Sherwood Retail Project Recycled in $1.2M Sale (Real Deals)

by Arkansas Business Staff  on Monday, Aug. 12, 2013 12:00 am  

The former Harvest Foods store at 4101 E. Kiehl Ave. in Sherwood. (Photo by Mauren Kennedy)

A 40,750-SF former grocery store in Sherwood tipped the scales at $1.19 million. Tisdale Properties & Developments LLC, led by Tracy Tisdale, bought the 4101 E. Kiehl Ave. project from BancorpSouth Bank of Tupelo, Miss.

The deal is financed with a five-year loan of $1.33 million from Little Rock’s Bank of the Ozarks. The 3.38-acre development previously was tied to a March 2008 mortgage of $2.16 million held by BancorpSouth.

The bank recovered the property in March 2009 from Shur-Valu Stamps Inc., a subsidiary of the bankrupt Affiliated Foods Southwest Inc. of Little Rock.

Nursing Development

A 120-bed nursing home project is in motion after a $1 million land deal in west Little Rock.

Argenta Health Services LLC, led by Michael Morton, purchased the 4.6-acre site near the southeast corner of David O. Dodd Road and Bowman Plaza Drive. The seller is Terraforma LLC, led by David Bruning and Doug Meyer.

The development is linked with five-year loans of $7.7 million, $3.7 million and $2.5 million from Bank of Oklahoma in Tulsa.

The land previously secured an October 2001 mortgage of $187,666 held by the Mary A. Rush Revocable Trust.

Terraforma bought the property in September 2001 as part of a $620,000 deal with the Mary A. Rush Revocable Trust and the Gale D. Rush Revocable Trust.

Site Sale

A 2.02-acre commercial site in west Little Rock changed hands in an $882,000 sale.

MO Properties LLC, led by Cyril Murphy III and Lee Owens, acquired the property between Col. Glenn Plaza Loop and Interstate 430. The seller is Landers Land Co. 7 LLC, led by Steve Landers.

 

 

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