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.

Warehouse Purchase

A 50,000-SF warehouse in east Little Rock rang up a $660,000 sale.

Peyton Properties LLC, led by William and Lisa Locke, acquired the 7424 Lindsey Road project from Min Weng.

The deal is funded with a three-year loan of $850,000 from Signature Bank of Springdale.

The 6-acre development previously was tied to a June 2006 mortgage of $1.39 million held by Metropolitan National Bank of Little Rock, supported by a August 2006 SBA loan of $640,000 through Six Bridges Capital Corp. of Little Rock.

Weng purchased the Little Rock Dis-tributing Co. property for $1.55 million more than six years ago from Ben and Diane Davis.

Convenient Acquisition

A North Little Rock convenience store is under new ownership after a $600,000 deal.

Gosen LLC, led by Joseph Park, bought the 5421 MacArthur Drive project from Kyong Son. The deal is funded with a five-year loan of $390,000 from BancorpSouth Bank of Tupelo, Miss.

The 0.49-acre Phillips 66 development previously was linked with a May 2004 mortgage of $400,000 held by North Little Rock’s National Bank of Arkansas.

The project was acquired for $600,000 more than eight years ago from Justin and Chong Kim.

Multifamily Buy

A 22-unit apartment project in North Little Rock sold for $500,000.

Latona Apartments LLC, led by James George, purchased its namesake property at 112-116 Latona Lane from James and Jackie Hendricks.

The deal is backed with a $500,000 loan from First Federal Bank of Harrison. The 0.9-acre development previously was tied to a March 2007 mortgage of $280,000 held by Simmons First Bank of Pine Bluff.

The property was bought for $243,000 in May 2001 from Terry and Gina Hartwick.

Tenant Turns Owner

A North Little Rock bank branch drew a $225,000 transaction.

Centennial Bank of Conway acquired its 3811 MacArthur Drive location from Witkowski Family Ltd., led by Ruth Witkowski.

The Witkowski family purchased the site in February 1945 as part of a $1,500 deal with Georgia Shipton.

Deauville Manor

A 5,851-SF home in the Deauville neighborhood of west Little Rock’s Chenal Valley development changed hands in a $995,000 sale.

Robert Russell Jr. and his wife, Amelia, bought the house from Robert Clancy Jr. and his wife, Debbie.

The deal is financed with a 30-year loan of $796,000 from Centennial Bank. The residence previously was linked with an April 2010 mortgage of $768,000 held by U.S. Bank of Cincinnati.

The home site was acquired for $193,000 in September 2008 from Deltic Timber Corp. of El Dorado.

Palisades Home

A 3,700-SF home in the East Palisades neighborhood of Little Rock rang up a $720,000 transaction.

Edward and Patricia Jeffries purchased the house from the Jean Roberts Revocable Trust. The deal is funded with a 30-year loan of $417,000 from Delta Trust Mortgage Inc. of Little Rock.

The residence was bought for $290,000 in May 1988 from Alfred and Florence Bowen.

Rural Residence I

A 4,997-SF home in west Pulaski County is under new ownership after a $618,000 deal. Lee and Sara Jones acquired the house from Robert and Renee Ortmann.

The deal is backed with a 30-year loan of $417,000 and a five-year loan of $77,000 from IberiaBank Mortgage Co. of Little Rock.

The residence previously was tied to a July 2009 mortgage of $767,500 held by Arvest Bank of Fayetteville.

The Ortmanns purchased the house for $770,000 in March 2008 from Jett Ricks Construction LLC.

Rural Residence II

A 4,114-SF home in west Pulaski County’s Reynolds Mountain neighborhood sold for $530,000.

Kirk and Sue Stone bought the house from the Deborah Reynolds Living Trust.

Reynolds acquired the home site in September 1984 as part of a $40,000 deal with Richard and Myra Harrison.

Katillus House

A 3,225-SF home near west Little Rock’s Valley Falls Estates neighborhood drew a $520,000 transaction.

Derek and Kathleen Marks purchased the house from William Clark II and his wife, Christy.

The deal is financed with a 30-year loan of $416,000 from Arvest Mortgage Co. of Lowell.

The Clarks bought the 5-acre spread in August 2007 from Chris and Tracy Cate.

HD Supply Financing

A 75,740-SF warehouse project in North Little Rock was used to help secure a $5.6 billion funding agreement.

HD Supply Waterworks Ltd. of Atlanta obtained the credit agreement overseen by Bank of America in Charlotte, N.C.

The 13-acre Hughes Supply development at 3209 Old Jacksonville Highway previously helped back an August 2007 funding agreement of $3.4 billion through Merrill Lynch Capital Corp. of New York.

The property was acquired for $1.55 million in August 1997 from the Shrader Family LLC, led by Ronnie Shrader.

Seven-Digit Construction

Mann on Main Renovation    $7,500,000
322 Main St., Little Rock
Clark Contractors LLC
Little Rock

Arkansas Physicians Management Office Building    $2,190,000
5125 Northshore Drive, North Little Rock
CBM Construction Co.
Little Rock

Mann Building Annex Renovation    $2,000,000
310 Main St., Little Rock
Metro Materials LLC
Little Rock

Fire Station Renovation    $2,092,000
Clinton National Airport
Flynco Inc.
Little Rock

Legacy Neurology Clinic    $1,130,748
8201 Cantrell Road, Little Rock
Nabholz Construction Corp.
Conway

 

 

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