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.

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.

Centennial entered the picture in October 2013 when its parent company acquired Liberty Bank of Arkansas in Jonesboro.

The 1.6-acre development previously was linked with a November 2011 mortgage of $1.86 million and a March 2012 mortgage of $21,800 held by Liberty Bank.

Burrow bought the former Harvest Foods property for $500,000 in May 2002 from two New York firms: QRS 10-9 (AR) Inc. and QRS 11-2 (AR) Inc.

Hickory Creek Manor

A 12,350-SF mansion in west Little Rock’s Hickory Creek neighborhood weighed in at $1.6 million.

Syed and Ayesha Samad acquired the residence from One Bank & Trust of Little Rock.

The transaction is financed with a seven-year loan of $1.44 million from IberiaBank.

One Bank recovered the property in January from Tommye Stuart, widow of the bank’s former owner, Layton “Scooter” Stuart. The house was tied to more than $1.5 million of debt held by the bank.

The Stuarts purchased the residence for $1.67 million in October 1994 from Don and Carolyn Kirkpatrick.

Sologne Residence

A 5,657-SF home in the Sologne Circle neighborhood of west Little Rock’s Chenal Valley development sold for $952,500.

Aravind Nemarkommula and Neelima Rao bought the house from Scott and Christy Bray.

The deal is backed with a 15-year loan of $417,000 from IberiaBank Mortgage Co. of Little Rock and a 20-year loan of $435,000 from IberiaBank.

The Brays acquired the property for $265,000 in March 2002 from R.B. Ferguson Custom Homes, led by Randy Ferguson.

Deauville Abode

A 5,717-SF home in the Deauville neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $797,000 deal.

Rohan and Roopa Samant purchased the house from David and Linda Shaver.

The deal is funded with 30-year loans of $637,600 and $79,700 from U.S. Bank of Cincinnati.

The Shavers bought the residence for $865,000 in July 2008 from Carl Gray Henson Inc. of Little Rock.

Heights Home

A 4,288-SF home in the Country Club Heights neighborhood of Little Rock rang up a $750,000 sale.

John and Victoria Starling acquired the house from Leon Catlett II and his wife, Roxanne.

The transaction is financed with a one-year purchase-construction loan of $990,000 from Bank of Little Rock Mortgage Corp.

The residence previously was linked with an April 2011 mortgage of $670,000 held by Allied Bank of Mulberry (Crawford County).

The property was purchased for $670,000 in March 2011 from the Marylena Lowe Kennedy Revocable Trust.

PV House

A 3,644-SF home in the Pleasant Valley neighborhood of west Little Rock changed hands in a $550,000 transaction.

Allison and Sean Cox bought the house from Ryan and Jennifer Elledge. The deal is backed with a 30-year loan of $412,500 from Regions Bank of Birmingham, Alabama.

The residence previously was tied to a February 2012 mortgage of $273,760 held by IberiaBank Mortgage Co. and a July 2012 mortgage of $54,000 held by IberiaBank

The property was acquired for $298,000 in February 2012 from Curtis and Jane Homeyer.

Church Mortgage

A Little Rock congregation picked up a $4.5 million financial package.

Pulaski Heights United Methodist Church obtained the eight-year loan from Bank of America.

The 3-acre development at 4823 Woodlawn Ave. previously was linked with an October 2003 mortgage of $8 million held by the bank.

The property was assembled in 18 deals totaling more than $534,000.

The sellers included Harold and Katherine Zimmerman, $100,000 in July 1989; Betty Pinckney, $83,000 in July 1989; Irene Whitehurst, $80,000 in July 1990; Sammye Taylor, $78,000 in July 1989; Randall and Charley Luster, $70,000 in July 1989; and Richard Johnson, Robert Young and Michael Selby, $70,000 in July 1990.

Others were Margaret Henry, $25,000 in July 1975; Myrtle Pittman, $11,500 in June 1963; Thomas and Mary Morton, $11,000 in January 1959; and W.C. and Dorothy Schroepfer, $6,000 in October 1962.

Eight of the deals were for unreported sums: Theo and Winifred Mashburn in September 1945, the Mary Thomas estate in August 1952, Charles and Annette Harley in September 1954, Ruth Elias in July 1955, Blanche Reynolds in February 1957, Veron Scott in October 1957, Thomas and Helen Vaughan in May 1958, and Winston and Martha Weese in December 1976.



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