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.

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.

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.

The seller is IHDG Pulaski-01 LLC, led by William Walker.

The deal is funded with a $450,000 loan from North Little Rock’s National Bank of Arkansas. The property previously was used to help secure an August 2006 mortgage of $1.38 million held by Mountain State Bank of Cumming, Ga.

IHDG acquired the land more than six years ago as part of a $481,000 deal with Super D Drugs Acquisition Co., led by Stephen LaFrance.

Normandy Home

A 3,750-SF home in Little Rock’s Normandy neighborhood is under new ownership after a $585,000 deal.

Speck Able Trust, led by William McCologan III, bought the house from Doug and Bobbie Beard.

The deal is financed with a 15-year loan of $417,000 and a $138,750 loan from Centennial Bank of Conway. The residence previously was tied to a November 2012 mortgage of $600,000 held by IberiaBank of Lafayette, La., and a February 2000 mortgage of $66,000 held by Bank of America of Charlotte, N.C.

The location was purchased for $45,000 in May 1990 from Marcie Heins Investments Inc.

Hillcrest Abode

A 3,971-SF home in Little Rock’s Hillcrest neighborhood changed hands in a $570,000 sale.

Angela and William Drennan acquired the house from Nicholas and Susan Brown.

The deal is backed with a 30-year loan of $417,000 and a five-year loan of $96,000 from IberiaBank. The residence previously was linked with May 2008 mortgages of $417,000 and $49,000 held by First Security Bank of Searcy.

The location was bought for $14,000 in March 1978 from Danny Ray and Ruth Ray.

Adcare Mortgage

The owner of a midtown Little Rock nursing home picked up a $13.6 million funding agreement.

Little Rock HC&R Property Holdings LLC, an affiliate of Adcare Health Sys-tems Inc. of Columbus, Ohio, obtained the four-year loan from Privatebank & Trust of Chicago.

The 174-bed Little Rock Healthcare & Rehabilitation Center at 5720 W. Markham St. previously was tied to an April 2012 mortgage of $21.8 million.

The 0.71-acre development was purchased a year ago from Little Rock AVIV LLC of Chicago for $17.1 million.

Flash Funding

A Jacksonville convenience store project was used to secure a $3 million mortgage.

Flash Market Inc., led by Shane Patterson, got the 10-year loan from N.S. Sechrest of West Memphis.

The 0.83-acre development at 2255 John Harden Drive also is linked with an August 2011 mortgage of $650,000 held by First National Banking Co. of Ash Flat.

The property was acquired for $350,000 in December 2000 from Rock City Foods Inc., led by George Kirtley Sr.

North Bluffs Note

The owner of more than 24 acres in downtown North Little Rock landed a $2.25 million financial package.

North Bluffs Development Corp., led by Lisa Ferrell, received the loan from First National Bank of Hope.

The land is along River Road, south and east of the Riverside at Rockwater apartment project.

The property was assembled as part of four deals with the Airetech Corp. Profit Sharing Trust, $574,000 in March 2004; Paul and Karin Briscoe, $574,000 in March 2004; Shirley Held, $405,000 in May 2004; and Floral Properties Partnership, led by John Kincannon, $489,000 in June 2004.



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