$2.18 Million Land Deal Launches Chenal Curve Retail Development (Real Deals)

by George Waldon  on Monday, Jun. 10, 2013 12:00 am  

An artist's rendering of the proposed Chenal Curve Shopping Center.

Development of a 23,000-SF retail center in west Little Rock is in motion after a $2.18 million land deal.

Chenal Curve LLC, led by John Rees, purchased the 4.11-acre parcel at 16900 Chenal Parkway. The seller is Kanis & Kirk Investors LLC, led by Kevin Huchingson.

Construction is backed with an 18-month loan of $4.8 million from Jonesboro’s Liberty Bank of Arkansas.

The property previously was tied to a June 2011 mortgage of $400,000 and a November 2012 mortgage of $1.2 million held by Centennial Bank of Conway.

Kanis & Kirk acquired most of the property from Kanis & Kirk LLC, led by Gene Cauley, in a February 2008 land swap valued at $2 million.

The rest of the land was bought from Centennial Bank for $200,000 in July 2011.

Convenient Location

A Kum & Go project is in the works after a $1.2 million land deal on the edge of Maumelle.

KG Store 155 LLC of West Des Moines, Iowa, acquired the 1.25-acre site at 21500 Hwy. 365 from RL Ferrell Inc., led by Ron Ferrell.

The convenience store development is funded with a $2.44 million loan from First National Bank of Omaha, Neb.

The property previously helped secure a March 2010 mortgage of $750,000 held by Little Rock’s Delta Trust & Bank.

The property was purchased for $775,000 more than three years ago from Wholesale America LLC, led by Ken Westbrook and Sam Johnson.

 

 

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