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.

Mobile Transaction

A 77-unit mobile home park in south Pulaski County changed hands in an $805,000 transaction.

Dixon Manor LLC of Corte Madera, Calif., purchased its namesake 13-acre development at 1700 Dixon Road. The seller is Dixon Manor MHP LLC, led by Howard Huang.

The property previously was linked with an August 2010 mortgage of $375,000 held by Heber Springs State Bank.

The project was bought for $415,000 in January 2009 from JMN Properties Inc., led by Joe Stewart.

Pizza Property

A pizzeria near the University of Arkansas at Little Rock rang up a $500,000 sale.

J&R Properties LLC, led by Judy Waller Breece and her husband, Carl, acquired the 3307 Fair Park Blvd. U.S. Pizza from Jerry Meyer Properties LLC.

The deal is funded with a $1.7 million loan from First Security Bank of Searcy. The mortgage also is secured by the U.S. Pizza at 8403 Highway 107 in Sherwood.

The property previously was linked with a November 2008 mortgage of $300,000 held by Bank of Little Rock.

Jerry Meyer assembled the 0.89-acre location in three February 2008 deals totaling $165,000. The sellers were Glenda Eddins, $90,000; Arnold Merrell, $55,000; and James and Linda Smith and Harold Simmons, $20,000.

Church Land

Adjoining residential properties with highway frontage in Sherwood sold in a $325,000 combo deal.

Billy Morden bought 5.73 acres at 9220 and 9304 Hwy. 107 from the Gaylord Northrop Revocable Trust.

Morden donated 3.5 acres to the neighboring Sylvan Hills First Baptist Church.

The Northrop family has owned the properties since striking a deal with Twin City Bank, $2,676 in January 1926, and Metropolitan Trust Co., an undisclosed sum in August 1936.

Kids Play Buy

A 1.65-acre commercial property in west Little Rock is under new ownership after a $230,000 sale.

Kids Play Properties LLC, led by Todd and Amanda Denton, Bentley Blackmon and David Tapp, purchased the land.

The deal expanded the Kids Play holdings on the west side of Aldersgate Road. The seller is Nabholz Inc., led by Bill Hannah.

The deal is financed with a $149,000 loan from Delta Trust & Bank of Little Rock.

Nabholz bought the land in September 1999 as part of a $525,000 deal.

The seller was The Wilson Co., led by Robert Wilson.

Rural Residence

A 6,463-SF home in west Pulaski County tipped the scales at $847,000.

Rowan Development LLC, led by Jacob Chi, acquired the 9.5-acre Breezy Meadows Farm from Marie Osborne.

The equestrian spread previously was tied to a February 2009 mortgage of $365,000 held by Cenlar Federal Savings Bank of Trenton, N.J., and a June 2010 mortgage of $125,000 held by Allied Bank of Mulberry.

The property also helped secure a July 2010 mortgage of $900,000 held by Allied Bank. The property was purchased for $858,000 in July 2002 from Judy McDonald.

River Ridge Abode

A 4,933-SF home in Little Rock’s River Ridge neighborhood changed hands in a $590,000 deal.

Charles and Karen Tlapek bought the house from Christopher and Naomi Stratton.

The deal is funded with a 30-year loan of $417,000 from Simmons First National Bank of Pine Bluff.

The residence previously was linked with a May 2010 mortgage of $408,000 held by Moore Mortgage Inc. of Little Rock and a July 2010 mortgage of $80,000 and an August 2010 mortgage of $20,000 held by Delta Trust & Bank.

The property was ac-quired for $510,000 in May 2010 from Jett and Robin Ricks.

PV House

A 3,000-SF home in west Little Rock’s Pleasant Valley neighborhood rang up a $557,000 sale. The Lily Roma Burton Trust, led by Brian and Jamie Burton, purchased the house.

The seller is the Chenault Family Trust, led by Harry Chenault Sr.

The deal is financed with a 30-year loan of $556,700 from Morgan Stanley Private Bank of Mount Laurel, N.J.

The property was bought for $32,000 in August 1975 from Ed and Ann Willis.

Workforce Mortgage

The owner of a 57,000-SF office project in south Little Rock landed a $3.5 million funding agreement.

Steward & Young Inc., led by Everett Young Jr., received the five-year loan from Arvest Bank.

The 4.26-acre Arkansas Workforce Centers development at 5401 S. Uni-versity Ave. previously was tied to an August 2009 mortgage of $3 million and an October 2011 mortgage of $500,000.

Both loans were from Citizens Bank & Trust of Van Buren.

The property was assembled in four buys totaling $1.28 million.

The sellers were Union Rescue Mission Inc., led by William Tollett, $1.1 million in October 2008; Metropolitan National Bank of Little Rock, $162,000 in December 2008; Hazel Blakeley and Mabel Thiede, $14,000 in May 2009; and Ronnie and Karen Tyler, $6,000 in March 2009.

Rock Plaza Loan

A 22,036-SF retail center in Little Rock is securing a $2.21 million financial package.

MGY LLC, led by Marc Yelenich, obtained the loan from Centennial Bank of Conway.

The 2.69-acre Rock Plaza development at 2000 S. University Ave. previously was linked with a March 2012 mortgage of $2.08 million held by IberiaBank of Lafayette, La.

The property was acquired for $681,000 in April 2003 from Arthur Connerly III and his wife, Nancy, and James and Martha Milby.



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