$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.

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

An industrial property in North Little Rock sold for $320,000.

7507 Counts Massie Road LLC, led by Anthony Wilson and Seth Mulhearn, acquired its namesake address from Joe Cooper Sr. and his wife, Betty.

The transaction is financed with a five-year loan of $447,500 from Metropolitan National Bank of Little Rock.

The Coopers bought the 0.86-acre property in December 1981 as part of a $70,000 deal with Emmett and Mary Oliver.

Multifamily Purchase

Ten units of apartments in North Little Rock drew a $279,000 transaction.

Michael Glaze Investments LLC purchased the 4713 and 4801 N. Hickory Ave. projects from Bevans Family Ltd., led by James Shipman.

The deal is funded with a five-year loan of $237,150 from Arvest Bank. The two 0.3-acre sites were acquired for

$7,250 each in July 1965 from Metropoli-tan Trust Co., led by Justin Matthews Jr.

Condo Development

Condo space on the 19th floor of downtown Little Rock’s River Market Tower tipped the scales at $1 million.

Hood Street Enterprises Inc., led by former Acxiom CEO Charles Morgan, bought the 1,340-SF and 2,855-SF units at 315 Rock St. The seller is River Market Tower LLC, led by Jimmy Moses and Rett Tucker.

The property is backed with an 18-month loan of $3.2 million from Regions Bank of Birmingham, Ala.

The debt additionally is secured by a 2,686-SF unit on the 19th floor purchased for $835,000 in January 2011 from River Market Tower LLC.

The space previously was used to secure a November 2011 mortgage of $960,000 held by Arvest Bank.

PV Residence

A 4,515-SF home in west Little Rock’s Pleasant Valley neighborhood is under new ownership after a $650,000 sale.

Timothy and Anne Mines acquired the house from the Steven C. & Kimberly K. Hockersmith Family Trust.

The deal is financed with a 30-year loan of $417,000 from Bank of Little Rock Mortgage Corp. and a five-year loan of $103,000 from BancorpSouth Bank of Tupelo, Miss.

The residence previously was linked with a December 2005 loan of $300,000 from American Home Mortgage of Melville, N.Y., and a December 2007 mortgage of $350,000 held by Little Rock’s Bank of the Ozarks.

The location was bought for $108,000 in October 2004 from Robert and Lori Evans.

Walton Heights Home

A 4,236-SF home in west Little Rock’s Walton Heights neighborhood changed hands in a $559,000 deal.

Ningning Wu and Jing Zhang purchased the house from David W. Bass. The deal is funded with a 30-year loan of $300,000 from Summit Bank of Arkadelphia.

The residence previously was tied to a December 2009 mortgage of $170,000 held by Simmons First National Bank of Pine Bluff. The property was acquired for $730,000 in June 2007 from Marcus and Carol Fisher.

All American Collateral

A Little Rock nursing home was used to help secure a $500 million funding agreement.

Sandalwood Arkansas Property LLC, an affiliate of AVIV REIT Inc. of Chicago, obtained the three-year loan from Bank of America in Charlotte, N.C.

The 4.77-acre All American Care development at 2600 John Barrow Road was bought for $4.5 million in December 2011 from Silver Pointe of Little Rock LLC, led by Richard Griffin II.

Residential Security

A 7,420-SF manor in Little Rock’s Riverview Point neighborhood was used to help secure a $14.6 million mortgage.

L. Walter Quinn III and his wife, Terry, received the six-month loan from F&M Bank & Trust of Tulsa.

The home carries an August 2012 first mortgage of $1.37 million held by Malvern National Bank.

The residence was acquired for $1.49 million in July 2006 from Gary Hendershott.

Custom Funding

A Sherwood enterprise picked up a $5.4 million financial package.

CAC Properties LLC, led by Mike Gueringer and Paul Reesnes, got a seven-year loan of $3 million from Arvest Bank and a 10-year loan of $2.4 million from Six Bridges Capital Corp. of Little Rock.

The 194,500-SF Custom Aircraft Cabinets project at 5510 Landers Road previously was linked with an August 2012 mortgage of $5.4 million held by Arvest.

The 15.1-acre former National Home Center development was purchased for $3.7 million 10 months ago from Newman Family LLC, led by Dwain Newman, founder of the defunct National Home Center chain. n



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