Block 2 Purchased for $9 Million (Real Deals)

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

The Block 2 redevelopment in downtown Little Rock tipped the scales at $9 million.

MIMG XXIX Block 2 LLC, an affiliate of Monarch Investment & Management Group of Franktown, Colo., purchased the 1.05-acre project, which includes the 82,000-SF Democrat Printing & Lithograph Building at 122 E. Second St., home of Arkansas Business Publishing Group and 32 apartments; the 85,000-SF Archer Drug Building at 107 E. Markham St., 69 apartments; and the 69,000-SF Wallace Building at 101 Main St., 44 apartments.

The seller is LSF5 Block Two LLC, an affiliate of Lone Star U.S. Acquisition LLC of Dallas. The deal is financed with a $6.75 million loan from KeyBank of Denver.

The property previously was tied to an August 2010 mortgage of $4 million held by First Security Bank of Searcy.

LSF5 Block 2 acquired the property at a $9 million foreclosure sale in March 2008 after landing a $12.5 million foreclosure judgment two months earlier.

The court-ordered sale followed the limited liability company buying the project's long-in-default loan for $7.5 million in September 2007 from the Department of Housing & Urban Development.

 

Liberty Trailer Buy

A 9,200-SF commercial project in North Little Rock sold for $275,000.

Liberty Trailer Co., led by Bobby Staton, acquired the 10120 U.S. Highway 70 property from Kenny Adams LLC.

The 2.77-acre development previously was linked with a June 2009 mortgage of $650,000 held by Twin City Bank of North Little Rock.

The property was purchased for $220,000 in June 2002 from Able Realty Inc., led by Stephanie Traw.

 

 

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