Downtown Mill Part of $2.2 Million Argenta Transactions (Real Deals)

by George Waldon  on Monday, May. 26, 2008 12:00 am  

Mill Assembly

Land for redevelopment projects in downtown North Little Rock was assembled in deals topping $2.2 million.

The biggest pieces are the 3.1-acre Prime Quality Feed Mill at 124 E. Fifth St. and an adjoining 0.36-acre parking lot purchased for $2.17 million from Mountaire Feeds Inc., led by Ron Cameron; and the 0.78-acre Mountaire office development at 204 E. Fourth St., bought for $900,000 from Mountaire Corp., led by Cameron.

The buyer in both deals is The Mill LLC, led by Harold Tenenbaum, John Gaudin and Paul Esterer.

Mountaire assembled the office property in two transactions totaling $358,000. The sellers were Joe and Dorothy Armbrust, $350,000 in January 1990, and Missouri Pacific Railroad Co. of Omaha, Neb., $8,000.

The feed mill and parking area were assembled as part of deals with Real Properties Inc., a Stephens Inc. affiliate, $110,000 in May 1984; and the Missouri Pacific Railroad, $84,000 in November 2000 and $17,000 in December 1946.

Additional property in downtown North Little Rock, sometimes purchased through related entities, was moved in April into the name of The Mill LLC. The transactions included deals with:

Argentco LLC, led by Harold Tenenbaum, $175,000 for 816 N. Olive St., 709 N. Olive St., 601 N. Olive St., 821 N. Olive St. and 817 N. Olive St.; Esterosto LLC, led by Paul Esterer, $82,000 for property in the 800 block of Cypress Street and the 700 block of Magnolia; and Esterosto LLC, $82,000 for 211 E. Eighth St., 816 and 822 N. Poplar St., 815 N. Olive St., and 318 S.A. Jones Drive; and Melvin Ewart, $5,000 for 902 N. Poplar St.

Trust Acquisition

A 3,489-SF office building in west Little Rock is under new ownership after a $478,000 transaction.

Davis Living Trust, led by Sharon Davis, acquired the 6 Innwood Circle project from Roddy and Martha McCaskill.

The deal is financed with a three-year loan of $477,500 from Twin City Bank of North Little Rock.

The 0.45-acre development previously was tied to an August 2007 mortgage of $200,000 and a September 2006 mortgage of $150,000 held by the bank.



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