Crackerbox Properties Top $16 Million in Pulaski County (Real Deals)

by George Waldon  on Monday, Oct. 22, 2012 12:00 am  

The Little Rock convenience store at 8821 Fourche Dam Pike topped the chart among Valero’s Pulaski County Crackerbox acquisitions.  Sales price: $3.8 million. (Photo by Michael Pirnique)

Seven convenience stores in Pulaski County were sold in deals totaling more than $16 million.

Valero Arkansas Retail LLC of San Antonio bought the Crackerbox properties from four affiliates of the Hot Springs chain: Crackerbox LLC, Gardner Oil Co. and RMG Crackerbox LLC.

The projects were:

  • 8821 Fourche Dam Pike in east Little Rock, $3.8 million. The 3.87-acre site was assembled for $567,000 in deals with the city of Little Rock in October 2001 and August 2002.
  • 9250 Brockington Road in Sherwood, $2.6 million. The 2.36-site was purchased for $687,000 in March 2004 from Austin Lakes on the Bay LLC, led by Marian Botsford.
  • 9702 Hwy. 165 in North Little Rock, $2.5 million. The 3.35-acre site was acquired for $288,000 in January 2007 from John and Jeanette Atkins.
  • 4723 Maumelle Blvd. in North Little Rock, $2.22 million. The 2.06-acre site was bought for $277,000 in July 1999 from the Vestal Family Charitable Remainder Unitrust, led by Ken and Frances Vestal.
  • 14000 Kanis Road in west Little Rock, $2.18 million. The 1.92-acre site was purchased for $535,000 in April 2007 from BCC Real Estate Inc., led by Carl Hunt. The project previously was tied to a January 2009 mortgage of $2.2 million held by Twin City Bank of North Little Rock.
  • 8822 Stagecoach Road in southwest Little Rock, $1.79 million. The 1.39-acre site was acquired in February 1998 as part of a $500,000 deal with Shur-Value Stamps Inc., a Jerry Davis-led subsidiary of Little Rock's Affiliated Foods.
  • 10402 Mabelvale West Road in southwest Little Rock, $934,000. The 1.28-acre site was bought for $150,000 in December 1993 from The Jonas Co. Partnership, led by David and Betty Jones and Silas and Alice Askins.

Sudsy Purchase

A carwash project in southwest Little Rock is under new ownership after a $575,000 deal.

Sudsy Car Wash LLC, led by Tracy and Terre Tisdale, acquired the 8001 Geyer Springs Road property from Simmons First National Bank of Pine Bluff.

The deal is backed with a three-year loan of $463,063 from Little Rock's Bank of the Ozarks. The 0.52-acre development previously was linked with a December 2005 mortgage of $1.4 million held by the bank.

Only $100,000 was booked as outstanding when Simmons recovered the project seven months ago from Suds of Central Arkansas LLC, led by Stanley Rogers.

The limited liability company bought the property for $450,000 in December 2005 from Diamond State Oil Co., led by Michael Coulson.

Office Reclamation

A 9,220-SF office building in west Little Rock changed hands in a $435,000 sale.

RJB Limited LLC, led by Jan and Rex Bell, purchased the 1501 Macon Drive project from Metropolitan National Bank of Little Rock.

The deal is financed with a five-year loan of $350,000 from One Bank & Trust of Little Rock. The 0.73-acre development previously was tied to a March 2002 mortgage of $669,150 held by Metropolitan.

The bank recovered the property from NFC National Marketing Inc., led by Phil Elkins, in October 2011 at a $475,000 foreclosure sale.

The bank landed a $528,000 judgment against NFC and Elkins in June 2011. NFC acquired the project in September 1999 for $690,000 from BLM/LEC LLC, led by William and Mary Cheek.

Rural Acreage

Nearly 13 acres in west Pulaski County rang up a $200,000 transaction.

Johnson Brothers Investments Inc., led by Bartt, Robert and Brett Johnson bought the land near 40710 Hwy. 10 from John and Melba Presley.

The Presleys purchased the property for $45,000 in February 2000 from Herman and Helen Powers.

Prospect Home

A 5,424-SF home in Little Rock's Prospect Terrace neighborhood tipped the scales at $1.1 million.

John Conner III and his wife, Heather, acquired the house from Heartsill Ragon III and his wife, Claudia.

The deal is funded with a 30-year loan of $880,000 from One Bank & Trust. The residence previously was linked with a March 2012 mortgage of $398,159 held by Wells Fargo Bank of Sioux Falls, S.D.

The Ragons bought the property for $934,000 in June 2001 from Gaston Gibson Jr. and his wife, Julia.

Condo Buy

A 1,944-SF condo in downtown Little Rock rang up a $569,000 sale.

John and Laurie Eckart purchased the 13th floor unit in the 300 Third project from Premier Property Development LLC, led by Don Osmon.

The property previously was tied to a June 2007 mortgage of $572,125 held by River Town Bank of Dardanelle.

Premier acquired the condominium for $603,000 in June 2007 from 300 Third LLC, led by Jimmy Moses and Rett Tucker.

Woodland's House

A 4,423-SF home in west Little Rock's Woodland's Edge neighborhood drew a $550,000 transaction.

Billy and Marilyn Lefear bought the house from Hometime Builders Inc., led by Jim Hastings Jr.

The deal is backed with a 30-year loan of $417,000 and a 25-year loan of $50,000 from U.S. Bank of Cincinnati.

The residence previously was linked with an October 2011 mortgage of $424,000 held by BancorpSouth Bank of Tupelo, Miss.

The location was purchased for $77,000 in October 2011 from Rocket Properties LLC, led by Ron Tyne.

Trucking Mortgage

A 37.5-acre trucking terminal development in North Little Rock is helping back a $100 million funding agreement.

Transport Realty Inc. of Fort Smith received the five-year loan from U.S. Bank.

The site for the 130,000-SF ABF Freight System facility at 3100 Springhill Road was acquired for $1.04 million in September 1978 from General Properties Inc., led by James P. Matthews.

Cross Street Funding

About 77.5 acres in North Little Rock is securing a $35 million financial package.

Cross Street Service Inc., led by Don Salmon obtained the five-year loan of $20 million and a one-year revolving line of credit of $15 million from U.S. Bank.

The property on the west side of Forrester Road between East McCain Boulevard and East 46th Street largely was assembled in a dozen deals totaling nearly $4.3 million.

The sellers were: Yelenich  Family Trust, led by R.J. Yelenich, $1.58 million in September 2002; Woodcrest Co. LLP, led by James A. Matthews, $1.08 million in April 2002; Billy and Linda Morden, Wendall and Dianna Nicholson, $375,000 in March 2009; Sophia Brents, $245,000 in June 1997; Laverne Jones, $204,000 in April 1994; Louise McKee, $185,900 in June 1990; Dorothy Crone, $165,000 in November 1995; Maud Melvin, $140,000 in June 1998; Thelma Reed, $125,000 in July 1998; Rylwell LLC, led by Stephen Whitwell, $100,000 in March 2005; Louise McKee, $50,000 in June 1990; and Billy Joe and Kathleen Reed, $18,000 in August 1998.

Meadows Financing

Construction of 55 rental houses in Jacksonville is in motion with mortgages totaling $4.7 million.

Jacksonville Partnership for Housing Ltd., an affiliate of the Jacksonville Housing Authority, got 40-year loans of $3.8 million from Prudential Huntoon Paige Associates LLP of Dallas and $500,000 and $450,000 through the Arkansas Development Finance Authority of Little Rock.

The Meadows property, north of Adkins Elementary School on Cloverdale Road, previously was financed with December 2011 loans of $910,000 from First Arkansas Bank & Trust of Jacksonville and $38,762 from Traditional Development LLC, led by Brian Boroughs.

The residential lots were bought for $961,000 10 months ago from Traditional Development.



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