LaFrance Property Trio Valued at $6.9M (Real Deals)

by George Waldon  on Monday, Jan. 14, 2013 12:00 am  

Three Little Rock properties associated with the sale of the USA Drug chain shifted ownership between LaFrance family entities in deals valued at $6.89 million.

The biggest of the bunch at $4.12 million was an undeveloped 6.24-acre tract at the northwest corner of Kanis and Bowman roads.

It was followed by an undeveloped 2.26-acre parcel at the southeast corner of Chenal Parkway and Cantrell Road valued at $1.62 million

The new owner of both properties is AJMATS-DT AR Properties LLC, led by Stephen LaFrance Jr. The previous owner was another LaFrance family entity, STAMJA-DT AR Properties LLC.

The third property is a former 0.61-acre USA Drug Express project at 215 N. Bowman Road valued at $1.15 million. This property moved from STAMJA-LP AR Properties LLC to AJMATS-LP AR Properties LLC.

The LaFrance family bought the Kanis-Bowman land in January 2004 as part of a $2.5 million deal with Jerry and Juanita Gibson.

The property helped secure an April 2007 mortgage of $1.9 million held by Delta Trust & Bank of Little Rock.

The Chenal Parkway land was purchased for $2.06 million in January 2004 from Rivercity Energy Co., led by Layton “Scooter” Stuart.

The site previously was tied to a February 2004 mortgage of $1.7 million held by Delta Trust & Bank.

The 215 N. Bowman Road site was acquired for $734,000 in March 2010 from Maury Mitchell Associates Ltd. III, led by H. Maurice Mitchell Jr.

The development previously was linked with a July 2011 mortgage of $1.1 million held by First Security Bank of Searcy.

Retail Redevelopment



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