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.

The deal is backed with a $700,000 loan from Delta Trust & Bank of Little Rock.

The 1-acre development previously was tied to a May 2008 loan of $425,000 from Pulaski Bank & Trust of Little Rock.

The Tanners purchased the location for $124,000 in May 2003 from Gleneagles Inc., led by Frank Hickingbotham.

Restaurant Transaction

A 6,756-SF eatery in southwest Little Rock changed hands in a $640,000 deal.

Shelay Inc., led by Mohammed Qassas, bought the former Fire Mountain/Ryan’s restaurant at 8815 Baseline Road. The seller is 8815 Baseline Road LLC, an affiliate of Standard Insurance Co. of Hillsboro, Oregon.

The deal is funded with a five-year loan of $512,000 from IberiaBank of Lafayette, Louisiana.

8815 Baseline entered the ownership picture at a $485,000 foreclosure in December 2013. The limited liability company recovered the 2.02-acre development from DeeKay Properties LLC of Fountain Valley, California, led by Kay Hara.

Day Care Purchase

A 20,888-SF day care project in Little Rock drew a $575,000 transaction.

Arkansas Children’s Hospital purchased the Kids First project at 1919 W. 12th St. from Centennial Bank of Conway.

The bank recovered the property in January from the Burrow Family Trust, led by Bruce Burrow, at a $500,000 foreclosure sale.

 

 

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