Easter Seals Makes $3.2 Million Buy (Real Deals)

by George Waldon  on Monday, Apr. 9, 2012 12:00 am  

The sale of a 46,000-SF building in west Little Rock tipped the scales at $3.25 million. Easter Seals of Arkansas acquired the 14901 Cantrell Road project from Highway 10 Development Co., led by Robert Vogel.

The redevelopment is backed with a 15-year bond issue of $4.5 million issued through the Pulaski County Public Facilities Board.

The 6.02-acre property, most recently home to David Claibourne Ltd., was originally a Harvest Foods grocery store.

The site was assembled in two deals totaling $528,000. The sellers were Pearl Newton, $378,000 in April 1989; and Cheryl Weatherford and Carol and John Thompson, $150,000 in August 1989.


Dollar General Trio

Three Dollar General stores in Pulaski County changed hands in a series of deals totaling $3.1 million.

Yellow Store Holdings LLC, led by Russ McDonough III, bought the 2001 Old Military Road project in Jacksonville from PB General Holdings (Jacksonville) LLC for $1.1 million; the 9125 Stagecoach Road project in southwest Little Rock for $1.04 million from PB General Holdings (Stagecoach) LLC; and the 21300 Highway 365 N project in Maumelle for $967,000 from PB General Holdings (Morgan) LLC.

The selling limited liability companies were all led by Leonard Boen. The transaction is financed with a 10-year loan of $3.12 million from Metropolitan National Bank of Little Rock.

The developments previously were tied to a December 2009 mortgage of $3.08 million held by Centennial Bank of Conway.

The 1-acre Stagecoach site was purchased for $220,000 in July 2009 from D2H LLC, led by Kenneth Davenport and Andrew Hicks.

The 1.4-acre site in Jacksonville was acquired for $225,000 in May 2011 from Arkansas Emergency Transport LLC, led by Roger Hosman. The 1.17-acre Morgan site was bought for $170,000 in March 2011 from Martha Kierre.


Butcher Shop Buy

A 9,125-SF restaurant in west Little Rock rang up a $1 million transaction.

10825 Hermitage LLC, led by Alvin Watkins, purchased the Butcher Shop at 10325 Hermitage Road. The seller is Day One Ltd., Dennis Day.

The deal is financed with loans of $1.39 million and $246,881 from First Security Bank of Searcy.

The 2.85-acre development previously was linked with a March 2005 mortgage of $1.2 million held by the bank.

Day One bought the property for $1.5 million in September 1998 from James and Mylene Bone.


Promenade Outparcel Sold

A golden arches development is following a $775,000 land deal in west Little Rock.

McDonald's Real Estate Co. of Oak Brook, Ill., acquired the 1.47-acre site at 17601 Chenal Parkway from Little Rock Development Co. LLC, an affiliate of Red Development of Kansas City, Mo.

The land is part of the Promenade at Chenal project, funded with a December 2011 mortgage of $64.6 million held by Bank of America in Charlotte, N.C.

Little Rock Development purchased the location for $10.25 million in September 2006 as part of a 37.8-acre deal with Deltic Timber Corp. of El Dorado.


Entergy Acreage

A 29.4-acre commercial tract in north Pulaski County drew a $500,000 sale.

Entergy Arkansas Inc. bought the 7801 John Hardin Drive property from Montgomery Family Properties LLC, led by Paul and Gay Montgomery.

The land was acquired for $150,000 in October 1994 from W.H. and Clara Flory.


Arbors Residence

A 4,750-SF home in The Arbors neighborhood of west Little Rock's Chenal Valley development sold for $575,000.

Scott and Lisa Glidewell purchased the house from Little Rock's Bank of the Ozarks. The bank recovered the half-acre residential development at a $625,000 foreclosure sale in December 2010.

The previous owner was Lewis Home Builders Inc., led by Jon Lewis. The home was tied to a January 2007 mortgage of $668,000 held by the bank.


Wellington House

A 4,833-SF home in The Villages of Wellington neighborhood of west Little Rock is under new ownership after a $530,000 deal.

Ling Gao and Haibo Zhao acquired the house from Michael and Paige Hui. The deal is backed with a 15-year loan of $417,000 from Bank of Little Rock Mortgage Corp.

The residence previously was linked with a July 2006 mortgage of $477,600 held by BLR Mortgage. The property was purchased for $597,000 more than five years ago from Bateman & Kuhn Professional Buildings PLLC, led by Robert Bateman and Todd Kuhn.


Warehouse Mortgage

The owner of a 125,000-SF warehouse project in North Little Rock landed a $17.8 million funding agreement.

Glazer Investments Inc., led by Bennett Glazer, obtained the 10-year loan from Bank of America.

The 20-acre development at 11101 Smitty Lane previously was tied to a January 2004 mortgage of $7.2 million held by Frost National Bank of San Antonio.

Glazer bought the location through its Park Ave. Corp. affiliate in April 2003 for $550,000 (about 60 cents per SF). The seller was D&B Commercial Park LLC, led by James Dietz.


Office Funding I

Office space totaling 195,000 SF in Little Rock's Riverdale area was used to secure a $7.65 million mortgage.

Allied Drive Holdings LLC, led by Stephen LaFrance Jr. and his brother Jason and Larry and Mark Middleton, received the loan from First Security Bank. The limited liability company acquired three office buildings on the former Alltel campus in December for $10.5 million from Alltel Communications LLC, an affiliate of Verizon.


Office Funding II

The owner of a 147,087-SF office building in west Little Rock picked up a $5.7 million financial package.

Life & Specialty Ventures LLC, led by Jason Mann, got the seven-year loan from its subsidiary, USAble Life of Little Rock.

The 21-acre development also is linked with a June 1999 mortgages totaling $10.7 million held by U.S. Bank of Cincinnati.

The former Nuvell Building at 17500 Chenal Parkway was purchased for $17.3 million in August 2011 from Arkansas Systems Building Co. LLC, led by Hank Kelley; Gary and Marilyn Heathcott and John and Karen Flake.


Multifamily Financing

Construction of 50 units for senior living in southwest Little Rock is in motion with a $5.3 million funding agreement.

Orchards At Mabelvale Phase II Ltd., led by Arby Smith and Keith Richardson, obtained a two-year loan of $4.39 million from Stearns Bank of St. Cloud, Minn., and a no-interest, 20-year non-recourse federal loan of $900,000 through the Arkansas Development Finance  Authority.

The land near the southeast corner of Mabelvale Pike and Davmar Drive was bought for $350,000 in May 2010 as part of a 16.2-acre deal with the Mary M. Garner Trust and George and Francis Martin.


Office Funding III

A 51,000-SF office building in west Little Rock is backing a $4.4 million financial package.

Pavilion Centre LLC, led by Tad Krug, received the seven-year loan from BancorpSouth Bank of Tupelo, Miss.

The 3.05-acre Pavilion Centre development at 8315 Cantrell Road previously was tied to a $4.87 million mortgage held by the New York office Deutsche Bank AG.

The site was acquired for $545,000 ($4.06 per SF) through Reservoir LLC in April 1997.  The seller was Mary M. Couch.


Discount Loan

The owner of an auto service property in downtown Little Rock secured a $553,000 mortgage. The Greg L. Hatcher Revocable Living Trust got the loan from Delta Trust & Bank of Little Rock.

The 0.23-acre Discount Tire & Brake development at 1201 W. Capitol Ave. previously was linked with an October 2007 mortgage of $568,000 held by Heartland Community Bank of Bryant.

The property was purchased for $165,000 in November 2000 from GMB Investments LLC, led by Robert Gladden



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