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)

DDM LLC, led by Doug Martin, acquired the 705-709 N. Cedar St. project from Rod and Pamela Cameron for $629,000.

The 0.42-acre development previously was linked with a July 2012 mortgage of $150,000 held by Little Rock’s Bank of the Ozarks and an August 2005 mortgage of $60,000 held by BancorpSouth Bank of Tupelo, Miss.

DDM also purchased the adjoining 0.21-acre development at 701 N. Cedar St. for $280,000. The sellers are the Anne D. Hanna Trust and Charles R. Dougan Trust.

The 705-709 Cedar properties were acquired from Alma Jeffries, $31,500 in April 1964, and Leffel and Darnell Gentry, $16,000 in April 1965.

The 701 Cedar property was bought for $50,000 in January 1977 from the estate of Lucille Hall.

Eastwood Transaction

A piece of a 96-unit apartment project in Jacksonville was sold for $657,000.

The Gray Joint Revocable Trust, led by Bartus Gray Jr. and Carolyn Gray, purchased a 42.4 percent stake in Eastwood Apartments from Anna Virginia Price.

The 3.83-acre development at 1011 S. James St. previously was tied to a May 2008 mortgage of $750,000 held by First Arkansas Bank & Trust of Jacksonville.

The location was assembled in two transactions. The sellers were Cen Ark Developers Inc., led by Thomas Dupree, $6,000 in November 1970, and C.S. and Grace Dupree and P.W. Dupree Jr. and his wife, Lorene, an undisclosed sum in July 1972.

Clubhaus Building

A fitness club development is in motion after a $550,000 transaction.



Please read our comments policy before commenting.