NLR Congregation Looks South to Grow (Real Deals)

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NLR Congregation Looks South to Grow (Real Deals)

by George Waldon on Monday, Feb. 25, 2013 12:00 am

Mulligan’s Golf was among the properties assembled by First Pentecostal Church of Jesus Christ, whose steeple is visible in the distance. (Photo by Jason Burt)

The Quapaw Tribe of Indians purchased the piece of its former homeland from McRae Mortgage & Investment LLC, led by Ken McRae. The property on the east side of Thibault Road is divided between 57.3 acres of farmland and 23.7 acres of woods.

McRae Mortgage bought the land for $73,000 in September 1995 from PFL Life Insurance Co. of Cedar Rapids, Iowa.

Clinical Development

Development of a west Little Rock clinic is in motion after a $700,000 land deal.

Executive Center Medical Plaza LLC, led by Stephen Tucker and John Flake, acquired a 3.48-acre site at 11415 Executive Center Drive. The seller is Westrock Partnership, led by Elizabeth Small.

Construction of the Barg Gray Clinic is backed with a $3 million loan from First National Bank of Hot Springs.

Westrock originally was composed of Gus Blass III of Capital Properties Ltd., Chester Phillips of Phillips Development Corp. and Robert Vogel of Vogel Enterprises.

The land is part of an 89-acre tract Westrock purchased in June 1995 from the Federal Deposit Insurance Corp. for $2.63 million.

Mobile Acquisition

An 18-unit mobile home park in west Pulaski County is under new ownership after a $399,000 sale.

VAPS Investment Group LLC, led by Avtar Momi, bought the 16901 Pride Valley Road project. The seller is Tisdale Properties & Development LLC, led by Tracy Tisdale.

The deal is funded with a $309,102 loan from Homebank of Arkansas of Greenbrier.