Maumelle Warehouse Sells for $14.1 Million

by George Waldon  on Monday, Sep. 23, 2002 12:00 am  

Scholastic Acquisition

A 497,200-SF warehouse project in Maumelle changed hands in a $14.1 million deal.

Scholastic Distribution Services Inc. of New York City bought the 75-acre project at 104 Champs Blvd. from Warmack-Warehouse Ltd. of Texarkana, Texas.

The limited partnership purchased the land in September 1988 for $351,000. The sellers were Carl Miller Jr. and Robert Miller, $117,000; W.F. Rector Family Trust, $103,000; Louis Nelson and James Lasley, trustee, $58,000 each; Violet Hayes Grandchildren Trust and Thomas Hayes, $4,000 each; Sarah Jane Smith and Harry Hayes, $3,000 each; and Kathryn Hayes, $1,000.

W.F. "Billy" Rector and Ernest Phillips acquired the land for $22,421 through Floyd Fulkerson in May 1956 from Paul and Eunice May.

Belle Pointe Abode

A 5,602-SF home in the Belle Pointe neighborhood of west Little Rock sold for $600,000.

Joseph and Brenda Blankenship purchased the house from Brad and Kaye Baltz. The residence previously was tied to a September 1998 mortgage of $725,600 held by Central Mortgage Co. of Little Rock.

The Baltz family bought the house for a reported $914,000 four years ago from Steve and Terry Williams.

The Williams family acquired the home site for an undisclosed sum in May 1994 from Carriage Creek Property Owners District No. 639 of Little Rock.

The special improvement district entered the ownership picture after Melvyn Bell defaulted on bond payments that financed the street and utility work of the development.

Heights Home

A 3,258-SF home near the Country Club of Little Rock rang up a $585,000 transaction.

The Briant and Ellis Noland Revocable Trust acquired the house from Howard and Stacy Hurst. The deal is financed with a 30-year loan of $568,000 from Merrill Lynch Credit Corp. of Jacksonville, Fla.

The residence previously was linked with a February 1998 mortgage of $300,000 held by One National Bank of Little Rock.

The Hursts bought the property for $164,000 in February 1994 from Retha Lange. Retha and Harry Lange purchased it for an undisclosed sum in September 1945 from R.M. and Wynona Allison.

Riverview Residence

A 5,466-SF home in the Riverview Manor neighborhood of Little Rock drew a $533,000 sales price.

Gina and Gregory Wood bought the house from Christopher and Elizabeth Maris. The deal is financed with a 30-year loan of $300,000 from Merrill Lynch Credit Corp.

The residence previously was tied to a January 2002 mortgage of $366,000 held by Bank of Little Rock Mortgage Co. and a $50,000 mortgage held by Bank of Little Rock.

The Maris family purchased the home for $433,000 in October 2000 from Ellen Siebert. Ellen and Allan Siebert acquired it for $330,000 in April 1988 from Donald, Gayle and Vicki Leonard.

Cookie Dough

A North Little Rock cookie plant was used to help secure a $38 million financial package.

Bake-Line Group LLC of Pittsburgh obtained the funding agreement from Geosor Corp. of New York City.

Bake-Line purchased the 2.5-acre Jackson Cookie 2.5-acre development at 113 S. Olive St. in April 2002 from Consolidated Biscuit Co. of McComb, Ohio, in a transaction valued at $750,000. The deal includes a near half-acre site on the south side of the 700 block of East Washington Avenue.

The property previously was linked with a $60 million funding agreement with Comerica Bank of Detroit.

Pharmacy Financing

The owner of a Walgreens store in south Little Rock picked up a $3.1 million mortgage.

Maxsam Pharmacies Arkansas LLC of San Francisco secured the 10-year loan from Midland Loan Services Inc. of Kansas City, Mo.

A related entity, Maxsam Capital Corp., acquired the 1.8-acre development at 3710 S. University Ave. for $3.7 million in December 2001.

The seller was BCD Arkansas Ltd. of Baytown, Texas, led by James E. Cox.

Bloks Mortgage

The owner of a pair of commercial projects landed a $2.8 million funding agreement.

Bloks LLC, led by Charles David-son, received the two-year loan from Superior Federal Bank of Fort Smith.

The 7,556-SF Shackleford Center at 240 S. Shackleford Road previously was tied to a 1992 mortgage of $555,000 held by One Bank & Trust of Little Rock.

Shackleford Partnership, a predecessor of Bloks, bought the 0.68-acre property for $630,000 in September 1990 from First National Bank of Fayet-teville.

The 0.33-acre Arkansas Cycling & Fitness development at 3010 E. Kiehl Ave. previously was linked with a May 1996 mortgage of $112,049 held by Eagle Bank & Trust of Little Rock and a June 1998 mortgage of $125,000 held by National Bank of Arkansas in North Little Rock.

Kiehl Avenue Partnership, a predecessor of Bloks, purchased the property, which includes an adjoining 0.6-acre parcel, for $163,000 in September 1990 from Larry and Phyllis Griffith.

Legal Funding

A Little Rock law firm secured a $2.3 million financial package. Wright Lindsey & Jennings LLP obtained the mortgage from Bank of America.

The funding is backed with the law firm's leasehold interest in office space on five floors of the Bank of America Plaza totaling 52,255 SF. The 10-year lease involves space on the 18th, 20th-21st and 23rd-24th floors.

Argora Properties Ltd. of Dallas, led by Michael Loftis, acquired the 24-story office building at 200 W. Capitol Ave. for $6.8 million in April 1998 from Bank of America's predecessor, Na-tionsBank.

Academy Assets

Gymnasium and classroom space at Southwest Christian Academy in Little Rock is backed with a $1.6 million funding agreement.

James Stewart Jr. and his wife, Sharon, secured the one-year loan from Superior Bank.

The two-acre development previously was tied to an October 2000 mortgage of $1.36 million and a July 2001 mortgage of $275,000 held by the bank.

The Stewarts assembled the land in two deals totaling $28,000. The sellers were Charity Community Church, $18,000 in November 1993; and James and Jearline Davis, $10,000 in December 1993.

Financial Paving

The owner of a south Little Rock enterprise picked up a $1.25 million mortgage.

Asphalt Products LLC, led by Michael Lasiter, received the three-year loan from Arvest Bank.

The near 4.5-acre project at 711 Delta Drive previously was linked with an April 1996 mortgage of $750,000 held by Metropolitan National Bank of Little Rock.

Lasiter bought the property for $112,000 in August 1995 from H.C. Auto Service Inc., led by W.F. Huf-fstutlar.

North Shore Loan

A 2.6-acre commercial development in North Little Rock is backed with a $720,000 mortgage.

Rosenbaum Brothers, led by Carl and Charles Rosenbaum, received the three-month loan from Superior Bank.

The Rosenbaum Brothers project at 4801 North Shore Drive previously was tied to a December 1999 mortgage of $150,000 held by Regions Mort-gage Co.

Rosenbaum Brothers purchased the property for $555,000 nearly three years ago from KCS Inc., led by Sid Rosen-baum.

Mortuary Mortgage

A Little Rock mortuary landed a $700,000 financial package. Ruffin & Jarrett Funeral Home Inc. obtained the five-year loan from Elan Services Inc. of Little Rock.

Ruffin & Jarrett assembled the 2.3-acre property at 1200 S. Chester St. in two buys totaling $75,000. The sellers were Eagle Life Insurance Co., led by U.S. Brown, $65,000 in May 1971; and Willie Laster, $10,000 in December 1983.



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