LR Retail Centers Draw $6.1 Million Transaction (Real Deals)

by George Waldon  on Monday, Aug. 25, 2014 12:00 am  

Geyer South and the Geyer Springs Shopping Center (shaded in red) were purchased by a Brooklyn, New York, limited liability company.

Two retail projects in southwest Little Rock tipped the scales at $6.1 million.

Geyer Springs Shopping Center LLC of Brooklyn, New York, bought its namesake 152,852-SF property at 8717 Geyer Springs Road and the 21,760-SF Geyer South project at 8521 Geyer Springs Road.

The seller in the combo deal is Geyer Station Inc. of Cincinnati. The transaction is financed with a five-year loan of $4.57 million from Southern Bank of Poplar Bluff, Missouri.

The properties, occupying a combined 12.7 acres, previously were used to help secure a July 2006 mortgage of $200 million held by Bank of America in Charlotte, North Carolina.

Geyer Station acquired the projects for $5.72 million about eight years ago from Weingarten Nostat Inc. of Houston, Texas.

Branch Buy

A 7,983-SF bank branch in the Heights area of Little Rock is under new ownership after a $2.05 million transaction.

Malvern National Bank purchased the project at 1818 N. Taylor St. from Simmons First National Bank of Pine Bluff.

Simmons bought the 0.48-acre location for $1.6 million in September 2004 from the Curtis R. Sanders Revocable Trust and the Mary Kay Sanders Revocable Trust.

Cheers Acquisition

A 4,276-SF restaurant in Maumelle rang up an $875,000 sale.

Com Inc., led by Jamie Kirtley, acquired the Cheers project at 1901 Club Manor Drive from Chris and Samantha Tanner.



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