Arkansas Business

BLK Properties LLC, led by Gutchaiah Garlapati, bought the 308 Smokey Lane project from John and Martha Boveia.

The transaction is funded with a 5.5-year loan of $735,895 from Regions Bank. The 1.2-acre development previously was linked with a September 2007 mortgage of $516,000 held by Little Rock's Bank of the Ozarks.

The Boveias acquired the property for $525,000 in February 2001 from ZH Properties Co. LLC, led by Charlie Zona and David Harrington.

Wilcox Acreage
A 154-acre tract in east Pulaski County drew a $425,000 deal.

Wilcox Investment Ltd., led by George Wilcox, purchased the land - 64 acres of cropland and 90 acres of wetlands - a half-mile south of Scott. The seller is GKJ Family Ltd., led by Gerald K. Johnson.

The limited partnership backed the deal with a five-year loan of $300,000. The property previously secured a December 1993 mortgage of $266,000 held by First Commercial Bank of Little Rock.

The land was part of a 626-acre purchase for which GKJ Family Ltd. paid $400,000 in November 1993. The seller was the estate of W. George Alexander.

Importers Foreclosure
A venture in west Pulaski County is under new ownership after a $355,000 foreclosure sale.

Metropolitan National Bank of Little Rock recovered the 11.4-acre Arkansas Stone Importers Inc. development at 3707 Jack Mann Road. The bank obtained a $769,211 judgment in September 2010 against the corporation, led by Scott Knoedle.

The property previously was tied to a January 2002 mortgage of $325,000 and a March 2004 mortgage of $555,000 held by the bank.

The land was assembled in three deals totaling $148,000. The sellers were Blanche M. Avants Revocable Trust and the James C. Avants Sr. Revocable Trust, $40,000 in August 1992; Betty Hastings, $40,000 in June 1996; and Joseph Janowski III and his wife, Brenda, $68,000 in July 2002.

Cauley Retread
A 0.21-acre commercial development in west Little Rock changed hands in a $185,000 transaction.