Athletic Trio Transaction Adds Up to $18.8 Million (Real Deals)

by George Waldon  on Monday, Jul. 1, 2013 12:00 am  

Little Rock Athletic Club at 4610 Sam Peck Road in west Little Rock. (Photo by Mauren Kennedy)

The sale of three athletic clubs tipped the scales at $18.8 million.

Little Rock Athletic Centers LLC, led by Brad Eichler, bought the Little Rock Athletic Club at 4610 Sam Peck Road, Little Rock Racquet Club at 1 Huntington Road and the North Little Rock Athletic Club at 3804 McCain Park Drive.

The seller is Riley’s Health & Fitness Centers Inc., led by Pat Riley Jr.

The deal is backed with a 15-year loan of $12.29 million and a one-year loan of $4.86 million from BancorpSouth Bank of TupeloMo., and a $6.5 million mortgage held by Riley’s Health & Fitness Centers.

The properties previously were tied to a January 2002 mortgage of $6.5 million and a March 2004 mortgage of $1.6 million held by Regions Bank of Birmingham, Ala.

The 13.7-acre Little Rock Athletic Club development was assembled in seven deals totaling $1.63 million.

The sellers were Indoor Tennis Center Associates Inc., led by Joseph Mullen and W. Philip Wiggins, $1.5 million in December 1985; JEA Ltd., led by John E. Allen, $36,000 in November 2003; John and Katherine Burnett, $25,000 in October 1990; Tommy and Ileane Tucker, $25,000 in December 1991; Piedmont Corp., led by Gene Pfeifer, $25,000 in November 1993; O.L. and Dorothy Holland, $12,500 in June 1993; and the estate of Lela Farrel Henry, $12,500 in June 1993.

The 10.3-acre Racquet Club development was acquired for $860,000 in October 1999 from Little Rock Racquet Club, led by William Russell, and its 450 members.

The 2-acre North Little Rock development was purchased for $1.2 million in September 1998 from Simmons First National Bank of Russellville.

Funeral Purchase

A Little Rock funeral home property has sold for $297,000.

Presidential Funeral Homes of Arkansas, led by Derrick Gunn, acquired the Gunn Funeral Home at 4323 W. 29th St. The seller is Henderson Investments of Arkansas LLC, led by Charles Henderson.

The 0.23-acre development previously was linked with a January 2007 loan of $267,300 from Twin City Bank of North Little Rock.

Henderson bought the property from Derrick and Rani Gunn for $200,000 in August 2002.

CALS Acquisition

A storage facility project is in the works in east Little Rock after a $157,000 deal.

Central Arkansas Library System purchased the 1.13-acre site on the south side of East Sixth Street between Bond Avenue and Bender Street from Darius Hill III and his wife, Lajean.

The property will be used to house CALS equipment and vehicles, which will free up basement space for book storage and parking at the main downtown library.

Hill consolidated ownership in the property as part of three deals totaling $199,000.

The sellers were Richard and Carla Hill, $75,000 in November 2010; Mary Ann Hill Mott, $64,000 in September 1999; and Charles and Annis Hill, $60,000 in September 1999.

Germay Residence

A 4,293-SF home in west Little Rock’s Germay Court neighborhood in the Chenal Valley development changed hands in a $660,000 transaction.

Rex and Jane Bell bought the house from Don and Kimberly Fowler. The deal is financed with a 30-year loan of $417,000 and a five-year loan of $110,000 from One Bank & Trust of Little Rock.

The residence previously was tied to an April 2005 mortgage of $550,000 held by Bank of England Mortgage Co. and an October 2005 mortgage of $250,000 held by Metropolitan National Bank of Little Rock.

The location was purchased for $100,000 in October 2004 from Lewis Home Builders Inc., led by Jon Lewis.

Heights House

A 5,071-SF home in Little Rock’s Pulaski Heights neighborhood is under new ownership after a $650,000 sale.

Charles and Angela Scott acquired the house from Ned and Victoria Garrett. The deal is funded with a five-year loan of $417,000 and a 20-year loan of $233,000 from IberiaBank of Lafayette, La.

The residence previously was linked with a September 2008 mortgage of $417,000 held by Twin City Bank.

The property was bought for $585,000 in October 2003 from Thadd and Heather Taylor.

Lamarche Abode

A 4,133-SF home in west Little Rock’s Lamarche Place neighborhood in the Chenal Valley development rang up a $570,000 transaction.

Jeff and D’Dawn Fuller purchased the house from Robert and Jennifer Henry. The deal is backed with a two-year loan of $513,000 from One Bank & Trust.

The residence previously was tied to a December 2011 mortgage of $289,000 held by Primary Residence Mortgage Inc. of Salt Lake City and a November 2012 mortgage of $120,000 held by IberiaBank.

The property was acquired for $500,000 in July 2009 from Gilbert and Tracy Clinton.

Oaks House

A 4,503-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development drew a $550,000 transaction.

The Anne W. Maxey Revocable Trust bought the house from the Quercus Circle Trust, led by Judith Tenenbaum.

The property was purchased for $772,000 in August 2006 from Rees Development Inc., led by John Rees.

Condo Sale

High-rise condominium space in downtown Little Rock sold for $527,000.

Andrew and Susan Meadors acquired the 1,847-SF unit on the 17th floor of the River Market Tower at 315 Rock St. The seller is River Market Tower LLC, led by Jimmy Moses and Rett Tucker.

The 1.2-acre development is financed with a $47.6 million mortgage that River Market Tower BDF III LLLP of Denver purchased in a discounted transaction with Metropolitan National Bank in December 2012.

The site on the east side of Rock Street between Third and Fourth streets was bought in October 2005 as part of a $5.08 million deal with the Arkansas Teacher Retirement System, the state’s largest pension fund.

Cliffewood Home

A 2,880-SF home in Little Rock’s Cliffewood neighborhood sold for $505,000.

Christopher and Julie Mehlin purchased the house from Vernon and Susan Scott. The deal is financed with a 30-year loan of $404,000 from One Bank & Trust.

The residence previously was linked with a November 2012 loan of $389,500 from Bank of Little Rock Mortgage Corp. and a July 2011 mortgage of $37,500 held by Arvest Bank of Fayetteville.

The property was acquired for $510,000 in January 2011 from One Bank.

Fountaine Bleau Funding

Expansion of the 216-unit Fountaine Bleau North apartment project in North Little Rock is in motion with a $26.5 million funding agreement.

Burkhalter FBN LLC, led by John Burkhalter, obtained the three-year loan from Jonesboro’s Liberty Bank of Arkansas.

The 12-acre development at 4401 E. 46th St. previously was tied to a June 2011 mortgage of $11 million held by the bank.

The location near the northeast corner of Smokey Lane and 46th Street was bought for $555,000 in June 2011 from Osborne Leasing Inc., led by Bobby Osborne.

Tire Mart Mortgage

The Southern Tire Mart in North Little Rock was used to help secure a $30 million financial package.

Duff Real Estate LLC of Columbia, Miss., received the five-year loan from First Tennessee Bank of Memphis.

The 9-acre development at 12100 Valentine Road also helps secure a January 2012 mortgage of $45 million held by the bank.

Duff Real Estate purchased the property for $500,000 in January 2008 from Lena Belle Young Stafford Ltd.

Centro Financing

A 5,200-SF warehouse project in Sherwood is backing a $6 million mortgage.

Centro Inc. of Memphis got the loan from First Tennessee Bank of Memphis.

The 0.46-acre site at 7600 Hardin Drive was acquired for $140,000 in December 2001 from Henson Enterprises Ltd., led by Hollis Henson.



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