Former Fellowship Offices Finds $4.6 Million Buyer (Real Deals)

by George Waldon  on Monday, Sep. 15, 2008 12:00 am  

Mountaire Purchase

A 36,000-SF office building in west Little Rock tipped the scales at $4.6 million.

Mountaire Corp., led by Ron Cameron, bought the Fellowship Bible Administration Building at 1901 Napa Valley Drive at the northeast corner of Napa Valley Drive and Rainwood Road from Fellowship Bible Church of Little Rock.

Land was assembled in five deals totaling $1.6 million. The buying started with D-3 Ltd., led by John, William and Lindsay Cloud, $160,000 in September 1993.

The acquisition of four houses along Napa Valley Drive followed in September and October 2000. The sellers were Ray and Ardyce Rainey, 1801 Napa Valley Drive, $400,000; Daryl Shane Smith, 1701 Napa Valley Drive, $375,000; Charles and Mary Stein, 1811 Napa Valley Drive, $365,000; and Alberdene Little, 1711 Napa Valley Drive, $320,000.

Hotel Land

 

A nearly 2.7-acre hotel site in west Little Rock rang up an $899,000 sale.

TPLR Partners LLC, Zero Business Park Inc. and Whitt Properties LLC purchased the location at the south end of the Shackleford Crossings development at the southwest corner of Interstate 430 and Shackleford Road.

The seller is Shackleford Crossings LLC, led by Steve Clary. Construction of a 92-room TownPlace Suites is backed with a three-year loan of $7.8 million from First National Bank of Fort Smith.

The land previously was used to help secure an April 2008 mortgage of $20.8 million and a January 2007 mortgage of $53.2 million held by M&I Marshall & Ilsley Bank of Milwaukee.

The site was bought in October 2005 as part of an $11.4 million deal with Summit Mall Co. LLC, a joint venture between Simon Property Group Inc. of Indianapolis and Dillard's Inc. of Little Rock.

Auto Acquisition

 

 

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