Farm Flip Produces $2.5 Million Transaction (Real Deals)

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

A 1,145-acre farm in southeast Pulaski County was flipped in a $2.5 million sale.

Kingridge Enterprises Inc., led by Mark Jackson, acquired the land a mile southeast of Sweet Home along Fourche Creek and Harper Road.

The seller is Jimmy Winemiller's U.S. Investment Realty Co.

The transaction is financed with a 10-year loan of $1.8 million from Rabo Agrifinance Inc. of St. Louis and a two-year loan of $800,000 from U.S. Investment.

The property previously was tied to a January mortgage of $1.04 million held by Arvest Bank of Fayetteville.

U.S. Investment purchased the farm for $1.3 million seven months ago from the Ernest & Mary Harper Joint Revocable Trust, David Harper, Angela Harper Car-michael, the Anna L. Harper Revocable Trust and Alfred Harper.

The Harper family began assembling the land in deals dating back to January 1923 and running through January 1950.

 

Church Sale

A west Little Rock church is under new ownership after a $995,000 sale.

Disciples Church of Arkansas Inc. bought the 6.1-acre development at 800 Kirby Road from Parkway Place Baptist Church Inc.

The deal is funded with a five-year loan of $550,000 from BancorpSouth Bank of Tupelo, Miss. The property previously helped secure an April 2005 mortgage of $3.26 million held by Centennial Bank of Conway.

Parkway Place purchased the former Lord of Life Lutheran Church for $643,000 in June 2002 from the Mid-South District of the Lutheran Church-Missouri Synod.

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.

The property was purchased for $400,000 in June 1998 from Spencer and Virginia Johnson.

 

Jackson Towers Note

The owner of a 100-room independent living center in Jacksonville landed a $3.92 million funding agreement.

Jacksonville Towers Inc. of Fort Lauderdale, Fla., obtained the 35-year loan from Wells Fargo Bank of McLean, Va.

The 5.32-acre Jacksonville Towers development at 200 S. Hospital Drive previously was tied to a December 1977 loan from the U.S. Department of Housing & Urban Development.

The location was bought for $133,000 more than 33 years ago from General Properties Inc., led by James P. Matthews.

 

Access Credit

A non-profit, special needs school in west Little Rock picked up a $500,000 line of credit.

Access Group Inc., led by Wallace Davis, received the funding from Delta Trust & Bank of Little Rock.

The 4-acre development at 10618 Breckenridge Drive also is tied to a December 2008 mortgage of $1.65 million held by the bank.

The property was acquired for $1.04 million in February 2001 from Bible Church of Little Rock.

 

 

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