Metropolitan Bank Branch Sale Closes at $1.7 Million (Real Deals)

by George Waldon  on Monday, Dec. 3, 2012 12:00 am  

A bank branch leased to Metropolitan National Bank in the Heights area of Little Rock shifted ownership in a transaction valued at $1.7 million.

WBL LLC, led by Walter Quinn, purchased the branch at 5500 Kavanaugh Blvd. from Heartland Community Bank of Bryant, where Quinn is the leading stockholder.

The deal is financed with a five-year loan of $1.36 million from Malvern National Bank. The project previously was tied to a March 2006 mortgage of $210,000 held by Allied Bank of Mulberry.

The 0.3-acre site was assembled in two buys totaling $631,000. The sellers were Greer Lile, $300,000 in June 2001, and Susan Fuller, $331,000 in January 1992.

TRL Acquisition

A 14.13-acre commercial site in east North Little Rock changed hands in a $450,000 deal.

TRL Properties LLC, led by Todd Havens, Richard Vassar and Richard L. Vassar Jr., bought land adjoining its Barloworld Truck Center at 11700 Valentine Road.

The seller is Valentine Trust, representing the heirs of Margaret Valentine. The Valentine family owned the land for more than 91 years.

Speed Transaction

A 5,000-SF commercial project in southwest Little Rock sold for $255,000.

Elmer and Hector Giron acquired Steve’s Speed Shop location at 7301 Geyer Springs Road from its namesake corporation, led by Steve Haynes.

The deal is backed with a five-year loan of $205,000 from Bank of Little Rock.

The 0.77-acre development previously was linked with a March 2004 mortgage of $35,000 held by the U.S. Small Business Administration and a Decem-ber 2004 mortgage of $65,000 and a July 2006 mortgage of $75,000 held by Bank of Little Rock.

The property was bought for $150,000 in February 1992 from James and Elizabeth Osborne.

Hickory Creek Home

A 4,735-SF house in west Little Rock’s Hickory Creek neighborhood rang up an $860,000 sale. Robert and Brenda Bailey purchased the house from Michael and Jerene Montgomery.

The residence previously was tied to a January 2008 mortgage of $900,000 held by Centennial Bank of Conway.

The Montgomery family acquired the site for $115,000 in 2000 from Gary and Linda France.

Walton Heights House

A 2,122-SF home in west Little Rock’s Walton Heights neighborhood is under new ownership after a $525,000 transaction.

Gary Morrison and Stacy Hall bought the house from Rhonda Kerr. The deal is backed with a one-year loan of $538,500 from Simmons First Bank of Jonesboro.

The residence previously was linked with a December 2010 mortgage of $417,000 held by Regions Bank of Birmingham, Ala.

Kerr purchased the property for $215,000 in January 2005 from the Timothy E. Woods & Dorothy G. Woods Joint Revocable Trust.

Warehouse Mortgage

A 65,000-SF warehouse in southwest Little Rock was used to secure a $3 million funding agreement.

Richards Finance Co. LLC, led by Betty Richards, obtained the one-year loan from Centennial Bank of Conway.

The 6.14-acre development at 6201 Patterson St. was acquired for $1.2 million in July 2003 from Haverty Furniture Cos. Inc. of Atlanta.

Seven-Digit Construction

Parking Deck:    $3,500,000
120 W. Fourth St., Little Rock
Clark Contractors LLC, Little Rock

Groundwater Storage Tank:    $1,510,690
50 Chenal Heights Drive, Little Rock
Natgun Corp., Grand Prairie, Texas

Arkansas Rice Depot Freezer Expansion:    $1,000,000
3801 W. 65th St., Little Rock
Nabholz Construction Corp., Conway

 

 

Please read our comments policy before commenting.