Crossland begins Northgate project with $5.61 Million Permit (Real Deals)

by Paul Gatling  on Friday, Dec. 21, 2012 3:04 pm  

Crossland Construction Co. in Rogers recently paid the city of Rogers for a commercial building permit valued at $5.61 million.

The permit is being used to construct a 60,000-SF, “Class A” office building at 5708 Northgate Road, just south of Regions Bank at Northgate Road and J.B. Hunt Drive.

The property owner, Hunt Ventures LLC of Rogers, is also the building owner.

The building will be the first in the Pinnacle Heights addition.

An undisclosed tenant has entered into a lease agreement to occupy about 26,000 SF of the building.

Tom Allen of Pinnacle Realty Group, which is owned by Hunt Ventures, is the leasing agent.

Lease rates range from $19 to $24 per SF.

Chris Schnurbusch of Crossland is the general contractor.

Robert Kelly and Brandon Allen with Core Architects Inc. of Rogers are the building architects.

Bill Hodge with HP Engineering Inc. of Rogers is the mechanical, electrical and plumbing engineer.

Mark Smith with Tatum-Smith Engineers Inc. of Rogers is the structural engineer.

Daniel Ellis with Crafton Tull of Rogers is the civil engineer.

The two-story building is expected to be ready for occupancy in September.

 

Walgreens Acquisition

A 14,729-SF building leased to Walgreens pharmacy in the Promenade Pointe area of Rogers, formerly called the Creekside development, sold for $5.36 million.

Rockola Rogers LLC of Lisle, Ill., acquired the pharmacy at 4206 New Hope Road, north of the Pinnacle Hills Promenade.

The seller was Pinnacle Pharmacy Partners LLC, managed by Tim Graham.

The 2.03-acre development was previously linked with a January 2011 mortgage worth $2.82 million held by Arvest Bank in Rogers.

The property was bought by PPP in August 2008 for $1.77 million. The seller was Pinnacle Barber Partners LLC, a partnership between Brandon Barber and Pinnacle Group investors led by Graham, Johnelle Hunt, Bill Schwyhart and Robert Thornton.

The store was built in 2009.

 

Talamore Abode

A 7,029-SF estate home in Phase V of the Talamore subdivision in Bentonville recently sold for $1.11 million.

Dorn and Dominique Wenninger bought the Pembrook Circle property from Robert and Loretta Erickson.

The deal was backed with a 30-year mortgage worth $765,000 held by Quicken Loans Inc.

The home was built in 2006.

Erickson bought the two-acre lot in December 2004 from McTab Construction Inc. for $99,000.

McTab bought the lot in July 2004 from 3-Putz LLC for $92,000.

The property appraised earlier this year for $1.26 million.

Teresa Benningfield with Weichert Realtors — The Griffin Co. in Bentonville was the listing agent.

Larry Fruhlinger with Crye-Leike Real Estate Services in Bentonville represented the seller.

 

Shetland Sale

A newly constructed custom home in Phase IV of the Pinnacle subdivision of Rogers recently sold for $995,000.

Daniel Trujillo and his wife, Deborah Stockwell, bought the 5,263-SF home on Shetland Lane from Nathan and Maria Fairchild.

Fairchild bought the half-acre lot in June 2011 from Mave Associates for $115,000.

Birmingham, Ala.-based Compass Bank backed the Trujillo deal with a 15-year mortgage worth $417,000.

Maria Fairchild with the Rogers office of Lindsey & Associates was the listing agent.

Fairchild Construction Co. of Bentonville was the general contractor. Nathan Fairchild is the president of the company.

Jack Arnold of Tulsa designed the four-bedroom home.

 

Convenient Development

A convenience store development in Siloam Springs is in motion after two land deals totaling $975,000,

Casey’s Marketing Co. of Ankeny, Iowa, paid $450,000 for 1.42 acres at 2655 Highway 412 East.

The seller was Jonesboro-based Liberty Bank of Arkansas.

Casey’s also bought an adjacent property, 0.58 acres, at 110 Progress Ave. for $525,000.

The seller was First State Bank of Tahlequah in Oklahoma.

The two-acre property will be developed into a Casey’s General Store location.

Casey’s, a publicly traded company, operates about 1,700 convenience stores in 13 states across the Midwest.

The development, built on the site of the former Tower Barbecue restaurant just west of Wal-Mart Supercenter, will be a 4,080-SF gas station/convenience store with 12 fueling stations.

Walter Gray with Walter Gray Real Estate Associates of Siloam Springs represented the seller in the First State Bank transaction.

Amy Mills with Steve Fineberg & Associates Inc. of Bentonville represented Liberty Bank of Arkansas in its transaction.

 

More Casey’s           

Casey’s also is planning a development at U.S. Highway 412 and Arkansas Highway 112 in Tontitown, just west of McDonald’s.

The company paid $1.4 million for 1.1 acres. The seller was Walgreen Co. of Illinois.

Walgreen paid $1.94 million for the property in March 2008; however, a planned store never was developed.

The seller was 112 Partners LLC, led by John D. Alford.

 

Pinnacle Property

A 5,768-SF home in Phase I of the Pinnacle subdivision in Rogers rang up a $950,000 transaction.

Paul Beahm bought the home on Pinnacle Drive from Lee Roy Long Jr.

The deal was backed with a mortgage worth $399,000 held by Arvest Bank of Fayetteville.

Long bought the home in November 2011 for $1.15 million. The seller was the Hames Family Trust.

Hames bought the 1.01-acre lot in March 2007 from Tallchamps LLC for $240,000.

The five-bedroom home was built in 2007.

The property appraised earlier this year for $1.04 million.

Brandy Pool with Portfolio Luxury Real Estate in Rogers was the listing agent.

 

Record Purchase

A 12,000-SF building near downtown Bentonville recently sold for $700,000.

Record Properties Inc., registered in the state of Delaware, bought the property at 104 S.W. A St.

The seller was Northwest Arkansas Newspapers LLC. The one-story building is currently the site of the Benton County Daily Record newsroom, which will move to another Bentonville location.

NAN had owned the building since October 2009 when the Arkansas Democrat-Gazette and Stephens Media, which published The Morning News of Northwest Arkansas, announced a joint venture to form the new company.

The ADG paid $400,000 for the building in October 2005. The seller was Community Publishers Inc.

Submit tips about lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at pgatling@nwabj.com. Please write ‘Real Deals’ in the subject line.

 

 

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