Custom Aircraft Cabinets Buys New $3.7M Home (Real Deals)

by George Waldon  on Monday, Nov. 19, 2012 12:00 am  

Mike Gueringer, left, and Paul Reesnes, co-owners of Custom Aircraft Cabinets, are relocating their North Little Rock enterprise into redeveloped retail space in Sherwood.  (Photo by Jason Burt)

A former National Home Center store in Sherwood is undergoing redevelopment after a $3.72 million sale.

CAC Properties LLC, led by Mike Gueringer and Paul Reesnes, bought the 194,500-SF complex at 5510 Landers Road.

The seller is Newman Family LCC, led by Dwain Newman, founder of the National Home Center chain.

The new home of Custom Aircraft Cabinets is backed with a one-year loan of $5.4 million from Arvest Bank of Fayetteville.

The 15.1-acre development previously was tied to a February 2004 mortgage of $19.7 million and March 2010 mortgages of $1.7 million and $665,000 held by Arvest.

The original 12.9-acre location was purchased for $1.5 million in January 1985 from Metropolitan Trust Co., led by Justin Matthews III.

Another 2.2 acres were added for $127,000 in a March 2002 deal with a local investment group.

The sellers were Dietz & Bowman Inc., led by James Dietz; Douglas W. Ashcraft; CBM Construction Co., led by Clark McGlothin; Dennis Jungmeyer; Hal Matthews; Rablaco LLC, led by Tom Cory; R-4 Enterprises Inc., led by Raymond Roberts; Seymour Real Estate LLC, led by Mike Seymour; Dow Worsham II; and Arkansas Precast Corp., led by David Ramm.

Stock Building Supply Arkansas LLC, successor to National Home Centers, sold a separate 1.09-acre piece of the project for $25,000 in January.

The buyer was the Jones Co. LLC, led by Doug Jones.

This property was acquired by National Home Center Inc. of Springdale for $78,000 in November 2005 from James and Judy Dietz.

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