Evergreen Place Deal Totals Nearly $1.4 Million (Real Deals)

by George Waldon  on Monday, Oct. 8, 2012 12:00 am  

A 50 percent stake in a midtown Little Rock office building shifted ownership in a $1.39 million sale.

Rector Phillips Morse Inc. of Little Rock acquired half of the 56,165-SF Evergreen Place project at 1100 N. University Ave.

The sellers were RPM Realty Fund, led by Pete Hornibrook, 42.5 percent for $1.32 million; and Tait Family Ltd., led by Diane Tait, 7.5 percent for $67,000.

The 4.28-acre development was purchased for $2.17 million in September 1982 from Prudential Insurance Co. of America in Newark, N.J.

 

Westside Acquisition

Redevelopment of Little Rock's Westside YMCA is following a $1.3 million transaction.

Arkansas Sports Medicine LLC, led by Drs. James Tucker Jr. and Eric Gordon, bought the project at 4701 Sam Peck Road from the Young Men's Christian Association of Metropolitan Little Rock.

The deal is financed with five-year loans of $1.1 million and $260,000 from Summit Bank of Arkadelphia.

The 1.8-acre property previously was linked with a January 2004 mortgage of $125,000 held by Twin City Bank of North Little Rock.

The 5.4-acre property was given to the YMCA in June 1975 as part of an 8.4-acre gift from Little Rock Sports Association.

The LRSA partners included William Humphries Jr., and his wife, Sarah, Charles Patterson Jr., and his wife, Lea, Michael and Sandra Keeran, Glenn and Jane Schultz, Sam and Sandra Beavers, J.T. and Hazel Laman and John and Mary Brooks. 

 

VAPS Purchase

A 7,600-SF commercial project in southeast Little Rock is under new ownership after a $417,000 deal.

VAPS Investment Group LLC, led by Avtar Momi, purchased the 11200 Arch St. Pike project from Tracy and Mary Bush.

The deal is backed with a $387,000 loan from HomeBank of Arkansas in Damascus and a $30,000 loan from the sellers.

The 1.64-acre development was recovered in April 2011 from Doug and Sonjia Loftis at a $150,000 foreclosure sale.

The property was bought for $90,000 in January 1999 from the Humane Society of Pulaski County.

 

RNR Transaction

A 0.52-acre commercial site in west Little Rock changed hands in a $200,000 sale.

RNR Investments LLC, led by Donald Park II, acquired the land adjoining the west side of Colonial Wine & Spirits at 11200 W. Markham St. The sellers are David and Pauline Charton.

The deal is funded with a five-year loan of $650,000 from Cross County Bank of Wynne.

The Chartons purchased the parking lot for $330,000 in May 1996 from Joe and Margaret Whisenhunt.

 

River Ridge Home

A 4,595-SF home in Little Rock's River Ridge Pointe neighborhood tipped the scales at $870,000.

Eric and Thea Rosenbaum bought the house from Barry and Catherine Morton. The deal is financed with a 15-year loan of $416,999 from Wells Fargo Bank of Sioux Falls, S.D.

The Mortons acquired the residence for $850,000 in July 2009 from the Richard E. Leithiser Jr. Revocable Trust.

 

Deauville Place Abode

A 5,231-SF home in west Little Rock's Deauville Place neighborhood of the Chenal Valley development rang up a $690,000 transaction.

Wilton Steed Jr. and his wife, Karen, purchased the house from Joel Jackson III and his wife, Susan.

The deal is backed with a 30-year loan of $370,000 from Regions Bank of Birmingham, Ala.

The residence previously was tied to an October 2010 mortgage of $648,000 held by ING Bank of Wilmington, Del.

The site was bought for $141,000 in September 2005 from M&M Custom Builders Inc., led by Mike Kuhn.

 

Rural Residence

A 3,184-SF home in west Pulaski County sold for $520,000.

Jon and Jennifer Harrison acquired the house from Barry and Piper Thomas.

The 10.8-acre spread previously was linked with a February 2003 mortgage of $255,000 held by Pulaski Mortgage Co. of Little Rock. The location was purchased for $120,000 in February 1992 from Steven Napper and Teresa Napper.

 

Apartment Construction

A 180-unit expansion of a North Little Rock apartment project is in motion with a $14.2 million funding agreement.

BC Group III LLC, led by John Burkhalter, got the three-year loan from Arvest Bank of Fayetteville. The 6.6-acre development marks the third phase of Fountaine Bleau Apartments at 10801 Paul Eells Drive.

The location is part of the 40-acre Maumelle Golf Driving Range that Burkhalter bought for $1.96 million in March 2007 from John and Mary Hearnes.

 

Gateway Funding

A 168.8-acre commercial property in southwest Little Rock is securing a $3.5 million financial package.

Town Center LLC, led by Tommy Hodges, received the two-year loan from Malvern National Bank.

The Gateway Town Center acreage previously was tied to an October 2008 mortgage of $3.2 million held by First National Bank of Hot Springs.

The land was part a four-part assembly of 176 acres in January 2002 deals totaling more than $2.4 million.

The sellers were Canadian Pacific Properties Inc. of Alberta, Calgary, $1.46 million; Otter Creek Development Co. LLC, led by Robert McGinnis and Byron Eiseman, $784,000; Cynthia Keaton, $143,000; and Jennifer Mae Kochtitzky Trust No. 2, $81,390.

 

 

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