Watergate Sale
A 140-unit apartment project in west Little Rock tipped the scales at $7.7 million.
Watergate Little Rock APT Port-folio of Greensboro, N.C., bought Watergate Apartments at 8101 Cantrell Road from VMS National Properties of Denver.
The deal is funded with an 11-year loan of $6.58 million from Column Guaranteed LLC of New Orleans.
The 7.3-acre development previously was linked with a January 2007 mortgage of $4 million held by Capmark Finance Inc. of Horsham, Pa.
The project was acquired for $6 million in November 1984 from Watergate Ltd. of Newport Beach, Calif.
Nursing Transaction
A Little Rock nursing home changed hands in a $4.5 million sale.
LRock Properties LLC of Sikeston, Mo., purchased the Little Rock Healthcare & Rehabilitation Center at 5720 W. Markham St. from Ark Rock Associates Ltd., led by Gary Kading.
Ark Rock bought the project for $2.66 million in April 1996 from First Healthcare Corp. of Louisville, Ky.
Asbury Expansion
A 2.5-acre commercial property in North Little Rock is under new ownership after a $1.38 million transaction.
Asbury Automotive Arkansas Dealership acquired the land at the northeast corner of Smokey Lane and 46th Street from Davidson Holding Co., led by Skip Davidson.
The property previously was tied to a November 2006 mortgage of $871,200 held by North Little RockÕs National Bank of Arkansas.
The site was purchased in August 1993 as part of a $252,000 deal with the bank.
Royal Investment
A fast food project in Little Rock rang up a $1.19 million deal.
The Kurt Braun Schneiter & Lisa Kruasuawan Schneiter Revocable Trust bought the Burger King at 100 S. Rodney Parham Road from LLEJ II LLC, led by Leonard Boen.
The deal is backed with a three-month loan of $1.1 million from Farmers & Merchants Bank of Long Beach, Calf. The half-acre development previously was linked with an August 2004 mortgage of $935,000 held by Metropolitan National Bank of Little Rock.
The limited liability company acquired the location for $322,000 in January 2004 from Union Bank of Benton.
Condo Deal
A condominium project in southwest Little Rock drew an $888,000 sale.
Little Rock Group LLC, led by Steven St. Clair, purchased the Dreher Cove project from Steven and Johanna McCormick.
The deal is financed with a three-year loan of $888,000 from Twin City Bank of North Little Rock. The project previously was tied to a July 2002 mortgage of $238,183 held by Pulaski Bank & Trust of Little Rock.
The McCormicks assembled the ownership in 16 transactions totaling more than $555,000. The two biggest sellers were Gerald and Beauton Dudley, $316,000 in July 1997; and Robert and Donna Dudley, $84,000 in September 1997.
Other sellers included Bruck Keathley, $17,000 in June 1998; Bessie Faucette in October 1997, David Laman in December 1997 and Frank Hall Jr. in November 2005, $14,000 each; and Cline and Gail York, $13,000 in November 1997.
Rounding out the sellers are James and Jessie Curtis, $11,000 in December 1997; Suzanne Young and Carole Tante, $10,000 each in December 1997; W.D. and Frances Brianard, $8,000 in August 1997; and the U.S. Veterans Administration in August 1997 and Howard and Sharon Johnson in February 2004, the latter for unrecorded sums.
Cracker Buy
A convenience store project in west Little Rock is in motion after a $535,000 land deal.
Cracker Box LLC, led by Lewis Gardner, acquired the 1.9-acre site at the northwest corner of Kanis Road and Kirby Road. The seller is BCC Real Estate Inc., led by Carl Hunt. Development of the property is funded with a $2 million loan from Twin City Bank.
BCC purchased the land for $160,000 in January 2004 from David and Katherine French.
Mini Land
A 0.6-acre commercial property in Maumelle sold for $265,000.
Maumelle Mini Storage LLC, led by Robert Weyrens and Steve Hull, bought the 200 Casey Drive location. The seller is Stellar Real Estate Holdings LLC, led by Jimmy Cavin.
The deal is backed with a $400,000 loan from Centennial Bank of Little Rock. The property previously was used to help secure a December 2001 mortgage of $1.55 million held by Arvest Bank of Fayetteville.
Stellar acquired the land in May 2000 as part of a $400,000 deal with Sunbelt Investments Seven, led by Roger Hawk and Glen Reynolds.
Advanced Location
A 1.2-acre industrial site in North Little Rock changed hands in a $155,000 deal.
Advanced Cabling Systems LLC of Little Rock purchased the location at the southeast corner of Northshore Place and Northshore Lane from Pfeifer Family Ltd. No. 1, led by Eugene Pfeifer III.
The property previously was linked with a June 2006 mortgage of $2.4 million held by Little RockÕs Bank of the Ozarks.
The property was bought in May 2000 for $2.1 million as part of a 600-acre deal with Karen Smith Riecke and North Shore Ltd., led by Harold Tenenbaum.
Picture Purchase
A 1.5-acre industrial site in North Little Rock is under new ownership after a $150,000 deal.
Picture This Photography Inc., led by Paula Prowse, acquired the location near the southeast corner of Counts Massie Road and Commerce Cove. The seller is HPS2 Partnership LLC, led by Pete Hornibrook.
The deal is financed with a $150,000 loan from National Bank of Arkansas. The land previously was tied to a September 2005 mortgage of $105,000 held by One Bank & Trust of Little Rock.
HPS2 purchased the location for $85,000 in September 2005 from Country Club Development LLC, led by John Wright.
Construction Funding
Construction of a west Little Rock nursing home project is backed with a $6.1 million funding agreement.
Chenal Arkansas LLC, led by Zev Karkomi and Craig Bernfield, obtained the three-year loan from First Security Bank of Searcy.
The nearly 7.3-acre site near the southeast corner of Chenal Valley Drive and Chenal Heights Drive was bought for $1.4 million in June 2006 from the Arkansas Teacher Retirement System.
Industrial Financing
An industrial development in south Little Rock is financed with a $1.35 million mortgage.
Southern Marine LLC, led by Ricky Willis and Thomas Tarver, received the five-year loan from Malvern National Bank.
The 9.2-acre Southern Marine & PWC Supplies development at 3201 W. 65th St. previously was linked with a February 2006 mortgage of $3.8 million held by the bank. Southern Marine acquired the site for $395,000 in June 1999 from Elizabeth Brandon.