Bellafont Battle Escalates

The dispute between The Barber Group of Springdale and Precept Builders Inc. of Dallas has escalated over the Bellafont development in Fayetteville.

On Dec. 6, a week after the general contractor packed up its construction trailer at the 12.8-acre, mixed-use project on Joyce Boulevard in Fayetteville, the company filed a $924,082 lien against Barber's Bellafont Retail LLC.

Barber was already facing lawsuits alleging fraud at Bellafont that were filed in November by Mason's owner Mason Hiba and East Meets West Spa & Salon owner Helena Gadison.

On Nov. 29, Precept CEO Doug Deason said Precept made the decision to "move on" from the project, citing months of nonpayment. The Barber Group shot back in a statement, saying Precept was off the job for not fulfilling its obligations under the contract.

Deason and Barber, who have worked together on numerous projects including the Legacy Building in downtown Fayetteville, appeared to cement their partnership on July 24.

Deason purchased two lots at the Bellafont for $2.7 million, including Lot 4, reserved for the office tower and parking deck.

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source: arkansasbusiness.com

Plans for Former Best Buy in Sherwood?

Finally, some plans have been made for the vacant big-box location formerly known as Best Buy on Landers Road in Sherwood.

We hear it's being remodeled, possibly for some kind of school, though nobody we talked with could confirm that.

Our source says The C.J. Cropper Co. of Little Rock is handling a deal there, but Jason Cropper did not immediately return a message. An Internet search revealed the company specializes in commercial and investment brokerage, development, leasing, shopping centers and tenant representation, so that would make sense.

A neighboring Wal-Mart and Furniture Row have been transformed into Gander Mountain and Cardinal Health Inc.

Our source couldn't reveal many details because an official announcement is set for early 2008.

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source: arkansasbusiness.com

Posh Set To Move

We got word that Posh, a trendy furniture and design spot currently located at 5507 Ranch Drive in west Little Rock, is having a moving relinquishment sale upfront of its move to the Pleasant Ridge Shopping Center, a little further east off Highway 10.

According to an office manager at Posh, the store opened near The Ranch in 2004. She said visibility is a problem from the highway and that there will be much more traffic buzzing around Pleasant Ridge, which is closer to midtown and Interstate 430.

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source: arkansasbusiness.com

Bargain Land in Maumelle Watershed Got Pricier

Central Arkansas Water officials wish they had participated in a 2005 foreclosure sale, an opportunity that could have aided their effort to protect the Lake Maumelle watershed.

CAW had a very good shot at acquiring an 814-acre tract along the Big Maumelle River in west Pulaski County for a fraction of its value.

As Little Rock grows westward, land values aren't falling in that part of the world either.

In September, a 19.6-acre parcel near the aforementioned tract sold for a reported $600,000.

That's more than $30,600 per acre, a price that makes Jay DeHaven's offer to sell CAW 720 acres for $21,000 per acre sound reasonable by comparison.

His Canterbury Park investment group picked up the 814-acre bankrupt Winrock Grass Farm for $4.55 million at the foreclosure sale.

DeHaven tells us he came prepared to bid only as high as $7 million.

The grass farm, about 11 miles west on Highway 10 from Chenal Parkway, helped make turf history.

The property provided a large plot of fertile ground for helping Winthrop Rockefeller propagate a new Arkansas crop, Meyer Z-52 zoysiagrass.

Former Little Rock insurance exec Frank Whitbeck bought Winrock Grass Farm in 1979 and lost it after piling up millions in debt.

Whitbeck is set for trial March 11 on criminal charges that include allegations of diverting funds from his defunct Signature Life Insurance in an effort to shore up the grass farm's balance sheet.

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source: arkansasbusiness.com

East Little Rock Industrial Plot Sells for $1.1 Million

A 3.2-acre industrial property in east Little Rock tipped the scales at $1.1 million.

BJ & Co. LLC, led by Catherine Janosky, bought the 1805 E. 22nd St. project from Ben and Diane Davis. The deal is financed with a four-year loan of $1.5 million from First Security Bank of Searcy.

The property previously was linked with a November 2000 mortgage of $200,000 held by One National Bank & Trust of Little Rock.

The Davis family purchased the warehouse project for $650,000 in October 2003 from Fred and Mimi Selz and Sam Strauss Jr. and his wife, Shirley.

Kavanaugh Buy

The sale of the Kavanaugh Building in Little Rock's Hillcrest area rang up a $925,000 transaction.

AD Properties LLC, led by John Davis III and his wife, Jessica, acquired the 2821 Kavanaugh Blvd. project. The seller is Hillcrest Properties Inc., led by Kelley D. Johnson.

The deal is backed with a 25-year loan of $600,000 from Bank of America in Charlotte, N.C. The 11,800-SF building previously was tied to an August 2003 mortgage of $475,000 held by Delta Trust & Bank of Little Rock.

Hillcrest Properties bought the 0.12-acre development for $690,000 in November 1999 from Elvin and Cheryl Shuffield (37.71 percent), Harold and Judith Tenenbaum (32.66 percent) and H.R. and L.J. Dawdy Interest Ltd., led by Helen Sneary, (29.63 percent).

Clinical Purchase

A pair of foot clinic properties in Little Rock changed hands in a $928,333 deal.

Burkhalter Capital Development LLC, led by John Burkhalter, purchased the Arkansas Foot Clinic at 1417 W. Sixth St. and the Geyer Springs Foot Clinic at 5912 Windamere Drive.

The seller is Gold Family Rental Properties LLC, led by Allan and Laura Gold. The deal is funded with a one-year loan of $656,250 from Little Rock's Bank of the Ozarks.

The half-acre property near the Capitol was bought for $125,000 in May 1974 from John and Frances Smith.

The 0.2-acre Windamere property was acquired for $85,000 in December 1982 from Elizabeth Shrader.

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source: arkansasbusiness.com