Mosaic Church Acquisition Adds Up to $1.7 Million (Real Deals)

by George Waldon  on Monday, Apr. 15, 2013 12:00 am  

The former Kmart store near the southwest corner of Asher and University avenues in south Little Rock is now church property.  (Photo by Jason Burt)

A 140,600-SF retail building in south Little Rock is now church property after a $1.7 million transaction.

Mosaic Church of Central Arkansas Inc. purchased the former Kmart at 6221 Col. Glenn Road from Mike and Monica Montgomery, who operate Office Furniture Supply.

The price included $63,120 in unpaid property taxes for 2009-11 along with interest and penalties.

The deal is financed with a two-year loan of $1.52 million from Arvest Bank of Fayetteville.

The 8.8-acre development previously was tied to a September 2006 mortgage of $1.06 million held by Community Bank of Cabot.

The Montgomery family acquired the property for $1.2 million more than six years ago from WNLR Investments LLC, led by Andy Collins.

Pizza Property

A Pizza Hut in southwest Little Rock changed hands in a $1.2 million sale.

Omega Realty LLC of Miami bought the 10310 Mabelvale Plaza Drive project from Jack Berg Family Ltd. of Tarzana, Calif.

The 0.83-acre development was purchased for $1.25 million in June 2002 from Crest Net Lease Inc., led by Richard Collins.

Hillcrest Apartments

Three pieces of an apartment project in the Hillcrest area of Little Rock added up to a $909,000 deal.



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