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Metro Builders Property Weighs In at $3.8 Million (Real Deals)

5 min read

A commercial project in North Little Rock shifted ownership in a $3.8 million transaction.

Metro Builders Supply Inc. of Tulsa purchased its 68,500-SF complex at 8805 Maumelle Blvd. from NJS-Arkansas Metro LLC, led by Nick and Jane Navros.

The 4.06-acre development is now helping secure a five-year loan of $22.6 million from Arvest Bank of Fayetteville.

The location was acquired for $237,000 in December 1994 from Emmett and Mary Oliver.

Residential Retread

Dozens of lots in North Little Rock’s Villages of San Luis residential development were sold in combined transactions totaling $1.56 million.

RC Maumelle LLC, led by David Frye and David Starkey, bought 42 lots for $789,000 and 41 lots for $777,000 from Pulaski County Property Owners Improvement District No. 4.

The deal is backed with a one-year loan of $612,000 and a two-year loan of $1 million from First National Bank of Fort Smith. The property also is linked with a $789,000 mortgage held by Crews & Associates Inc. of Little Rock.

The improvement district recovered the property at a $489,779 foreclosure sale in January 2014.

That transaction followed the Chapter 7 bankruptcy in 2011 of North Little Rock’s Cadena Contracting Inc., which defaulted on a 2007 bond issue of $2.87 million that funded the subdivision’s infrastructure.

Charitable Buy

A 17,234-SF nonprofit facility in midtown Little Rock tipped the scales at $1.35 million.

JADF Investments LLC, led by J.T. Ferstl, acquired the project at 5905 Forest Place from Centers for Youth & Families Inc.

The deal is financed with a 10-year loan of $1.35 million from Greenwoods State Bank of Lake Mills, Wisconsin.

Centers for Youth & Families bought the 4.06-acre development for $750,000 in March 1993 from Richard Butler.

Lone’s Acquisition

A 3,450-SF convenience store with an adjoining 504 SF of retail space in Little Rock changed hands in a $735,000 transaction. Kalru 786 Inc., led by Mohammad Tariq, purchased the 1.14-acre Citgo convenience store development at 14301 Arch Street Pike.

The deal included the neighboring 0.97-acre property at 14223 Arch Street Pike.

The seller is Lone’s RT 92 Inc., led by Shahlla Lone.

The deal is funded with a $570,000 loan from Centennial Bank of Conway.

The properties previously were tied to a February 2010 mortgage of $642,051 held by Pacific Fuel Distributors LLC of Hurst, Texas.

The properties also helped secure a May 2007 mortgage of $1.2 million from the Bank of Star City.

Lone’s acquired the properties in May 2007 as part of a $588,000 deal with the Pearson Family Revocable Living Trust, led by Sonny and Shearson Pearson.

Contiguous Deal

A 0.58-acre property near Little Rock’s Episcopal Collegiate School rang up a $400,000 sale.

Warren Stephens, through Irwin Cantrell Properties LLC, bought the former home of the Boyd Law Firm at 1317 Cantrell Road from Charles Phillip Boyd Jr.

The 2,914-SF building was damaged in a March 2013 fire.

Boyd assembled the property in two transactions totaling $184,000. The sellers were Thomas and Ellen Tennell and Richard and Bridget Farris, $130,000 in February 1997; and Oden and Brenda Tucker, $54,000 in October 1997.

Coach Purchase

An 8,564-SF tour bus facility in south Pulaski County drew a $310,000 transaction.

JCJ Ventures LLC, led by Joe Clay Jr., acquired the Coach USA project at 2401 W. Dixon Road from Cheryl and Max Pruss and Toni and James Harvey.

The deal is backed with a three-year loan of $251,221 from Arvest Bank.

The 4.16-acre property was bought for $220,000 in March 1996 from Royal Transport Inc., led by Rodger Harrison.

Bretagne Abode

A 5,309-SF home in the Bretagne Circle neighborhood of west Little Rock’s Chenal Valley development is under new ownership after an $850,000 sale.

Kanza LLC, led by James Lee Witt, purchased the house from Kevin and Judith Forte. The deal is financed with a five-year loan of $680,000 from Simmons First National Bank of Pine Bluff.

The residence previously was linked with an August 2005 mortgage of $880,000 and a December 2005 mortgage of $220,000 both made by One Bank & Trust of Little Rock.

The Fortes acquired the property for $1.1 million in August 2005 from Marilyn and Gary Heathcott.

Rural Residence I

A 5,351-SF home in west Pulaski County sold for $810,000.

Pedro and Sandra Delgado bought the house from the Selig Family Revocable Trust, led by John and Judy Selig.

The deal is funded with a 15-year loan of $417,000 from Delta Trust Mortgage Inc. of Little Rock.

The Seligs purchased the 5.7-acre residential spread for $861,000 in March 2007 from Michael and Cathy Kincaid.

Woodland’s Home

A 4,988-SF home in west Little Rock’s Woodland’s Edge neighborhood changed hands in a $760,711 transaction.

Gregory Snead acquired the house from Randy Wright Builders LLC.

The deal is backed with a 30-year loan of $568,000 from Suntrust Mortgage Inc. of Richmond, Virginia.

The residence previously was tied to a July 2013 mortgage of $440,000, a December 2013 mortgage of $32,000 and a March 2014 mortgage of $133,750 held by First Security Bank of Searcy.

The location was bought for $78,000 in July 2013 from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

Club House

A 2,424-SF home near the Country Club of Little Rock rang up a $670,000 sale.

Timothy and Jennifer Trzebiatowski purchased the house from John and Charlotte Whitt.

The deal is financed with a 30-year loan of $417,000 and a five-year loan of $186,000 from One Bank & Trust.

The Whitts acquired the property for $225,000 in June 2009 from Debra and Richard Flowers.

Rural Residence II

A 5,080-SF home in west Pulaski County drew a $650,000 transaction.

Christy Scott bought the house from Daniel and Lisa Caldwell. The deal is funded with a 30-year loan of $375,300 from BancorpSouth Bank of Tupelo, Mississippi.

The 5.8-acre spread previously was linked with September 2012 mortgages of $417,000 and $18,000 held by Arvest Bank. The Caldwells purchased the property for $565,000 in April 2004 from Jett and Robin Ricks.

Cypress Abode

A 4,681-SF home in west Little Rock’s Cypress Point West neighborhood is under new ownership after a $523,000 sale.

Larry and Crystal Clay acquired the house from Bruce and Cindy Jeffrey.

The deal is backed with a 30-year loan of $313,800 from Primary Resi-dential Mortgage Inc. of Salt Lake City.The residence previously was tied to an April 2007 mortgage of $490,500 from Regions Bank of Birmingham, Alabama.

The Jeffreys bought the location for $83,000 more than seven years ago from John Pike Homes Inc.

Multifamily Mortgage

Expansion of a west Little Rock apartment project is in motion with a $14.5 million funding agreement.

The Pointe at Brodie Creek LLC, led by Keith Richardson, obtained the 19-month construction loan from Centennial Bank.

The land at 3400 S. Bowman Road is part of a 95-acre tract purchased for $1.35 million in April 2010 from Bowman Road LLC, led by Patsy Lehman.

Building Permits

14-Bay Hangar $32,933,500
Dassault Falcon  
3801 E. 10th St., Little Rock  
Kinco Constructors LLC, Little Rock  
   
Subaru of Little Rock $4,442,600
12121 Col. Glenn Road, Little Rock  
Nabholz Construction Corp., Conway  
   
Office Remodeling $2,384,000
Goodwill Industries  
7400 Scott Hamilton Drive, Little Rock  
PDC Construction Co., Little Rock  
   
Expansion $1,600,000
Premier Health & Rehab 
3600 Richards Road, North Little Rock  
Ideal Construction Co., Crossett  
   
Parking Lot $1,076,471
Verizon  
1400 Riverfront Drive, Little Rock  
Structure Tone Southwest Inc., Dallas  
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