Children's Pays $1.3 Million For Park Land (Real Deals)

by George Waldon  on Monday, Jan. 30, 2012 12:00 am  

  A 1.03-acre parking lot is in the works after a $1.3 million sale (about $29 per SF).

Arkansas Children's Hospital bought the 1210 Wolfe St. property from Wolfe Street Foundation Inc., led by Jim Waldron. An 85-slot parking area will replace the 7,100-SF building and its surrounding property.

The foundation property previously was linked with a January 2011 mortgage of $1 million held by Arvest Bank of Fayetteville.

It was assembled in two buys totaling $350,000. The sellers were Baptist Medical System, $150,000 in September 1985; and McMinn Co., led by Ben McMinn, $200,000 in August 2000.


Trucking Division 

The former Continental Express property in east Little Rock was divvied up in four transactions totaling $583,000. The buyers were:

* STT Inc., led by Shirley Heatherly, 51.12 acres that includes the 23,600-SF trucking complex at 7820 Zeuber Road, $420,000. The buy is backed with a five-year loan of $450,181 from Merchants & Planters Bank of Newport.

* Lexicon Inc., led by Tom Schueck, 15.08 acres for $93,000.

* Rickey Thomas, 13.64 acres for $45,000. The deal is funded with a 33-month loan of $40,860 from Jonesboro's Liberty Bank of Arkansas.

* FB3 Real Estate LLC, led by Fred Brown III, 28.2 acres for $25,000.

The property was sold at auction by Salmon Holdings LLC, led by Bonnie Harvey.

The 108.25-acre industrial spread previously was tied to a December 2009 mortgage of $1.78 million held by Metropolitan National Bank of Little Rock. The now-defunct trucking company assembled the land in two transactions totaling $424,000.

The sellers were SFS Corp., led by Ernest Matkin Jr., $174,000 in November 1986; and the Arthur Floyd Beech Irrevocable Living Trust, $250,000 in April 2000.


Land Foreclosure

Commercial land in west Little Rock changed hands in a $523,688 foreclosure sale.

IberiaBank recovered 2.5 acres on the north side of Cantrell Road east of Sorrells Road from Civil Design Inc., led by William and Carylon Dean.

The property previously was linked with an August 2005 mortgage of $500,000 held by the bank.

The property was assembled in two transactions totaling $490,000.

The sellers were Charles Miller and Keith Holland, $405,000 for the 15104 Cantrell Road property in August 2005; and the William A. Hodges Trust, $85,000 in July 1994.


Commercial Acquisition

A 3,926-SF commercial project in west Little Rock rang up a $408,000 transaction.

TMB of Little Rock LLC, led by Thomas Schneider, acquired the 11614 Huron Lane property. The seller is RPM Realty Fund, led by Chris Upton.

The deal is financed with a five-year loan of $326,400 held by Simmons First National Bank of Pine Bluff.

The 0.42-acre development previously was tied to an October 1999 mortgage of $216,800 held by Regions Bank of Birmingham, Ala.

The location was purchased in May 1959 as part of a $45,000 deal with E.L. and Zelma Brady.


Downtown Transaction

A 3,383-SF office building in downtown Little Rock is under new ownership after a $213,000 deal.

Brian and Bonnie Robertson bought the 1302 Cumberland St. property from IberiaBank of Lafayette, La. The bank recovered the 0.24-acre development from Mary Yancey at a $346,700 foreclosure sale in March 2011.

The project previously was linked with a February 2007 mortgage of $412,250 held by IberiaBank's predecessor, Pulaski Bank & Trust of Little Rock.

Yancey acquired the property nearly five years ago for $485,000 from AAA Therapy Care Inc., led by Roger Baker.


Day Care Sale

A day care in southwest Little Rock sold for $205,000.

R.L. Jones Construction Co., led by Rick Jones, purchased the project at 8212 Frenchmans Lane.

The seller is Pattycakes Playcare Inc., led by Sandra Grims.

The deal is backed with a $165,000 loan from First Security Bank. The 0.64-acre development previously was tied to an August 2010 mortgage of $165,000 held by the bank.

Pattycakes bought the property for $165,000 in August 2010 from GSDC Ltd., led by William Minton.


Edgehill Abode

A 4,539-SF home in Little Rock's prestigious Edgehill neighborhood tipped the scales at $1.34 million.

Jared and Amy Seale acquired the house from Jon and Sandra Marbaise. The deal is funded with a one-year loan of $1.28 million from One Bank & Trust of Little Rock.

The residence previously was linked with a November 2009 mortgage of $417,000 held by IberiaBank Mortgage Co. of Little Rock and $275,000 held by IberiaBank.

The property was purchased for $700,000 in June 2003 from the Charles R. Henry MD and Marguerite K. Henry revocable trusts.


Riverview Manor

A 5,600-SF home in west Little Rock's Riverview Manor neighborhood drew a $610,000 sale.

Ian Cawich acquired the house from Robbie Riley and The Riley Living Trust, led by William Riley. The deal is financed with a $593,750 loan from First Security Bank of Searcy.

The Rileys purchased the property for $620,000 in March 2007 from Ricardo and Eileen Sotomora.


Apartment Mortgage

Construction of a 480-unit apartment project in west Little Rock is in motion with a $14 million funding agreement.

Pointe At Brodie Creek LLC, led by Keith Richardson, obtained the three-year loan from Centennial Bank of Conway.

The 95-acre tract at the southwest corner of South Bowman Road and Olds Lane was bought for $1.35 million in April 2010 from Bowman Road LLC, led by Patsy Lehman.

The limited liability company provided a $1.2 million mortgage to fund the deal.


Newoods Note

The owner of a southwest Little Rock enterprise landed a $2 million financial package. Newoods Inc., led by James Corbitt, received the loan from Delta Trust & Bank of Little Rock.

The 5.25-acre ABC Block Co. development at 6902 Brodie Lane previously was used to help secure a March 2007 mortgage of $1.55 million held by the bank.

Newoods acquired the property from the estate of Gary Allen Woods in March 1995 for $165,000.


Retail Financing

A Dollar General Store project in North Little Rock is backed with an $895,875 mortgage. PB General Holdings Pike LLC, led by Leonard Boen, got the five-year loan from Summit Bank of Arkadelphia.

The 0.81-acre development at the southwest corner of Pike Avenue and West Short 17th Street previously was tied to a June 2011 mortgage of $838,200 held by the bank.

The location was purchased for $198,800 seven months ago from the city of North Little Rock.


Medical Loan

Medical office space in west Little Rock was refinanced with a $722,373 funding agreement.

APS Properties LLC, led by Kris Shewmake, obtained the seven-year loan from First Federal Bank of Harrison.

The 5,600-SF location on the fifth floor of the Hickingbotham Outpatient Center at 9500 Kanis Road previously was linked with a September 2008 mortgage of $900,000 held by Pulaski Bank of Little Rock.

The office space on Baptist Health's west Little Rock campus was bought more than three years ago for $886,000 from Hermitage Partners LLC, led by Chris Cate.



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