A 142-unit independent living center in Little Rock tipped the scales at $13.9 million.
Woodland Heights Al Real Estate LLC, an affiliate of Compass Pointe Healthcare Systems of Baltimore, purchased the Woodland Heights project at 8700 Riley Drive.
The seller is Woodland Heights LLC, an affiliate of the Arkansas Teacher Retirement System.
The deal is financed with a four-year loan of $17.4 million from Compass Bank of Birmingham, Alabama.
The Woodland Heights retirement center is the last vestige of a four-property settlement between the state’s largest pension fund and Pat Riley Sr.
The controversial deal that brought the project to ATRS was struck in August 2001 under the leadership of then-Executive Director Bill Shirron.
Riley defaulted on an $11.5 million ATRS loan, originally secured by two nursing homes and ownership of the Little Rock Athletic Club and the Little Rock Racquet & Fitness Club.
Though not part of the loan’s collateral, Riley transferred ownership to the pension fund to help negotiate a release of his personal guarantee of the debt. In accepting the property, ATRS took on about $3 million in liabilities tallied by Riley.
Rural Purchase
A nearly 1,150-acre farm in southeast Pulaski County weighed in at $2.25 million.
4GHC2 LLC, led by Kenny Gunderman, bought the agri spread about 2 miles northeast of Woodson, on the east side of Asher Road.
The seller is Cypress Production LLC, led by Russell Clayton Murphy.
The property previously was tied to a July 2009 mortgage of $849,000 and a July 2013 mortgage of $400,000 held by Little Rock’s Bank of the Ozarks.
The acreage was purchased for $1.32 million in July 2009 from Goose Pond LLC, led by J. Gardner Lile IV and C.W. Richardson.
Hillcrest Salon
A 3,708-SF residence-turned-business in Little Rock’s Hillcrest area changed hands in a $525,000 deal.
Grahams Property Management & Real Estate Co. LLC, led by Andrew Graham, acquired the Breathe Salon property at 2622 Kavanaugh Blvd. from Peter Steppach.
The deal is backed with a 20-year loan of $496,500 from BancorpSouth Bank of Tupelo, Mississippi.
The 0.1-acre development previously was linked with a July 2004 mortgage of $297,500 and a September 2006 mortgage of $57,000 held by the Bank of England.
The property was bought for $270,000 in June 2002 from Roy Dudley.
Rental Acquisition
A pair of duplexes and three houses in Jacksonville rang up a $200,000 sale.
JPJ Properties LLC, led by Jim Peacock, purchased the properties from the David D. Goins Revocable Trust.
The deal is funded with a three-year loan of $200,000 from First Arkansas Bank & Trust of Jacksonville. The properties were assembled in five transactions totaling $211,000.
The biggest was $100,000 for the two duplexes at 1202-1204 S. Bailey St. and 804-806 Mable St. in July 1997, bought from ACJ Rental Co., led by Amy Smith Williams, Cynthia Smith Morrill and Jerry Smith Jr.
The others were acquired in June 2002 deals with Conseco Finance Servicing Corp. of St. Paul, Minnesota, $40,000 for 905 South Road and $35,000 for 220 Poplar St.; and Scott and Kelly Tedder, $36,000 for 408 N. Oak St.
Werner Sale
A 4-acre commercial site in North Little Rock drew an $185,000 transaction.
Revocable Inter vivos Trust of Willis Franklin James & Gail James bought the 18804 MacArthur Drive location from Werner Enterprises Inc. of Omaha, Nebraska.
Werner acquired the land near Interstate 40 for $91,000 in January 1989 from J.D. Farris.
Cliffewood Abode
A 3,952-SF home in Little Rock’s Cliffewood neighborhood sold for $615,000. John and Leslie Monroe purchased the house from Charles and Elizabeth Crocker.
The deal is financed with a one-year loan of $715,000 from Bank of Little Rock Mortgage Corp. The Crockers bought the property for $235,000 in February 1980 from Roy and Diana Gross.
Courts House
A 4,952-SF home in The Courts neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $530,000 deal.
Robert Glasgow Jr. and his wife, Jennifer, acquired the house from The Knight Revocable Trust, led by Marcus and Tiffany Knight. The deal is backed with a 30-year loan of $424,000 from CitiBank of New York.
The residence previously was tied to a November 2012 mortgage of $312,500 held by Bank of Little Rock Mortgage.
The Knights purchased the location for $95,000 in August 2006 from Richard Harp Homes Inc.
Matthews Mortgage
A 40,124-SF retail center in North Little Rock is helping secure a $6.85 million financial package.
Apple Vali Crest NWA LLC, led by James P. Matthews, obtained the five-year loan from PrivateBank & Trust of Chicago.
In addition to the 5.12-acre Vali Hi Shopping Center development at 4600 JFK Blvd., the debt is secured by eight properties:
• The 30,629-SF Somers Plaza at 5111 Warden Road in North Little Rock. The 2.12-acre property was bought in July 1960 as part of a $13,500 deal with Gath and Naomi Shoemaker.
• The 13,760-SF Apple Valley Shopping Center at 8000 Hwy. 107 in Sherwood. The Matthews family acquired the 2.1-acre site for an unreported price as part of a September 1929 deal with R.E. Woolson.
• The 2513 McCain Blvd. project, the 7,000-SF home of Santo Coyote and a UPS store; and the 4501 Fairway Ave. project, the 5,168-SF home of Subway and more. The Matthews family purchased these two locations in January 1925 as part of a $16,000 deal with Martha Pratt.
These four projects previously were linked with an October 2006 mortgage of $3.6 million held by LaSalle Bank of Chicago.
• A 1,219-SF IberiaBank branch at 4801 JFK Blvd., a separate piece of the Vali Hi project. The Matthews family has owned the Vali Hi property for more than 84 years.
The branch and Vali Hi Shopping Center previously were tied to a January 2007 mortgage of $2.7 million held by Arvest Bank of Fayetteville.
• A 2.9-acre parcel at the northeast corner of McCain Boulevard and Randolph Road.
• A 1.06-acre parcel near the south-east corner of Lancing and Randolph roads.
• A 1.53-acre parcel with no street frontage that joins the two aforementioned parcels.
These three properties were bought in June 1924 as part of a $3,800 deal with C.E. Moore.
Retail Redevelopment
Renovation of a 20,500-SF building in downtown Little Rock is backed with a $2.98 million funding agreement.
300 Main LLC, led by Doug Meyer, received the 20-year loan from BancorpSouth Bank.
The limited liability company acquired the former home of Bennett’s Military Supplies at 300 Main St. three months ago from Crystal LLC, led by Doug and Sheree Meyer, in a deal valued at $885,000.
Crystal purchased the project in December 1996 from Kaufman Family LLC, led by Sheree Meyer, Jay Kaufman and Melissa Kaufman, in a deal valued at $135,000.
The Kaufman family bought the property for $60,000 in July 1981 from Peoples Savings & Loan Association of Little Rock.
Warehouse Refinance
The owner of a 100,000-SF warehouse in southwest Little Rock picked up a $2.55 million mortgage.
Rogers Warehouse Development LLC, led by Bill McClard, Ivan Crossland Jr. and Bennie Crossland, got the five-year loan from Springfield First Community Bank.
The 6.86-acre location was purchased in March 2007 as part of an $873,000 transaction with Alawest-AI LLC of Northport, Alabama, led by Gene Taylor.