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

A 33,214-SF retail building in Maumelle sold for $1.05 million.

DT Real Estate LLC, led by Edwin Dalton and Rory Thompson, purchased the former Kroger at 101 Commerce Drive. The seller is 101 Commerce Drive LLC of Wilmington, Del.

The deal is financed with an 18-month loan of $2.64 million from First Service Bank of Greenbrier.

The limited liability company ac-quired the 6.5-acre development for a reported $1.65 million in September from Kroger Limited Partnership I, an affiliate of the Cincinnati-based grocery chain.

KLP bought the project for $3 million in March 2001 from TFJ Nominee Trust, led by Thomas F. James, and added 1.8 acres in a $160,000 deal with Gene and Linda Pfeifer in July 2002.

Orle Residence

A 4,187-SF home in the Orle neighborhood of west Little Rock’s Chenal Valley development changed hands in a $700,000 deal. Teresa and Dwight Stewart acquired the house from Rick and Karen Coker.

The deal is funded with a 15-year loan of $417,000 and a 30-year loan of $143,000 from Regions Bank of Birmingham, Ala.

The residence previously was tied to an April 2009 mortgage of $360,000 held by Summit Bank of Arkadelphia. The location was purchased for $122,000 in December 2006 from Deltic Timber Corp. of El Dorado.

River Ridge Home

A 3,434-SF home in Little Rock’s River Ridge Pointe neighborhood rang up a $515,000 sale. Sherry Courtney bought the house from Bek and Teri Kaiser.

The deal is backed with a 30-year loan of $412,000 from Bank of Little Rock Mortgage Corp. and a five-year loan of $51,500 from Bank of Little Rock.

The residence previously was linked with an October 2002 mortgage of $200,000 originated by Moore Mortgage Inc. of Little Rock and a March 2012 mortgage of $200,000 held by Summit Bank. The site was acquired for $33,000 in January 2001 from Angie and Dennis Cooper.

Hotel Construction

Construction of a Residence Inn by Marriott in downtown Little Rock is in motion with a $5 million financial package. Clinton-Commerce LLC, led by John McKibbon, obtained the five-year loan from First Security Bank of Searcy.

The 0.46-acre site at 219 River Market Ave. previously was tied to a January 2009 mortgage of $1.22 million held by the bank.

The location was purchased for $1.52 million four years ago from Arkansas Democrat-Gazette Inc., led by Walter Hussman Jr.

Seven-Digit Quartet

An apartment project, a motel, a medical office building and undeveloped land all generated seven-digit deals in Pulaski County.

Asbury Park Apartments Ltd. of Knoxville, Tenn., bought its namesake 106-unit complex at 8500 Keller Drive in Little Rock for $3.2 million. Seller: Kanis Properties Ltd. of Atlanta.

Shree Ganesh Krupa Inc., led by Chandrika Patel, purchased the 58-room Super 8 motel at 1850 John Harden Drive in Jacksonville for $2.1 million. Seller: J&R Associates Inc. of Jacksonville, led by Jitrendrakumar Patel.

Brauvin Net Lease LLC of Chicago acquired the 6,300-SF Internal Medicine Clinic Building at 5320 12th St. in Little Rock. Seller: Southeast Medical Little Rock LLC of Birmingham, Ala.

Northwood Creek LLC, led by David Haas, Steven Molpus, Steven Pascoe and Roy Yelenich, took ownership of a 20.5-acre tract on Counts Massie Road in North Little Rock in a $1.1 million transaction. Seller: JKGS LLC, led by Karen Greenfield.



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