Goodwill Purchase Tops $1.6 Million (Real Deals)

by George Waldon  on Monday, Oct. 1, 2012 12:00 am  

A tenant turned owner in a west Little Rock transaction that weighed in at $1.65 million.

Goodwill Industries of Arkansas Inc., led by Brian Itzkowitz, bought its 33,000-SF donation center at 109 Markham Park Drive. The seller is SS One of Arkansas LLC, led by Larry and Mark Middleton.

The 3.07-acre development previously was tied to a June 2010 mortgage of $1.08 million held by IberiaBank of Lafayette, La.

SS One acquired the vacant Circuit City project for $1.4 million more than two years ago from CC Acquisitions Ltd., a subsidiary of New York Life Insurance Co.

CCI Trust 1994-I of Wilmington, Del., forfeited the property to CC Acquisitions in lieu of foreclosure in May 2009. The trust purchased the project for $3.45 million in November 1994 from Circuit City Stores Inc. of Richmond, Va.


Warehouse Acquisition

A 100,000-SF warehouse in south Little Rock changed hands in a $1 million sale.

Ben Davis purchased the Western Food facility at 4717 Asher Ave. from Sysco USA II LLC of Houston, Texas.

The deal is financed with a five-year loan of $1.05 million from One Bank & Trust of Little Rock.

Sysco bought the 10.4-acre development for $3.5 million in December 2005 from Western Foods Inc., led by Anthony Huffman.


Multifamily Sale

A 14-unit apartment project in downtown Little Rock rang up a $510,000 deal.

Karcher Capital LLC, led by Hamlin Au, acquired the 503 E. Seventh St. project. The seller is D. Taylor Investment Properties LLC, led by Deborah Taylor.

The deal is backed with five-year loans of $382,500 from Wells Fargo Bank of Sioux Falls, S.D., and $25,000 from the seller.

The 0.39-acre development previously was linked with a February 2008 mortgage of $429,250 held by Little Rock's Bank of the Ozarks.

The property was purchased for $505,000 more than four years ago from the Ronald Kenneth Young Revocable Trust.


Atrium Acquisition

A 12,000-SF office building in downtown Little Rock is under new ownership after a $421,000 sale.

The Greg L. Hatcher Revocable Living Trust bought the Atrium Building at 513 Center St. from 513 Center Street LLC, led by Brian Clark.

The deal is funded with a five-year loan of $420,000 from Arvest Bank of Fayetteville. The 0.09-acre development previously was tied to a November 2005 mortgage of $510,000, a March 2006 mortgage of $24,225 and a December 2009 mortgage of $15,000 held by BancorpSouth Bank of Tupelo, Miss.

The property was acquired for $350,000 in November 2005 from John and Phyllis Kincannon.


Germay Abode I

A 5,821-SF home in the Germay Court neighborhood of west Little Rock's Chenal Valley development tipped the scales at $819,000.

William Davis purchased the house from Rich and Betsy Eckardt. The deal is financed with a 30-year loan of $417,000 from Delta Trust Mortgage Inc. of Little Rock and a $278,588 loan from Delta Trust & Bank of Little Rock.

The residence previously was linked with an April 2009 mortgage of $417,000 held by CitiMortgage Inc. of O'Fallon, Mo.

The property was bought for $875,000 in March 2009 from Rick Turner and Martha Turner.


Longfellow Residence

A 3,156-SF home near the Country Club of Little Rock drew a $775,000 transaction.

1 Longfellow Circle Revocable Trust, led by Randy Mourning, acquired the house. The seller is Mertinsharris LLC, led by Garry Mertins and Chris Harris.

The deal is backed with a 30-year loan of $417,000 and a five-year loan of $83,000 from One Bank & Trust.

The residence previously was tied to a November 2005 mortgage of $800,000 and a March 2007 mortgage of $150,000 held by One Bank.

The property was purchased for $440,000 in November 2005 from the estate of Miriam Selz.


Germay Abode II

A 5,650-SF house in Germay Court neighborhood sold for $660,000.

Tamer Alsebai and Loulouh Bacha bought the house from the Usher Joint Revocable Trust, led by Arshad and Sadia Malik.

The deal is funded with a 15-year loan of $460,000 and a 25-year loan from U.S. Bank of Cincinnati.

The residence was purchased for $725,000 in February 2008 from Brad and Amy Baltz.

The Baltz family acquired the house for $840,000 in July 2005 from Billy Hartness Construction Co.


Mann Funding

Redevelopment of a historic seven-story downtown office building is backed with a $19.6 million funding agreement.

Mann Development LLC, led by Tommy Lasiter and Jimmy Moses, obtained the 30-year loan from Heartland Renaissance Fund Sub III LLC of Little Rock.

The project encompasses the 112,000-SF Blass Building at 324 Main St., which once served as the Worthen Administration Center and the flagship store of Blass Department Stores before that, along with the neighboring 29,700-SF annex at 312 Main St.

The 1.2-acre development will include an adjoining 300-car parking garage under construction at the northeast corner of Fourth and Louisiana streets.

Developer Doyle Rogers bought the property for $850,000 in December 1999 from Argora Properties Ltd. of Dallas, led by Michael Loftis.

The property carried a value of $500,000 when it was transferred from Rogers into the name of Mann Project LLC in June. Ownership shifted to Mann Development in July.



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