Main Street Lofts Redevelopment Spurs $1.5 Million Sale (Real Deals)

by George Waldon  on Monday, Nov. 26, 2012 12:00 am  

The 12-story Boyle Building anchors the north end of Main Street Lofts. (Photo by Michael Pirnique)

Redevelopment of four neighboring buildings in downtown Little Rock is in motion after a $1.5 million transaction.

Main Street Lofts LLC, led by Wooten Epes, Brian Corbell and Scott Reed, bought the string of buildings along the west side of the 500 block of Main Street. The seller is Lafayette Plaza LLC, led by Stephen Marks Sr.

The deal is financed with a $929,124 loan from Riverside Bank of Sparkman (Dallas County) and a 10-year loan of $916,000 from the Pulaski County Arkan-sas Brownfields Revolving Loan Fund.

The properties at 500-524 Main St. previously were tied to February 2005 mortgages of $750,000 held by North Little Rock’s National Bank of Arkansas and $425,000 and $300,000 held by Riverside Bank.

The 21,000-SF Arkansas Annex at 514 Main St. and the 41,816-SF Arkansas Building at 524 Main St. were purchased for $870,000 in February 2005 from NBA.

The bank entered the ownership picture of the 0.48-acre property through a November 2004 foreclosure settlement with Quapaw Restoration Associates LLC, led by Johnny Mitchum.

Mitchum acquired the former Kahn Building at 514 Main for $100,000 in November 1995 from Thomas and Vivian Tvedten. Mitchum bought the one-time Dillard’s store at 524 Main for $25,000 in March 1996 from the Metrocentre Improvement District No. 1.

The 62,688-SF building at 510 Main St. was purchased for $400,000 in February 2005 from LPP LLC, led by Robert Francis. Francis acquired the 0.3-acre property for $175,000 in October 2003 from the city of Little Rock.

The remaining piece of the redevelopment puzzle is the historic 12-story Boyle Building at 500 Main St. The 100,000-SF building was bought for $600,000 in December 2004.

The sellers were Boyle Realty, led by Joel Ledbetter, $200,000; the Milton & Gatha Brack Revocable Trust and Jacqueline Power, $100,000 each; John Aymar Jr. and MMC Ltd., led by A. Dan Phillips, $75,000 each; and Mary Elizabeth King, $50,000.

The building site originally was assembled by Jacob Brack for $700. The sellers were Chester Ashley and Roswell Beebe, $400 in November 1847, and Beebe, $300 in January 1853.

Opened in 1911 as the State National Bank Building, the namesake bank soon went into receivership. That resulted in a December 1916 sale to Boyle Building Co., led by Johnny Boyle.

That $275,000 transaction added up to $142,000 cash and the assumption of a $133,000 mortgage.

Kum & Go Site

A 2.31-acre convenience store site in North Little Rock tipped the scales at $1.1 million.

KG Store 152 LLC of West Des Moines, Iowa, purchased the location at the southeast corner of Springhill Drive and Smokey Lane from Wood Crest Co. LLP, led by James P. Matthews.

The land was part of the 400-acre Springhill Farm the Matthews family bought in August 1959. John and Martha Matthews acquired it from Fred and Katherine Watkins for $250,000.

Northshore Land

Construction of a 15,000-SF office building in North Little Rock is following a $427,000 land deal.

Northshore Court Plaza LLC, led by Stephen Tucker and Brad Harper, acquired the 2.06-acre site at the southeast corner of North Shore Drive and North Shore Court. The seller is Northshore Medical Park LLC, led by John Kincaid.

Construction of the Arkansas Physicians Management project is funded with a seven-year loan of $2.27 million from First National Bank of Hot Springs.

The land was purchased in September 2008 as part of a $787,000 deal with North Shore Business Park Group LLC, led by Sam Perroni.

Scott Equipment Buy

A 6.97-acre commercial property in southwest Little Rock changed hands in a $616,000 deal.

Scott Equipment Sales Co. LLC of Monroe, La., bought its location at 10923 Interstate 30. The seller is CBS Interests LLC, led by Jim Bershen.

The site was acquired for $190,000 in December 1995 from Scott Equipment Sales Co.

Oaks Home

A 5,074-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development drew a $765,000 sale.

Jose Penagaricano and Elena Comide bought the house from Gaylon and Diana Moore. The deal is backed with a 30-year loan of $605,000 from Bank of America in Charlotte, N.C.

The Moores acquired the property for $143,000 in March 2006 from Entrust Retirement Services Inc., led by Quincy Long.

Country Club House

A 3,875-SF home near the Country Club of Little Rock rang up a $660,000 transaction.

Stephen and Ashley Peeples purchased the house from Caymus Trust, led by Steven and Stephanie Kyser. The deal is financed with a 30-year loan of $310,000 from Arvest Bank of Fayetteville.

The residence previously was linked with a December 2008 mortgage of $407,500 held by Pulaski Mortgage Co. of Little Rock.

The property was bought for $783,000 in February 2007 from Justin and Jamie Stewart.

Wellington Abode

A 4,200-SF home in west Little Rock’s The Villages of Wellington neighborhood sold for $579,000.

Iana Mikhailova acquired the house from River Rock Builders LLC, led by Patricia Wingfield.

The residence previously was tied to a February 2010 mortgage of $476,000 held by Little Rock’s Bank of the Ozarks.

The site was purchased for $59,000 in May 2006 from Winrock Development Co., led by Russ McDonough Jr.

Majestic Residence

A 3,800-SF home in the Majestic Pointe neighborhood of Maumelle is under new ownership after a $517,000 transaction.

Kyle and Lindsay Skinner bought the house from Woodhaven Homes Inc., led by Jack Wilson. The deal is funded with a 30-year loan of $400,000 from Bank of Little Rock Mortgage Corp.

The residence previously was linked with a June 2011 mortgage of $237,000 held by Bank of the Ozarks.

The location was acquired for $72,000 in June 2010 from Cypress Bay Development LLC, led by John Wright.

Hickory Grove Sale

A 3,134-SF home in west Little Rock’s Hickory Grove neighborhood changed hands in a $515,000 deal.

Greg and Karen Faherty purchased the house from Alpha and Bryan Burkhalter. The deal is backed with a 30-year loan of $412,000 from Bank of the Ozarks.

The residence previously was tied to a November 2007 mortgage of $450,000 held by Community Trust Bank of Ruston, La.

The property was bought for $595,000 five years ago from Evans-Markus LLC, led by Robert and Lori Evans and James and Melinda Markus.

Seven-Digit Construction

Second Baptist Church Expansion
1709 John Barrow Road, Little Rock
CBM Construction Co., Little Rock

Operating Room/Cath Lab
St. Vincent Infirmary Medical Center, Little Rock
Clark Contractors LLC
Little Rock

Holiday Inn Express Renovation
3121 Bankhead Drive, Little Rock
PDC Construction Inc.
Little Rock

8,462-SF Home
424 Chimney Rock Drive, North Little Rock
Richard Harp Homes Inc.
Little Rock

Magnetic Resonance Imaging Replacement
Baptist Medical Center
9500 Lile Drive, Little Rock
Baldwin & Shell Construction Co.
Little Rock



Please read our comments policy before commenting.