Ridge at Chenal Site Bought for $2.6 Million (Real Deals)

by George Waldon  on Monday, Jul. 25, 2011 12:00 am  

A 312-unit apartment project in west Little Rock is under construction after a $2.6 million land deal.

Mid-America Apartment Communities Inc. of Memphis acquired the 25.98-acre location at 5400 Chenonceau Blvd. from Deltic Timber Corp. of El Dorado.

Deltic bought The Ridge at Chenal Valley site in August 1972 as part of a $425,000 deal with M.W. and Gladys Staples, R.J. and Gladys O'Connell, T.H. Brown and Josephine Graham.


Cedar Creek Buy

An 82,234-SF warehouse facility in North Little Rock changed hands in a $1.15 million sale. Cedar Creek LLC, an affiliate of Cedar Creek Wholesale of Broken Bow, Okla., purchased the former OneSource/Arkmo Lumber & Supply Co. at 400 E. 13th St.

The seller is Newman Family LLC, led by Dwain Newman. The 10-acre development previously was tied to March 2010 mortgages of $1.72 million and $665,000 held by Arvest Bank of Fayetteville.

The property was acquired in February 2004 as part of a $1.6 million deal with Eugene and Linda Pfeifer.


Convenient Sale I

A 1.67-acre convenience store site in Sherwood is under new ownership after a $726,000 deal.

GDK Bear Paw LLC, led by Franklin Gatlin III, bought the Mapco Express location at the northeast corner of Highway 107 and Johnson Drive from Bear Paw LLC.

The investment group is composed of Powell Brothers Inc., led by Matt Chandler; Steve Deere; Rob Jolly Jr.; Scott Jolly; Brad Jolly; Matt Enderlin; Jimmy Crossfield; Larry and Carol Lazenby; and Blake Lazenby.

The development is funded with a 25-year loan of $1.86 million from Standard Insurance Co. of Hillsboro, Ore.

The land previously helped secure a June 2007 mortgage of $4 million held by Twin City Bank of North Little Rock

The property is part of a 30-acre tract purchased for $3.6 million from Sherwood Land Co., led by Steve Deere.


Convenient Sale II

A 3,100-SF convenience store in North Little Rock rang up a $650,000 sale. Yafai Investment Inc., led by

Mohammed Yafai, acquired the

Double Quick at 3800 Camp Robinson Road.

The seller is Guard LLC, led by Haitham Alley. Guard LLC provided a seven-year loan of $500,000 to finance the transaction. The 0.44-acre property previously was used to help secure an August 2006 mortgage of $250,000 and a June 2008 mortgage of $712,000 held by Simmons First National Bank of Pine Bluff.

The land was part of a larger tract assembled by the Alley family in four buys totaling $299,500. The sellers were Joel and Janet Holmes, $152,000 in January 1990; Mary Wood, $60,000 in January 1995; Mary and Randall Melnar, $50,000 in June 1993; and Ronnie and Connie Ringer, $37,500 in January 1990.


Historic Purchase

Adjoining 110-year-old-plus homes near downtown Little Rock sold for a combined $500,000.

Warren Stephens, through Irwin Cantrell Properties LLC, purchased the half-acre property near Episcopal Collegiate School from Jackie Hammond.

The Hammond family bought the historic 3,096-SF home at 1415 Cantrell Road for $30,000 in June 1975 from John and Lennie Toney.

The 2,724-SF home at 1407 Cantrell Road was acquired for $63,000 in June 1993 from John Mullen Jr. and his wife, Lori.


Outreach Acquisition

A church project in south Little Rock drew a $200,000 sale. Delta Presents Outreach Foundation Inc. bought the 7621 W. 40th St. property from Rosedale Baptist Church.

The deal is backed with a five-year loan of $162,000 from Regions Bank of Birmingham, Ala.

The 0.92-acre property was assembled in two deals totaling $25,000. The sellers were Morris and Alma Holmes, $20,000 in October 1971; and Mabel Douglass Burns, $5,000 in October 1957.


PV Manor

A 6,500-SF home in west Little Rock's Pleasant Valley neighborhood tipped the scales at $1.2 million.

David and Linda Hargis acquired the house from Neal and Lisa Kirkpatrick.

They bought the property for $950,000 in July 2003 from the Virginia Anne Darby Milligan Kocinski Trust.


Waterview Home

Ownership of a 6,452-SF home in west Pulaski County's Waterview Estates neighborhood was transferred in a transaction valued at $1.17 million. Rick Ferguson Inc. purchased the house from Jason and Brandi Sims.

The deal is funded with a $1.17 million loan from Centennial Bank of Conway. The residence previously was linked with a June 2006 mortgage of $1.2 million held by Twin City Bank.

The location was acquired for a reported $300,000 in April 2006 from Waterview Estates LLC, led by Ferguson.


PV Residence

A 4,600-SF home in west Little Rock's Pleasant Valley neighborhood changed hands in a $648,000 sale.

The Barket Family Revocable Living Trust, led by Gary and Terry Barket, bought the house from James Kidd III and Rebecca Watters.

The deal is financed with a 30-year loan of $260,000 from Fairway Independent Mortgage Corp. of Plano, Texas. The residence previously was tied to a February 2003 mortgage of $288,000 held by First Horizon Home Loan Corp. of Irving, Texas.

The property was purchased for $475,000 more than eight years ago from Roger and Lori Williams.


Ferguson Financing

A $3 million funding agreement is secured by 120 acres in west Pulaski County.

R Ferguson Unit 204 Ltd., led by Rick Ferguson, obtained the revolving line of credit from Centennial Bank.

The limited partnership also picked up a one-year loan of $500,000 from Bank of Little Rock using 40 acres as collateral.

Backing the mortgages is land between Microwave Tower Road and Highway 300, about 1.5 miles west of Monnie Springs.

All this land was acquired in May 2006 as part of a $546,000 deal with Soterra LLC of Jackson Miss., an affiliate of Greif Brothers Corp. of Delaware, Ohio.


Contractor Mortgage

The owner of a 10,800-SF office-warehouse project in west Little Rock landed a $980,000 financial package.

Clark Contractors LLC, led by William Clark, received the one-year loan from Simmons First National Bank.

The 1-acre development at 1 Seven Acres Drive was bought for $1 million at a May 2010 foreclosure sale.

The transaction followed Central Bank of Little Rock landing a $1.1 million judgment against the former owner, MDH Builders Inc., led by Mike Hill.


Datek Funding

A 26,400-SF commercial project in North Little Rock was refinanced with an $849,819 mortgage. David and Janice Allmendinger got the loan from Centennial Bank.

The 2.57-acre Datek development at 4007 Richards Road previously was linked with a September 2010 mortgage of $880,000 held by the bank.

The property was purchased for $880,000 10 months ago from Gemini of Arkansas LLC, led by Holly Smith.


Thousand Peaks Note

An office-warehouse project in North Little Rock is in motion with a $756,727 loan. Thousand Peaks Ventures LLC obtained the funding for the Snyder Environmental development from First Security Bank.

Thousand Peaks is composed of the namesake revocable trusts of Brock and Paula Johnson, Daniel H. Williams and Joe S. Carter.

The nearly 1.5-acre property at 7031 Dewafelbakker Lane was acquired in November 2009 for $195,000 from MM Maumelle LLC, led by Matt Enderlin.



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