340 Acres in WLR Sells for $2.6 Million

by George Waldon  on Monday, Aug. 22, 2005 12:00 am  

Acreage Acquisition

About 340 acres of undeveloped residential property tipped the scales at $2.6 million in west Little Rock.

Rocket Properties LLC, led by Ron Tyne, bought the land near the southeast corner of Kanis and Cooper Orbit roads for future expansion of the Woodlands Edge project. The seller was Elgor Inc., led by Robert Wilson Sr.

The Wilson family assembled much of the land in two transactions: Emma Hardy, $4,000 in April 1960; and the estate of T.E. Ellis, an undisclosed sum in September 1965.

Bank Land

A future bank site in west Little Rock sold for $1.79 million (more than $20 per SF).

First Security Bank of Searcy purchased the 2-acre location on the north side of Cantrell Road between Chenonceau and Ranch boulevards from FCC Tract D Partnership, led by Ed Willis.

The property was acquired in the name of Ranch Properties nearly 11 years ago as part of a $2.66 million transaction with a related entity — Johnson Ranch Partnership, also led by Willis.

The partnership bought the land in August 1984 as part of a $2.15 million land deal with Johnson Land Co., led by Glenn H. Johnson.

Villages Transaction

A 19-acre residential development in Maumelle is in motion after a $1.33 million land deal.

River Crossing Partners LLC, led by Clint Aguiar, Gary Washam and Robert Aguiar, acquired the land on Odom South Boulevard south of Blue Mountain Drive for The Villages at Newbedford project. The seller is Odom Boulevard LLC, led by Gene Pfeifer III.

The project is funded with a $2.5 million loan from National Bank of Arkansas in North Little Rock. The property previously was tied to a May 2003 mortgage of $700,000 held by Metropolitan National Bank of Little Rock.

Odom Boulevard purchased the land for $701,000 more than two years ago from Capitol Development of Arkansas Inc., led by Michael Todd.

Industrial Dirt

More than 47 acres of industrial land in North Little Rock changed hands in an $855,000 deal.

Byron House bought the property on Industry Drive from the Herschel H. Friday estate, William Patton, William Terry, William Cravens, William Sutton, the Boyce Love Testamentary Trust and two Charles Cella-led entities: Oaklawn Jockey Club Inc. and Southwestern Enterprises Inc.

The group acquired the land in December 1975 from the estate of Rease Mitcham as part of a $320,450 deal.

Pleasantwood Lots

Twenty residential lots in Maumelle rang up a $678,000 transaction.

Rausch Coleman Mid Ark LLC, led by Judy Titsworth, purchased the property in the Pleasantwood subdivision. The seller is ERC Land Development Group LLC of Barling.

The deal is financed with a pair of one-year loans totaling $2.1 million from Bank of the Ozarks in Little Rock.

The property previously was used to help secure a July 2003 mortgage of $3.6 million from the bank.

ERC bought the land two years ago as part of a $2.1 million deal with Capitol Development of Arkansas Inc.

Liquor Sale

A 0.3-acre liquor store project in west Little Rock drew a $625,000 deal.

Grayvan Inc., led by Larry Grayson, acquired Interstate Liquor at 10700 W. Markham St. The seller is Lunar Management Co., led by Martha Morrow.

The deal is backed with a three-year loan of $562,500 and a one-year loan of $84,000 from National Bank of Arkansas.

Lunar Management purchased the project for $450,000 in October 1994 from Paul Oglesby, Carolyn S. Bailey and Neylon Oglesby.

Office Assembly

Land for a medical office project in Little Rock was put together in deals totaling $525,000.

University Avenue Development Co., led by John Flake, assembled the 1.6-acre property at the northeast corner of University Avenue and F Street in two deals.

The sellers are Rock House LC, led by Richard Harp, $300,000; and the Barbara and Heywood Weedman Revocable Trust, $225,000.

The deal is funded with a $525,000 loan from Bank of the Ozarks. The Rock House property previously was linked with a March 2004 mortgage of $185,000 held by One Bank & Trust of Little Rock.

Rock House bought its property for $180,000 17 months ago from the Weedman Family Trust, led by Mary Weedman.

The Weedman family assembled the property in six deals with the state of Arkansas in January 1933 and April 1937, Georgia Shipton in February 1944, J.H. and Nina Sheppard in August 1944, Albert and Cecile Heyden in October 1948, and Henry Meirose Jr. and his wife, Sarah, in September 1951.

Riverdale Resale

A commercial project in Little Rock's Riverdale area sold for $375,000.

Kaki Mehlburger and Kirby Whet-stone purchased the 1408 Rebsamen Park Road property from its namesake LLC, led by Gene Cauley.

The deal is financed with a pair of six-month loans totaling $450,000 from BancorpSouth Bank of Tupelo, Miss.

The 0.3-acre project previously was tied to a March 2004 mortgage of $276,250 held by One Bank & Trust.

1408 Rebsamen LLC bought the property for $325,000 17 months ago from Union Building Corp., led by Ron Gettelfinger.

Chenal Abode I

A 4,685-SF home in west Little Rock's prestigious Chenal Circle neighborhood tipped the scales at nearly $1.6 million.

Aaron and Abigail Jones acquired the house from Mark and Kimberly Brockinton. The deal is backed with a $1.2 million loan from Centennial Bank of Little Rock and a $1.2 million loan from the sellers.

The Brockintons purchased the location for $76,000 in March 1990 from Deltic Timber Corp.'s predecessor, Deltic Farm & Timber Co.

Palisades Home

A 3,798-SF home in Little Rock's East Palisades neighborhood changed hands in a $795,000 deal.

Doyle Rogers Jr. and his wife, Carolyn, bought the house from Don and Linda Myers. The deal is funded with a 30-year loan of $636,000 and a three-year loan of $100,000 from Metropolitan National Bank.

The residence previously was tied to a June 2003 mortgage of $195,000 and an October 2002 mortgage of $50,000 held by the bank.

The Myers family purchased the property for $475,000 in June 2001 from the Patricia L. Menz Qualified Personal Residence Trust.

Chenal Abode II

A 4,396-SF home in west Little Rock's Chenal Valley neighborhood rang up a $625,000 deal.

Don and Linda Myers purchased the house from Carl and Kathy Henson. The deal is backed with a five-year loan of $85,000 from Metropolitan Na-tional Bank.

The residence previously was linked with an August 2004 mortgage of $333,700 held by Regions Mortgage Co. of Montgomery, Ala.

The Hensons acquired the homesite for $74,000 in February 2003 from Deltic Timber Corp.

Hickory Hills House

A 6,375-SF home in west Little Rock's Hickory Hills neighborhood is under new ownership after a $675,000 deal.

Johannes and Alexa Gruenwald acquired the house from The Harter Family Revocable Living Trust, led by Scott and Stacy Harter.

The deal is financed with a 15-year loan of $540,000 and a 25-year loan of $101,500 from Bank of America in Charlotte, N.C.

The residence previously was tied to a July 2000 mortgage of $50,000 and an April 2004 mortgage of $300,000 held by Regions Bank of Birmingham, Ala.

The Harters bought the property for $540,000 in October 1996 from John Davis III and his wife, Jessica.

Scenic Residence I

A 3,300-SF home in Little Rock's Scenic Heights neighborhood drew a $625,000 transaction.

Bolton and Ginger White bought the house from the Cleo Davis Revocable Trust. The deal is funded with a 15-year loan of $150,000 from Bank of the Ozarks.

The Davis family purchased the property for an undisclosed sum in April 1964 from Jack and Florence Chesnutt.

Scenic Residence II

A 3,465-SF home in Little Rock's Scenic Heights neighborhood sold for $580,000.

The Pappas Family Revocable Living Trust, led by James Pappas, acquired the house from Philip Deer III and his wife, Lynda.

The deal is financed with a $580,000 loan from One Bank & Trust. The residence previously was linked with a May 2003 mortgage of $445,000 held by Simmons First Bank of Pine Bluff.

The Deers bought the property for $363,000 in May 1995 from the estate of Janis Henderson.

Chenal Abode III

A 5,800-SF home in west Little Rock's Chenal Valley neighborhood changed hands in a $575,000.

John and Michele Towne purchased the house from Phase III Inc., led by David Pickering Jr.

The deal is backed with a 30-year loan of $499,999 from United Bank of Springdale. The residence previously was tied to a June 2004 mortgage of $440,000 held by Bank of the Ozarks.

Phase III acquired the location for $60,000 14 months ago from Deltic Timber Corp.

 

 

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