Bowman Plaza Sale Tops $10.1 Million (Real Deals)

by George Waldon  on Monday, Dec. 10, 2012 12:00 am  

Bowman Plaza I & II exited court-ordered caretaking  three years after Gene Cauley’s financial meltdown. (Photo by Jason Burt)

Two pieces of the Bowman Plaza project at 4700 Col. Glenn Road tipped the scales at $10.17 million.

Bowman Plaza I LLC and Bowman Plaza II LLC, led by its court-appointed receiver (Little Rock’s Flake & Kelley Management Inc.), sold a 111,000-SF office-warehouse on a 9.9-acre site and a 64,304-SF office-warehouse on a 4.9-acre site.

The buyers are CG-Bowman Properties LLC, led by Edward Dickey, 53.3 percent; SS One of Arkansas LLC, led by Larry Middleton, 34.7 percent; and LAF Brothers Properties LLC, led by Stephen LaFrance Jr., 12 percent.

The deal is backed with a seven-year loan of $8.38 million from Delta Trust & Bank of Little Rock.

The property previously was linked with a February 2006 mortgage of $14.8 million held by Lasalle Bank of Chicago.

Gene Cauley acquired ownership of the Bowman Plaza limited liability companies from Leonard Boen more than six years ago in an unrecorded transaction.

Industrial Transaction

A 200,000-SF industrial project in east Little Rock changed hands in a $1 million transaction.

SFHR Investments LLC, led by Mark Conine, purchased the former Macmillan Bloedel Containers facility at 1901 E. 22nd St. from Ben and Diane Davis

The deal is financed with 2½-year loans of $800,000 from Malvern National Bank and $200,000 from the Davises.

The 15.9-acre property was acquired for $300,000 in October 2011 from Weyerhaeuser NR Co. of Federal Way, Wash.

The Davis family bought sole ownership for $300,000 in December 2011 when they bought out the interest of the Clifton Family LLLP, led by Norman Clifton.



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