Arvest Bank has filed a non-monetary civil suit against Texas-based arts and crafts retail chain Michaels Stores Inc.
Arvest and one of its affiliates, ABREHD LLC, were named as plaintiffs in the complaint for declaratory judgment, filed March 18 in Benton County Circuit Court by Fayetteville firm Hall Estill.
The bank is pursuing a legal judgment from the court in a dispute involving 30.48 acres of undeveloped commercial land in the Pleasant Crossing retail area of Rogers.
According to court documents, Arvest executed a $10 million mortgage in July 2005 with a development group planning to construct a 315,000-SF shopping center. Michaels entered into a lease agreement with the developer in February 2006, but the project never got off the ground and ABREHD — a subsidiary of the bank that... [ MORE ]