EStem Buys Historic Gazette Building for $5.3 Million (Real Deals)

by George Waldon  on Monday, Mar. 21, 2011 12:00 am  

The historic home of a school in downtown Little Rock tipped the scales at $5.3 million.

EStem Public Charter Schools Inc. purchased the Arkansas Gazette Building at 112 W. Third St. from Arkansas Democrat-Gazette Inc., led by Walter Hussman Jr.

The 1-acre development is backed with five-year loans of $5.9 million from Southern Bancorp Capital Partners of Arkadelphia and $2.9 million from the Walton Family Foundation Inc. of Bentonville.

The property was valued at $1.1 million when Gannett River States Publishing Corp. sold it in October 1991 to Hussman's Little Rock Newspapers Inc.

 

Christian Brothers Sale

An automotive service center in North Little Rock changed hands in a $1.8 million sale.

Regal Properties LLC, led by Muhammad and Zoka Almahayni, bought the 4,762-SF Christian Brothers facility at 12701 Maumelle Blvd. The seller is Christian Brothers Maumelle Ltd., led by Mark Carr.

The deal is funded with a $1.03 million loan from U.S. Bank of Minneapolis. The 0.76-acre development previously was tied to a December 2008 mortgage of $1.57 million held by Amegy Bank of Houston.

The location was purchased for $456,000 more than two years ago from WNLR Investments LLC, led by Andy Collins.

 

B&F Transaction

An 8,100-SF commercial building in Sherwood is under new ownership after a $599,000 deal.

Edsel Weaver Jr. and his wife, Kimberly, acquired the 5710 Warden Road project from B&F Advertising Inc., led by Henry Browne.

The deal is financed with a four-year loan of $595,864 from Farmers & Merchants Bank of Stuttgart.

The 0.72-acre property was assembled as part of two transactions totaling $237,450. The first buy closed at $196,000 in April 1984.

The sellers were Apartment House Builders Inc., led by John Kincannon, $196,000 in April 1984, and the James Faulkner estate, $41,450 in March 1991.

 

Mobile Purchase

A 7.4-acre mobile home development in southwest Little Rock rang up a $550,000 sale.

Finest Place Inc., led by Gary Dubose, purchased the 9524 Reck Road project from Clifton and Janice Williams. The deal is backed with a 20-year loan from the sellers.

The property was assembled in three deals totaling $58,000. The sellers were William and Nina Mathis, $25,000 in February 1977; Emma Mae Schlesier, $30,000 in June 1984; and Ronald and Linda Self, $18,000 in April 1985.

 

Sherwood Land

Elbow room for a Sherwood nursing center drew a $390,000 transaction.

Sherwood Nursing Center Inc., led by Michael Morton, bought the 0.98-acre parcel at the northeast corner of Brookwood Road and Indian Bay Drive. The seller is Garrett & Garrett Inc., led by Thomas Garrett.

G&G acquired the land for $97,000 in March 2002 from the Nathan Reed McConnell Trust, the Margaret Clark McConnell Trust, Joe and Mary Smith and James and Susan Kincannon.

 

Multifamily Foreclosure

An apartment house in downtown Little Rock was recovered in a $219,417 foreclosure sale.

Arvest Mortgage Co. of Lowell took possession of the 916 Scott St. property from Vandy Nhem. The 0.17-acre development was secured by a $213,647 mortgage held by Arvest.

Nhem purchased the house for $217,000 in March 2006 from Mary Buchanan.

 

Chenal Circle Residence

A 6,465-SF home in the Chenal Circle neighborhood of west Little Rock sold for $900,000.

Glenn and Lori Millner acquired the house from David and Mary Gulley. The residence previously was linked with an August 2010 mortgage of $650,000 held by BancorpSouth Bank of Tupelo, Miss.

The Gulleys bought the house for $650,000 seven months ago from Judith and W.F. Lemke.

 

Sezanne Abode I

A 5,495-SF home in the Sezanne Court neighborhood of west Little Rock's Chenal Valley development changed hands in a $632,000 deal.

Keith Brown purchased the house from Grant and Robin Swede. The deal is funded with a 10-year loan of $300,000 from Bank of Little Rock Mortgage Corp.

The residence previously was tied to a November 2008 mortgage of $200,000 from USAA Federal Savings Bank of San Antonio and a June 2009 mortgage of $281,089 from Regions Bank of Birmingham, Ala.

The location was acquired for $83,000 in November 2006 from Deltic Timber Corp. of El Dorado.

 

Sezanne Abode II

A 4,900-SF home in the Sezanne Court neighborhood of west Little Rock's Chenal Valley development rang up a $511,000 sale.

Robert and Carla Gunderman bought the house from Dean and Tina Worley. The deal is financed with a 15-year loan of $360,350 from Arvest Mortgage Co. of Lowell.

The residence previously was linked with a February 2008 mortgage of $417,000 originated by Cornerstone Mortgage Center Inc. of Little Rock and a March 2008 mortgage of $50,000 held by Pentagon Federal Credit Union of Alexandria, Va.

The location was purchased for $80,000 in June 2007 from Deltic Timber.

 

Suites Financing

The owner of a Candlewood Suites Extended Stay Hotel in west Little Rock picked up a $3.7 million financial package.

Chi Development Company LLC, led by Jasen Chi, obtained the five-year loan from IberiaBank of Little Rock.

The 1.43-acre development at 10520 W. Markham St. previously was tied to a July 2005 mortgage of $4.2 million held by Simmons First National Bank of Pine Bluff.

The former Shoney's restaurant location was acquired for $640,000 in March 1998 from RBR Enterprises Inc., led by Carl Ricker.

 

RKC Mortgage

Neighboring commercial projects in Maumelle were refinanced with a $1.1 million funding agreement.

RKC Properties LLC, led by Ron G. Crawford and Ron K. Crawford, received the loan from First Security Bank of Searcy.

The 115-117 Carnahan Drive properties previously were linked with October 2008 mortgages of $763,794 and $726,530 held by Arvest Bank of Fayetteville.

The Crawfords bought the 1.9-acre location in September 1994 through Southland Marketing Inc. for $206,000 ($2.50 per SF). The seller was Bob Fewell.

 

Cherokee Funding

Adjoining office buildings in downtown Little Rock are backing an $891,348 mortgage.

Cherokee Investments LLC, led by Lyle Foster and Phillip Miron, got the five-year loan from BancorpSouth Bank.

The 4,688-SF 200 Louisiana St. Building and 8,490-SF Tripp Building at 209 W. Second St. previously were tied to July 2005 mortgages of $1.09 million held by BOA and $170,000 held by Summit Bank of Arkadelphia.

The 0.12-acre development at 200 Louisiana St. was purchased for $500,000 in September 2002 from 200 Louisiana Street Development Co., led by Sam Alley.

The 0.12-acre Tripp development was acquired for $616,667 in July 2005 from Advantage Plus LLC, led by Sam Alley.

 

 

Please read our comments policy before commenting.
Search

Latest Arkansas Business Poll

Did the Fed make the right call on interest rates?