Christian Brothers Sells for $1.6 Million (Real Deals)

by George Waldon  on Monday, Apr. 2, 2012 12:00 am  

A 4,900-SF auto repair center in west Little Rock sold for about $1.67 million.

Arkansas Systems Building Co. LLC, led by Hank Kelley, bought the Christian Brothers Automotive project at 15516 Chenal Parkway.

The seller is Main Carr Development LLC Series IX, led by Eric Reed. The deal is funded with a seven-year loan of $1.1 million from U.S. Bank of Cincinnati.

The 0.76-acre development previously was tied to a December 2009 mortgage of $1.1 million held by Frost National Bank of San Antonio. The location was purchased for $396,000 more than two years ago from Chenal & Wellington Hills 2007 LLC, led by Jeffrey Nicholas.

 

Industrial Transaction

Ownership of a 200,000-SF industrial facility in east Little Rock narrowed through a $300,000 transaction.

Ben and Diane Davis acquired sole ownership of the MacMillan Bloedel Containers project at 1901 E. 22nd St. They purchased the interest of Clifton Family LLLP, led by Norman Clifton.

The Davises and the limited liability limited partnership bought the 15.9-acre property for $300,000 in October 2011 from Weyerhaeuser NR Co. of Federal Way, Wash.

 

Convenient Purchase

A North Little Rock convenience store rang up a $215,000 transaction.

K&Y Foodmart Inc., led by Kil Joong Kim, purchased the Toot N Moo at 5800 MacArthur Drive from First Community Bank of Batesville.

The deal included a neighboring 2,117-SF house. The sale was financed with a three-year loan of $193,500 from the bank.

The 0.39-acre development previously was linked with an April 2007 mortgage of $205,791 held by First Community.

The bank recovered the property from Larry and Barbara Young in May 2011 in a $138,000 non-judicial foreclosure sale. The Youngs entered the ownership picture in a $395,000 transaction with Glen and Cathie Ferren in April 2007.

 

Shackleford Crossings Note

The owner of a west Little Rock retail center landed a $33.7 million funding agreement.

Shackleford Crossings Investors LLC of Dallas got the three-year loan from the Guggenheim Life & Annuity Co. of Indianapolis.

The limited liability company recovered its namesake property at a $42 million foreclosure sale in July 2011.

Shackleford Crossings LLC, formerly led by Steve Clary, was the previous owner of the 271,675-SF lifestyle center.

The 37.7-acre retail development and undeveloped outparcels totaling about 8.7 acres previously were used to help secure debt of $57.4 million held by the project's construction lender, M&I Marshall & Ilsley Bank of Milwaukee.

Shackleford Crossings Investors acquired the debt in May 2011 for an undisclosed sum.

The land was purchased in October 2005 as part of an $11.4 million land deal with Summit Mall Co. LLC.

The limited liability company was a joint venture between Simon Property Group Inc. of Indianapolis and Dillard's Inc. of Little Rock.

 

 

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