crescendo Investments LLC, was the seller.

 

Wimbledon Residence

A 4,865-SF home in the Champions Golf and Country Club addition of Rogers has a new owner after a $1.05 million sale.

Douglas and Jace Toben bought the West Wimbledon Way home from Don and Kimberly Schaap.

IberiaBank Mortgage Co. backed the deal with a 30-year mortgage of $840,000.

The four-bedroom home was built in 1999 and appraised in 2013 for $625,600.

 

Inglewood Abode

New construction in Phase VI of the Shadow Valley subdivision of Rogers recently sold for $725,000.

Harvey and Andrea Millar bought the 4,530-SF home on West Inglewood Drive from Lance Johnson, through his Ericson LLC.

Johnson acquired the 0.45-acre lot in September.

Stifle Bank & Trust of St. Louis helped finance the purchase with a 30-year mortgage of $540,000.

E.J. Johnson was the listing agent and Nicky Dou was the selling agent. Both are with Keller Williams Northwest Arkansas in Bentonville.

The four-bedroom home was built by Lance Johnson Building Co. of Springdale and was featured recently in the 23rd annual Parade of Homes sponsored by the NWA Home Builders Association.

 

Planet Purchase

Undeveloped land just off Arkansas Highway 102 in Bentonville recently changed hands in two separate land deals totaling $640,000.

MENEM I LLC bought the two lots in the Westpark Square addition near the intersection of Southwest I Street and Southwest Westpark Drive.

Steve Trolinger, trustee of the 2001 SCT Trust, sold Lot 5, 1.24 acres, for $300,000.

Johnny Haney, manager of Bark Group LLC, sold Lot 6, 1.54 acres, for $340,000.

The developer, Buck Ortega, intends to build a Planet Fitness location at the site.

Trolinger and a business partner bought the lot in 2003 for $185,000.

Haney bought the lot in 2003 for $240,000.

 

Hanover Home

A 3,465-SF home in Phase III of the Hanover subdivision of Bentonville has a new owner after a $630,000 sale.

Fred and Stephanie Quandt bought the Ridgefield property from Donald and Holly Willig.

City Title & Closing LLC of Fayetteville was the title agent.

Bank of America N.A. of Charlotte, North Carolina, provided financing with a 30-year mortgage of $504,000.

Scott Waymire with Prudential Solutions Real Estate of Bentonville was the listing agent and selling agent.

The five-bedroom home was built in 2002 and appraised in 2013 for $596,400.

Willig paid Bruce and Shonda Painter $660,000 for the property in June 2013.

Painter bought the 0.59-acre lot in October 2000 for $48,000.

 

Lake Living

A Beaver Lake home in Garfield changed hands in a $562,500 sale.

Scott and Michelle Gloeckler bought the 1,973-SF home on Woodridge Road from Woodridge Mountain Properties LLC of Plano, Texas, led by Stephen Hamn.

Arvest Bank of Fayetteville helped finance the purchase with a five-year mortgage of $452,000.

Mercury Title LLC in Rogers was the closing agent.

The property includes 2.36 acres and a private boat dock with one slip.

Hamn bought the home from Ron and Bonnie Allison in August 2006 for $535,000.

The home was built in 1998 and its most recent appraisal was in 2013 for $314,000.