Little Rock Apartment Complex Sold for $2.2 Million (Real Deals)

by George Waldon  on Monday, Feb. 18, 2008 12:00 am  

Apartment Transaction

A 100-unit apartment project in southwest Little Rock tipped the scales at $2.2 million. Auxora Arms 2007 LLC, an affiliate of American Community Developers Inc. of Detroit, bought its namesake project at 9101 Auxora Road.

The 6.3-acre development previously was tied to a December 1971 mortgage of $1.32 million originally held by Little Rock's Commercial National Bank.

The location was acquired for $75,000 in September 1971 from W.W. and Helen Arlitt.

Office Acquisition I

A 21,178-SF office building in west Little Rock is under new ownership after a $1.6 million sale.

Atlas Texas Construction & Trading Inc. of Houston purchased the 21 Corporate Hill Drive project, home to the Lisa Academy. The seller is JRC Family LLC, led by Robert L. Watson.

The deal is backed with a 15-month loan of $1.04 million from the seller. The late Dr. J. Roger Clark bought the 2.21-acre site in December 1992 for $300,000 ($3.11 per SF).

The seller was Markham Street Development. The investment group originally was composed of James Summerlin and Vernice Wright, 41.9 percent; Pat Morrison, 18.7 percent; Gary Dean, 17.5 percent; Jim May III and Lewis May, 10 percent; John Flake, 7.5 percent; and Wingfield Martin, 4.4 percent.

Industrial Sale I

A lumber yard in east Little Rock rang up a $1.3 million transaction. Ben and Diane Davis acquired the Northwest Hardwoods project at 2005 E. 17th St. from Weyerhaeuser Co. of Federal Way, Wash.

The deal is financed with a three-year loan of $1.3 million from One Bank & Trust of Little Rock.

Weyerhaeuser entered the ownership picture when it purchased Little Rock's J.H. Hamlen & Son Inc. in 1988 for an undisclosed sum and added a small adjoining property for $12,000 in a July 2001 deal with Fabrication Services Inc., led by Robert Oleson.

Foreclosure Purchase

An undeveloped hotel site in west Little Rock changed hands in a $1.1 million foreclosure sale.

ISB Westlake LLC, led by James Irwin, Mark Saviers and Claude Ballard, bought the 5.4-acre location at the northeast corner of Center View and Peach Tree drives.

The sale was prompted by a $1.06 million judgment Little Rock's Pulaski Bank & Trust landed in March 2007 against Area Hospitality of West Little Rock LLC, led by Sidney Saleson and Robert Glick.

Area Hospitality acquired the property for $1.5 million in August 2004 from ISB Westlake LLC with the idea of developing a Hilton Garden Inn.

Napa Sale-Leaseback

An auto parts project in Jacksonville sold in a $1.1 million deal. GP Portfolio Landlord 1 LLC of Atlanta purchased the 0.6-acre Napa development at 1101 N. James St. from Genuine Parts Co. of Atlanta.

The store was used to help secure a 20-year loan of $16.2 million from Wells Fargo Bank Northwest of Salt Lake City.

The location was bought for $410,000 in March 2005 from William and Patsy Roetzel.

Car Wash Investment

Ownership of two car wash projects in Little Rock shifted in a transaction valued at $911,000.

CSW LLC, led by Willis Smith, and Norman Blasingame Inc. acquired the 7011 Cantrell Road and 2801 W. Markham St. properties in a 67/33 split. The sellers were Best Ever Group Inc. and Triple S Partnership, both led by Smith.

The 0.27-acre Cantrell Road development is securing a one-year loan of $1 million from BancorpSouth Bank of Tupelo, Miss. The 0.16-acre Markham Street development is backing a six-month loan of $996,000 from BancorpSouth Bank.

The properties previously were linked with a December 2006 mortgage of $892,500 held by the bank.

The projects were purchased in July 2000 as part of an $800,000 deal with U-Wash Inc. and H.L. Wadley Inc., both led by H.L. Wadley.

Office Acquisition II

A west Little Rock office property drew a $500,000 sale. 310 Natural Resources LLC, led by Neil and Rebecca Denman, bought its namesake property.

The seller is Harsu LLC, led by Raymond Harrill and Luther Sutter. The 0.4-acre development is funded with a 10-year loan of $450,000 from Arvest Bank of Fayetteville.

The 310 Natural Resources location previously was tied to a December 2002 mortgage of $175,000 held by Twin City Bank of North Little Rock. The property was acquired for $370,000 in May 1998 from David and Janice Ray.

Land Purchase

A 3.8-acre commercial site in North Little Rock is under new ownership after a $465,000 deal.

Krishana LLC, led by Kanti Sharolia, purchased the site at the northeast corner of Valentine and Barton roads from Speedco Inc. of Cayuga, Ind.

The property was bought for $385,000 in September 2003 from Thomas and Donna Hindsman.

Industrial Sale II

Industrial land in North Little Rock changed hands in a $360,000 transaction.

Glover Properties LLC, led by James Glover, acquired the land along the west side of Interstate 440 between Faulkner Lake Road and U.S. 165. The seller is J.A. Riggs Tractor Co., led by John Riggs IV.

The deal is backed with a three-year loan of $360,000 from One Bank & Trust. J.A. Riggs bought the 2.8-acre site for $58,000 in February 2001 from Stellar Real Estate Holdings LLC, led by Mary Cavin.

A nearly 12-acre site was purchased as part of an $842,000 deal with an investment group that included the estate of Herschel Friday; Nancy Friday; William and Peggy Sutton; William and Elizabeth Terry; the Boyce Love Testamentary Trust; William Patton Jr. and his wife, Kay; William and Mary Lou Cravens; and the Oaklawn Jockey Club, led by Charles Cella.

Maumelle Site

A 0.64-acre site in Maumelle rang up a $281,000 deal. Elder Meadowview Townhomes LLC, led by Chris Elder, bought the land on the east side of Club Manor Drive, south of Carnahan Drive.

The seller is IHDG Pulaski-02 LLC, led by William D. Walker. Construction is backed with a two-year loan of $800,000 from Great Southern Bank of Springfield, Mo.

The property previously was tied to a November 2006 mortgage of $542,246 held by Mountain State Bank of Roswell, Ga. The land was acquired in November 2006 as part of a $532,000 deal with Bob Fewell.

PV Residence

A 5,800-SF home in west Little Rock's Pleasant Valley neighborhood sold for $820,000. Alnery 166 LLC, led by William M. Hulse, purchased the house from Michael and Mary Rebick.

The residence previously was backed with a June 2003 mortgage of $285,000 held by Metropolitan National Bank of Little Rock.

The location was bought for $85,000 in August 1991 from the estate of Allen Gibson.

Industrial Mortgage

Development of more than 450 acres of industrial land in North Little Rock is backed with a $2.5 million mortgage.

2007 DeHaven Family Ltd., led by Jay DeHaven, obtained the one-year loan from Bank of Little Rock.

The land near the northwest corner of Interstates 40 and 440 also is linked with an April 2007 mortgage of $1.1 million held by the bank.

The limited partnership acquired the land for $1.1 million 10 months ago from the estate of Thomas Villareal, Judith Villareal-Boaz and Josephine Smith.

Quarry Financing

A 3-acre property in North Little Rock was used to help secure a $2.17 million financial package.

Jeffrey Quarry Ltd., led by Rex Robertson, received the two-year loan from Little Rock's Bank of the Ozarks.

The limited partnership bought the 8810 MacArthur Drive property for $251,000 in October 2007 from Leldon and Mary Jo Whaley.

Multi-Property Loan

The owner of a commercial project in downtown Little Rock and two warehouse developments in North Little Rock landed a $2 million funding agreement.

The One Bank & Trust loan is secured by the 0.3-acre development at 123 W. Third St. and 9.7-acre, 213,000-SF Warehouse 2 at 10th and Vine streets and the 7.1-acre, 175,000-SF Warehouse 3 at Eighth and Beech streets.

The projects previously were tied to a May 2003 mortgage of $1 million and an August 2001 mortgage of $600,000 held by the bank.

123 West Third Associates Ltd., led by Ken McRae IV, took ownership of its namesake property from Wilson-McRae Inc. in a November 1990 transaction valued at $125,000.

10th Street Warehouse Associates LLC acquired the warehouse projects for $550,000 in May 2003 from Mid-South Associates Ltd. of Dallas.  



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