Auto Dealership Property Draws $2.4 Million Sale (Real Deals)

Home

Auto Dealership Property Draws $2.4 Million Sale (Real Deals)

by George Waldon on Monday, Sep. 3, 2012 12:00 am

A greenery enterprise in Little Rock and related properties are backing a $2.46 million mortgage. Paul Allen Smith Jr., above, and his Smithfield Properties LLLP got the loan from Centennial Bank of Conway.

The sale of a west Little Rock auto dealership property tipped the scales at $2.4 million.

Rowan Development LLC, led by Jacob Chi, bought the former home of Crain Mazda (and more recently Ellis Infiniti) at 12206 W. Markham St. The seller is Crain Investments Ltd., led by Larry Crain Sr.

The deal is backed with a five-year loan of $2.5 million from IberiaBank of Lafayette, La. The 2.98-acre development previously was tied to an April 2012 mortgage of $1.7 million held by Larry Crain Sr.

Crain Investment acquired the property in December 2003 in a $3 million real estate swap with Carlton Properties Ltd., led by Bill Carlton and Steve Smith.

Crain traded two Applebee's Neighborhood Grill & Bar projects at 12110 Chenal Parkway in west Little Rock and 4333 Warden Road in North Little Rock.

More land was added in a separate $248,000 deal with Carlton.

Law Office Transaction

A 3,000-SF office property in downtown Little Rock is under new ownership after a $311,000 deal.

Holleman & Associates, led by John Holleman, purchased the 1008 W. Second St. project. The seller is 1008 West Second Street Trust, led by Scott Fletcher.

The 0.17-acre development previously was linked with a January 2010 mortgage of $275,750 originated by Arkansas Bankers' Bank of Little Rock.

The trust bought the property for $330,000 more than two years ago from Arkansas Bankers' Bank.

Industrial Purchase