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.

The McCaskills bought the property for $278,000 in December 1999 from Atlanta's Life Insurance Co. of Georgia.

Convenient Sale

A convenience store in east Little Rock changed hands in a $425,000 sale.

James Chung Sr., his wife, Sunny, and James Chung Jr. purchased the 1101 E. Roosevelt Road property from Myers Ranch Inc., led by John and Hyun Chun.

The deal is funded with a $340,000 loan from North Little Rock's National Bank of Arkansas. The 0.2-acre development previously was linked with a March 2007 mortgage of $272,000 from Central Bank of Little Rock.

Myers Ranch bought the project for $340,000 14 months ago from Pumps Food Mart Inc., led by David Newton.

Mechanics Purchase

Nearly 20 acres in North Little Rock drew a $360,000 deal.

Mechanics Lumber Co., led by Gene Pfeifer, acquired the land at the southwest corner of Camp Robinson Road and Donovan Briley Boulevard. The seller is Camp Robinson Road Joint Venture, led by Jim Hathaway.

The joint venture bought the land as part of a $354,450 deal in August 1991 from Harry and Ruth Pittard.

Elementary Deal

The sale of a former elementary school in Little Rock rang up a $200,000 transaction.

Mitchell Elementary LLC, led by George Blevins Jr., bought its namesake property at 2410 Battery St. from the Little Rock School District.

The transaction is backed with a 10-year loan of $199,635 from Blevins and his wife, Paulette.

The Little Rock School District has owned the 3.35-acre property for more than 100 years.

Deauville Home

A 5,061-SF home in west Little Rock's Deauville Place neighborhood in Chenal Valley sold for $677,000.

Brent and Heather Bradley purchased the house from Chenal Valley Construction Inc., led by James Miles.

The deal is funded with a 30-year loan of $326,000 from Summit Bank of Arkadelphia. The residence previously was tied to a February 2006 mortgage of $580,000 held by Arvest Bank of Fayetteville.

The site was acquired for $121,000 in June 2005 from Deltic Timber Corp. of El Dorado.

Prospect House

A 2,671-SF home in Little Rock's Prospect Terrace neighborhood is under new ownership after a $528,000 deal.

John Conner III and his wife, Mary, acquired the house from Justin and Jamie Stewart. The deal is financed with one-year loans of $417,000 and $113,000 from One Bank & Trust of Little Rock.

The residence previously was linked with February 2007 mortgages of $380,000 held by New Century Mortgage Corp. of Irvine, Calif., and $95,000 held by Riverside Bank of Sparkman (Dallas County).

The property was bought for $475,000 15 months ago from the Christopher L. deBin Living Trust and the Nancy J. deBin Living Trust.

Crye Funding

 

A real estate office in North Little Rock was refinanced with a $1.8 million funding agreement.

The Harold E. Crye Living Trust received the 15-year loan from Union Central Life Insurance Co. of Cincinnati.

The 0.8-acre development previously was tied to a September 2003 mortgage of $1.34 million held by National Bank of Arkansas.

The trust purchased the 0.8-acre property at 3400 John F. Kennedy Blvd. for $550,000 in May 2003 from Park Hill Baptist Church.

Eckerd & Shea Loan

The owner of a commercial project in North Little Rock landed a $987,000 financial package.

Eckerd & Shea Commercial LLC, led by Rich Eckerd and Darin Shea, got the one-year loan from First Security Bank of Searcy.

The 2.7-acre project at 4825 North Shore Lane previously was linked with an August 2007 mortgage of $169,068 held by the bank.

Eckerd & Shea bought the land for $344,000 nine months ago from Pfeifer Family Ltd. No. 1, led by Gene Pfeifer.

Luckytown Mortgage

 

Development of a commercial property in North Little Rock is in motion with a $731,000 mortgage.

Luckytown LLC, led by Chris Call, secured the five-year loan from Pulaski Bank of New Iberia, La.

The 1.22-acre property near the southwest corner of Riverview Corporate Drive and Dewafflebakker Road was acquired for $161,000 in June 2007 from Burkhalter Haas Properties LLC, led by John Burkhalter and David Haas.

Powers Financing

The owner of a North Little Rock enterprise picked up a $579,613 financial package.

Chad Powers obtained the three-year loan from Community Bank of Cabot. The nearly 5-acre Arkansas Power Steering & Hydraulics development at 900 Fiber Optic Drive previously was tied to a December 2006 mortgage of $630,709 held by Bank of the Ozarks.

The land was purchased for $134,000 in October 2000 from I-440 Business Fiberpark LLC, led by George Wilcox.

Greenleaf Note

An 11,900-SF warehouse project in south Little Rock is backed with a $540,000 funding agreement.

Greenleaf Wholesale Florist Inc., led by Conrad Gaboriau and Tim Matsuno, received the five-year loan from Regions Bank.

Greenleaf bought the 1.8-acre project at 1501 W. Garfield Drive for $550,000 in December 2007 from United Properties Inc., led by Warren Stephenson and RaymondAshmore.

 

 

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