Warehouse Sale at LR Port Tops $1 Million (Real Deals)

by George Waldon  on Monday, Feb. 27, 2012 12:00 am  

A 33,811-SF warehouse near the Little Rock Port tipped the scales in a $1.12 million sale. World Martial Arts Supply Inc., an affiliate of Little Rock's American Taekwondo Association, bought the 5900 Lindsey Road project.

The seller is Drago Partners, led by Joseph Drago. The 3.5-acre site was acquired for $65,300 in April 2000 from PPP Group LLC, led by Allen McDowell.


Grocery Store Sale

A 37,596-SF Kroger in the Hillcrest area of Little Rock changed hands in a $1 million transaction. JFP-AG/Little Rock LLC of Alamo, Calif., purchased the 614 N. Beechwood St. project from Amcap Acadia Little Rock LLC of White Plains, N.Y. The deal did not include the land.

The property is helping secure a $12.5 million mortgage held by Amcap.

The 2.8-acre development was bought for $2.3 million in January 2003 from Hannibal Associates Ltd. of New York.


Convenient Purchase

A 2,600-SF convenience store in Jacksonville rang up an $845,000 sale.

Han & Son Inc., led by Keong Son, acquired the Valero project at 705 S. First St. from Wael and Sueha Alami.

The deal is funded with a 38-month loan of $607,750 from First Arkansas Bank & Trust of Jacksonville and a five-year loan of $100,000 from the Alami family.

The 1-acre property development previously was linked with a January 2005 mortgage of $450,000 held by the bank.

The location was purchased for $50,000 in March 2003 from Union Bank of Benton.


Crossfield Transaction

Ownership of two commercial properties in North Little Rock shifted in a $498,000 transaction.

Kelcro Properties LLC, led by Jimmy Crossfield, bought the 4924 Hillard Road property. The seller is Crossfield Plumbing & Rooter Service, led by Jimmy and Reggie Crossfield.

The deal, which included the 3,488-SF project at 5200 Crystal Hill Road, is financed with a five-year loan of $525,000 from Summit Bank of Arkadelphia.

The properties previously were tied to an August 2007 mortgage of $265,000 and an April 2009 mortgage of $329,573 held by Regions Bank of Birmingham, Ala. The 0.59-acre Hillard Road development was acquired for $265,000 in August 2007 from Danny and Sandra Lancaster. The 3,488-SF Crystal Hill project was purchased for $75,000 in December 2004 from Namiah Alley.


Oaks Residence

A 3,385-SF home in The Oaks neighborhood of west Little Rock's Chenal Valley development sold for $509,000.

Christie and Steven Bardwell acquired the house from Clint and Cynthia Boshears. The residence was linked with a May 2009 mortgage of $410,500 held by Little Rock's Bank of the Ozarks.

The location was bought for $70,000 in September 2001 from Deltic Timber Corp. of El Dorado.


Peaks Financing

Construction of 48 units at a North Little Rock apartment project is backed with a $4.04 million funding agreement.

Peaks At North Little Rock Phase II Ltd., led by Arby Smith and Keith Richardson, obtained the two-year loan from Arvest Bank of Fayetteville and a 35-year loan of $900,000 through the Arkansas Development Finance Authority from the Community Development Block Grant Disaster Program.

The 1.7-acre site is on the west side of Counts Massie Road and south side of Country Club Boulevard. The land is part of a 19.9-acre tract assembled in two transactions totaling $568,000.

The sellers were William, Charles IV, Linda, Brian, Denia and Tanya Stanley, 18.8 acres for $399,000 in May 2003; and Metropolitan National Bank, 1.1 acres for $169,000 in February 2008.



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