$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.

Warehouse Sale

A 106,000-SF warehouse project in southwest Little Rock changed hands in an $825,000 sale.

6621 Geyer Springs LLC, led by Justin Muller, bought the 5.23-acre development at 6621 Geyer Springs Road. The sellers were Rector Phillips Morse Inc. and RPM Realty Fund Ltd., both led by Pete Hornibrook.

The deal is financed with a five-year loan of $725,000 from Southern Bank of Poplar Bluff, Mo. The property was acquired for $150,000 in June 1972 from Henry and Juanita Griffith.

Reshuffled Ownership

A 40.9 percent stake in a commercial project in west Little Rock rang up a $696,600 deal.

BQFA Properties LLC, led by Dickson Flake, bought a nearly 33.3 percent share of the 17,236-SF Sterling Plaza project at 101 S. Shackleford Road for $560,000.

LAF Brothers Properties LLC, led by Stephen LaFrance Jr. and Jason LaFrance, acquired a nearly 7.7 percent share for $136,600.

The seller in both deals was the McKee Family Trust, led by Anita McKee.

The 1.41-acre development is backed with a June 2012 mortgage of $1 million held by Arvest Bank of Fayetteville.

The property was purchased for $1.97 million in June 2002 from Sterling Paint Inc., led by James Adamson.

Industrial Transaction

 

 

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