North Little Rock Acreage Sale Tops $1 Million (Real Deals)

by George Waldon  on Monday, Feb. 13, 2012 12:00 am  

The sale of a 463-acre tract in North Little Rock tipped the scales at $1.03 million.

Tulip Farms Inc., led by Jimmy Winemiller, bought the property from Little Rock's Bank of the Ozarks.

The land, near the southeast corner of Interstate 40 and Galloway Road, north of U.S. 70 and south of Long Cypress Brake, previously was tied to a February 2007 mortgage of $2.25 million held by the bank.

Bank of the Ozarks took possession of the property through a deed in lieu of foreclosure transaction in September 2011 with Rex Robertson.

Robertson, through Courtney Lane LLC, purchased the land for a reported $3.4 million four years ago from Lena Belle Young Stafford Ltd.

 

Multifamily Recovery

Two four-plex apartments in North Little Rock are under new ownership after a $600,000 transaction.

Eagle Bank & Trust of Little Rock recovered the projects at 10930 and 10950 Frenchmen Loop from Barry Rancifer and Patrick Williams.

The bank held an August 2008 mortgage of $680,000 and landed a $686,785 judgment after foreclosing on the property. The 0.3-acre developments were bought for $328,000 each in March 2007 from Parker & Sons Inc., led by Toby Parker.

 

Retail Site

A Dollar General Store site in west Little Rock rang up a $111,000 sale.

PB General Holdings (Lawson) LLC, led by Scott Proctor, purchased the 1.58-acre location at 12624 Lawson Road. The seller is LWW Properties LLC, led by Leslie Blacklock and Noel Gattis.

Construction is backed by a five-year loan of $744,000 from Summit Bank of Arkadelphia. The property previously was used to help secure a January 2009 mortgage of $575,000 held by Homebank of Arkansas in Portland (Ashley County).

LWW Properties acquired the location in September 2005 as part of a $606,000 deal with RTG Properties LLC, led by Randy Gattis.

 

Sologne Circle Abode

A 6,846-SF residence in Chenal Valley's Sologne Circle neighborhood changed hands in a $1.25 million deal.

Michael and Leslie Hui bought the house from J.B. and Brittany Huffman. The deal is financed with a $1 million loan from Delta Trust & Bank of Little Rock.

The residence previously was linked with a November 2009 mortgage of $889,000 held by Regions Bank of Birmingham, Ala.

The location was purchased for $140,000 in December 2003 from Deltic Timber Corp. of El Dorado.

 

High-Rise Condo

Condo space on the 18th and 19th floors of the River Market Tower in downtown Little Rock sold for $929,000.

Rebel Holdings LLC, led by Clark Mason, acquired the 3,435-SF unit at 315 Rock St. The seller is River Market Tower LLC, led by Jimmy Moses and Rett Tucker.

The deal is funded with a one-year loan of $1.2 million from IberiaBank of Lafayette, La.

The 1.2-acre development is backed with a May 2007 mortgage of $47.6 million and an October 2005 mortgage of $4.7 million held by Metropolitan National Bank of Little Rock.

The site on the east side of Rock Street between Third and Fourth streets was bought more than six years ago as part of a nearly $5 million deal with the Arkansas Teacher Retirement System.

 

Hickory Creek Home

A 6,000-SF home in west Little Rock's Hickory Creek neighborhood drew an $875,000 transaction.

CBM Appraisals Inc., led by Chris Maris, purchased the house from Chris and Jennifer Ligon.

The Ligons provided a $225,000 mortgage to finance the deal.

The Ligons acquired the site for $94,600 in January 1998 from Robert and Melissa Casper.

 

Rural Residence

A 1,951-SF home in west Pulaski County is under new ownership after a $535,000 sale.

David and Mary Gulley purchased the 29.6-acre spread on Garrison Road from the estate of Mytus King.

King acquired the property for $15,600 in April 1963 from W.H. and Wanda Rowland.

 

Parts Mortgage

A Little Rock enterprise picked up a $3 million financial package.

Parts Warehouse Inc., led by Fletcher Lord Jr., received the five-year loan from PNC Bank of Charlotte, N.C.

The 13.7-acre development at 1901 E. Roosevelt Road previously was tied to a February 2009 mortgage of $4.9 million from Regions Bank.

The property was bought for $800,000 in January 1977 from the Robert M. Goff Trust.

 

Church Funding

A Jacksonville congregation received a $1.27 million mortgage.

McArthur Assembly of God Inc. got the five-year loan from Bank of the Ozarks.

The 28.2-acre development at 3501 John Harden Drive previously was tied to a February 2003 mortgage of $2.66 million and an October 2005 mortgage of $874,231 held by the bank.

The congregation acquired the location in May 1996 as part of a $200,000 deal with Ruth Harry and the Pearl H. Straus Living Trust.

 

Apartment Financing

The owners of a 151-unit apartment complex in Little Rock secured a $2.4 million funding agreement.

Big Country Chateau LLC, led by Carl Schultz and Cynthia Knoerr, obtained the loan from First Security Bank of Searcy.

The 5.13-acre Big Country Chateau development at 6200 Col. Glenn Road also is linked with an October 2010 mortgage of $1.8 million held by Centennial Bank of Conway.

The project was purchased for $1.5 million in December 2009 from RPM Realty Fund, led by Pete Hornibrook.

 

Automotive Loan

A 4,762-SF Christian Brothers Automotive project in North Little Rock is backed with a $1.02 million financial package.

Regal Properties LLC, led by Muhammad and Zoka Almahayni, received the loan from Delta Trust & Bank.

The 0.76-acre development previously was linked with a December 2010 mortgage of $1.03 million held by U.S. Bank of Cincinnati.

The project at 12701 Maumelle Blvd. was bought for $1.8 million in December 2008 from Christian Brothers Maumelle Ltd., led by Mark Carr.

 

Warehouse Note

Improvements at a leased commercial project in southwest Little Rock were refinanced with a $690,000 funding agreement.

Rogers Warehouse Development LLC, led by Ivan Crossland Jr., obtained the 10-year loan from CrossFirst Bank of Overland Park, Kan.

The 6,450-SF RSC Equipment Rental facility at 11618 Otter Creek South Road previously was tied to an October 2006 mortgage of $750,000 held by Arvest Bank of Fayetteville.

The 2.27-acre location is owned by Clifford and Gayla Byrd, who purchased the land for $272,000 in July 2006 from 430 Investments LLC, led by Gene Cauley.

 

Motel Financing

The owner of a 122-room southwest Little Rock motel picked up a $652,000 mortgage.

Shri Jinasha LLC, led by Lina, Nimisha and Rajni Patel, got the loan from West Central Arkansas Planning & Development Inc. of Hot Springs.

The 2.6-acre Quality Inn & Suites development at 6100 Mitchell Drive previously was linked with a March 2011 mortgage of $633,000 held by the bank. The project also is backing a March 2011 mortgage of $1.05 million held by Great Southern Bank of Springfield, Mo.

The motel was acquired for $1.75 million 11 months ago.

The seller was U.S. Bank, as trustee of Bear Stearns Small Balance Commercial Mortgage Pass-Through Certificates Series 2006-1.

 

 

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