Farm Flip Produces $2.5 Million Transaction (Real Deals)

by George Waldon  on Monday, Aug. 8, 2011 12:00 am  

The synod acquired the property for $301,000 in April 1988 from Winrock Development Co., led by Russ McDonough.


Site Acquisition

A car wash project is in the works following a $670,000 land deal at west Little Rock's Shackleford Crossings project.

GDR Partners LLC, le by Gary Weare, David Eusanio and Richard Spooner, purchased the 0.82-acre site at 2702 S. Shackleford Road. The seller is Shackleford Crossings LLC, formerly led by Steve Clary.

The development is backed with a one-year loan of $1.76 million from Malvern National Bank. The property previously was used to help secure $57.4 million of debt held by M&I Marshall & Ilsley Bank of Milwaukee.

The site was bought 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.

PV Residence

A 4,645-SF home in west Little Rock's Pleasant Valley neighborhood changed hands in a $615,000 sale.

Michael and Sherri Bixler acquired the house from Jeff and Cathy Hooker. The deal is financed with a one-year loan of $417,000 from IberiaBank of Little Rock.

The residence previously was linked with a June 1998 mortgage of $330,000 originated by Little Rock's Bank of the Ozarks and a January 2009 mortgage of $331,115 originated by Bank of Little Rock Mortgage Corp.



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