12-acre Sherwood Site Sells for $2.8 Million (Real Deals)

by George Waldon  on Monday, Apr. 18, 2005 12:00 am  

Retail Land

A 12-acre retail site in Sherwood rang up a $2.8 million deal (about $5.50 per SF).

Sherwood Forest LLC, led by San Antonio developer Paul Blackburn, bought the location at the southwest corner of Wildwood Avenue and U.S. Highway 67/167.

The sellers are David and Rose Wells; Claude Wells Jr. and his wife, Sally; and Stephen Wells. Family ownership of the land dates back to December 1937. The 140,000-SF center is backed with a pair of loans totaling $6.8 million from International Bank of McAllen, Texas.

Inn Transaction

A 50-room motel in Jacksonville changed hands in a $1.5 million deal.

Vrindavan LLC, led by Mayur Desai and Ashok Patel, purchased the Cranbury Inn & Suites at 2110 John Hardin Drive.

The seller is Jacksonville Motel LLC, led by Nilesh Patel.

The deal is financed with a $1.36 million loan from Metropolitan National Bank of Little Rock and a 20-year loan of $578,000 from Arkansas Certified Development Corp. of Little Rock.

Jacksonville Motel bought the 3.1-acre site for an undisclosed sum in May 2002 from Little Rock Air Force Base Historical Foundation Inc., led by Ben Rice.

Steel Deal

Related Houston entities were buyers in two North Little Rock deals totaling $1.3 million.

Metal Building Components Ltd. acquired the near 5-acre Heritage All Steel Homes project at 2612 Gribble St. for $720,000. Steelbuilding Acquisitions Inc. purchased the 13.7-acre Battery Warehouse project at 7810 Industry Drive for $620,000.

The seller in both deals is House Properties Inc., led by Prince House. The properties previously were tied to a pair of October 2002 mortgages of $500,000 held by Metropolitan National Bank of Little Rock.

The properties were assembled as part of deals totaling $468,000. The biggest was the Herschel Friday estate, William and Peggy Sutton, William and Elizabeth Terry, Wil-liam and Kay Patton, William and Mary Lou Cravens, and Oaklawn Jockey Club Inc., led by Charles Cella, $224,000 in August 1996.

Others included North Bank Properties Inc., led by Judy Hughes, $80,000 in May 1988; Roy Glover, $66,000 in February 1996; Bertie Bennett, $50,000 in July 1997; Ola Dougan, $28,000 in April 1998; and Louis and Glendere Benn, $20,000 in May 1989.

Boyle Buy

A historic 12-story office building in downtown Little Rock drew a $600,000 deal. Tower Investments LLC of Woodland, Calif., bought the 100,000-SF Boyle Building at 103 W. Capitol Ave.

The sellers were Boyle Realty, led by Joel Ledbetter, $200,000; The Milton and Gatha Brack Revocable Trust and Jacqueline Power, $100,000 each; John Aymar Jr. and MMC Ltd., led by A. Dan Phillips, $75,000 each; and Mary Elizabeth King, $50,000.

The building site originally was assembled by Jacob Brack for $700. The sellers were Chester Ashley and Roswell Beebe, $400 in November 1847, and Beebe, $300 in January 1853.

Opened in 1911 as the State National Bank Building, the bank soon went into receivership. That resulted in a December 1916 sale to Boyle Building Co., led by Johnny Boyle.

That $275,000 transaction added up to $142,000 cash and the assumption of a $133,000 mortgage.

Lowry Acquisition

A commercial property in North Little Rock is under new ownership after a $425,000 deal.

Real Estate Commercial I Inc., led by Byron McKimmey, purchased the 0.8-acre project at 5121 Warden Road. The seller is Lowry Corp., led by A.J. and Steven Lowry.

The former Rich Interiors Anti-ques & Decorative Market location previously was linked with an August 1997 mortgage of $800,000 held by Superior Federal Bank of Fort Smith.

The Lowrys purchased the property for $145,000 in September 1982 from The Crestwood Co., led by James Matthews.

Future Expansion

A 1.7-acre property in west Little Rock sold for $250,000.

La Palapa LLC, led by Ross Phillips and Desiderio Juarez, ac-quired the parcel adjoining the south side of the La Palapa restaurant at 18321 Cantrell Road. The sellers are Doris Clifton and Don, Mark and Michael Stone.

The deal is funded by a five-year loan of $200,000 from Pulaski Bank & Trust of Little Rock.

The Stone family bought the property for an undisclosed sum in April 1965 from Glendon and Norma Floyd.

Million-Dollar Manor

A 4,176-SF home in Little Rock's prestigious Edgehill neighborhood tipped the scales at $2.25 million.

Steven Cauley purchased the house from Joe and Janinne Giroir.

The deal is funded with a 15-year loan of $1.68 million from Bank of America in Charlotte, N.C. The residence previously was tied to three mortgages totaling $1.55 million held by Metropolitan National Bank.

The Giroirs acquired the home for an undisclosed sum in May 1969 from Betty Graham.

Residential Redo

A remodeled/enlarged 2,368-SF home near the Country Club of Little Rock changed hands in a $775,000 deal.

Mariann Harrington bought the house from Zipco of Little Rock Inc., led by Joseph Prause. The deal is financed with a two-year loan of $782,750 from Allied Bank of Little Rock.

The residence previously was linked with an April 2004 mortgage of $660,000 held by the bank. Zipco purchased the property for $495,000 in April 2004 from Mark and Rebecca Cate.

Hickory Home

A 5,600-SF home in west Little Rock's Hickory Pointe neighborhood rang up a $732,000 deal.

Victor Williams acquired the house from Billy Hartness Construction Co. The deal is backed with a 30-year loan of $582,350 from Countrywide Bank of Dallas and a $150,000 loan from Regions Bank of Birmingham, Ala.

The residence previously was tied to a January 2004 mortgage of $509,000 from Bank of the Ozarks in Little Rock.

The location was bought for $100,000 in March 2003 from George Gleason II.

Chenal Sale

A 5,172-SF home in west Little Rock's Chenal Valley neighborhood drew a $557,000 deal.

Dennis and Kathleen Williams purchased the house from John and Frances Chism.

The transaction is funded with a 10-year loan of $140,000 from First Financial Bank of El Dorado.

The Chisms acquired the location for $95,000 in December 1996 from Mark Schlesinger.

Overlook Abode

A 4,613-SF home in Little Rock's Overlook Park neighborhood sold for $540,000.

Michael and Sharon Moore bought the house from Gunnar Gibson. The deal is financed with a 30-year loan of $432,000 from Bank of the Ozarks.

The residence previously was linked with a July 1993 mortgage of $149,990 held by Source One Mortgage Corp. of Farmington Hills, Mich.

Gibson purchased the property for $280,000 in March 1991 from Max and Carolyn Davis.



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