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)

Clubhaus Properties LLC, led by John and Loyd Walker, bought the former medical testing project at 1207 Rebsamen Park Road. The seller is SA Group Properties Inc., an affiliate of U.S. Bank of Cincinnati.

The redevelopment is backed with a $3.17 million loan from Legacy National Bank of Springdale.

SA Group entered the ownership picture in May 2010 at a $4.8 million foreclosure sale. The 1.8-acre development at 1207 Rebsamen Park Road was recovered from Arch Sub II LLC, an affiliate of Axient Research.

The property previously was linked with a September 2007 mortgage of $8 million and a September 2008 revolving line of credit of $1 million with U.S. Bank.

Arch Sub II purchased the property for $1.26 million in June 2004 from Jennings and Marie “Mitzy” Osborne.

Elementary Deal

A 4.86-acre site for a new Amboy Elementary School drew a $300,000 deal.

The North Little Rock School District acquired the 5608 MacArthur Drive property from Patricia Shelton, Dora Shelton, Sandra Shelton and Kelly Shelton Mobbs.

The Shelton family bought the property for $3,500 in May 1946 from Peter and Dorothy Sorenson.

Maumelle Site Sale

An undeveloped commercial site in Maumelle rang up a $150,000 sale.

DTR General Holdings LLC, led by Anh Dung Dam and Tien Nguyen, purchased the 0.54-acre property at the southeast corner of Club Manor and Carnahan Drive.



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