Arkansas Business

Mill LLC, led by John Gaudin and Jack Grundfest, purchased the property at 403 Magnolia St. from John and Sylvia Borchert.

The deal is financed with a 16-month loan of $450,000 from IberiaBank of Lafayette, La.

The Martin Borchert Co. leased the property for years from the Missouri-Pacific Railroad Co., before acquiring it for $2,000 in December 1981.

Chi Project

Construction of a 14,784-SF commercial project in west Little Rock is following a $980,000 land deal.

Rowan Development LLC, led by Jacob Chi, bought the 1.47-acre site at the southeast corner of Cantrell and Woodland Heights roads from the estate of Joe Affolter.

Construction is funded with a seven-year loan of $2.2 million from IberiaBank.

The Affolter family has owned the property for more than 89 years. 

Academic Deal

A 3,500-SF commercial project in southwest Little Rock is under new ownership after a $268,000 sale.

Curtis and Patsy Jones acquired the Academic World of Cosmetology property at 5300 W. 65th St. from Mark and Leah Carter.