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.

The transaction is backed with a five-year loan of $704,975 from Red River Bank of Alexandria, La.

The property was purchased for $882,000 in June 2011 from Glenn Ridge Crossings LLC, led by Steve Hockersmith.

Tribal Transaction

A $597,000 deal in east Pulaski County doubled the land holdings of descendants of ancestral Arkansans.

The Quapaw Tribe of Indians bought 80 acres on the east side of Thibault Road from the Beneficial Owners Under the Thibault Land Agreement, led by Joe Selz.

The property was acquired for $1.1 million in April 1980 as part of a 352.4-acre deal with heirs of the Thibault family.

VBI Purchase

A 54,000-SF industrial facility in east Little Rock rang up a $269,000 sale.

VBI Properties LLC, led by Larry Breeden, purchased the 8423 Frazier Pike project from Leggett & Platt Inc. of Carthage, Mo.

The 6.07-acre site was bought for $121,300 in September 1977 from the city of Little Rock.

Sologne Manor

A 6,028-SF home in the Sologne neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $945,000 transaction.

Randall and Lisa Breau acquired the house from Russell and Lydia James.

The residence previously was tied to a July 2004 mortgage of $750,000 held by Bank of America in Charlotte, N.C.

The James family purchased the location for $140,000 in December 2001 from Deltic Timber Corp. of El Dorado.

Overlook Residence

A 4,704-SF home in Little Rock’s Overlook Park neighborhood sold for $700,000.

Joseph and Paula Volpe bought the house from M.L. Squared Development LLC, led by Jeff Massey and D.M. Lewis.

The deal is funded with a 30-year loan of $238,000 from Bank of Little Rock Mortgage Corp.

The residence previously was linked with a December 2011 mortgage of $600,000 held by First Security Bank of Searcy.

The property was acquired for $445,000 in December 2011 from Dassault Falcon Jet Corp.

Downtown Condo

A 1,675-SF condo in downtown Little Rock drew a $625,000 sale.

John King III and his wife, Kelly, purchased the fifth-floor property in The Residence at Building 5 at 400 W. Markham St. from Michael and Susan Desselle.

The transaction is financed with a 30-year loan of $350,000 from Farm Credit Midsouth of Jonesboro.

The condominium previously was tied to August 2010 mortgages of $417,000 and $173,000 from Bank of England.

The Desselles bought the property for $490,000 in May 2010 from Arkansas Riverview Development LLC, led by Brad Canada.

Country Club House

A 3,674-SF home near the Country Club of Little Rock changed hands in a $600,000 deal.

Elizabeth and Jordan Blackshaw ac-quired the house from Stephen and Melissa Marks.

The deal is backed with 30-year loan of $240,000 from Regions Bank of Birmingham, Ala.

The residence previously was linked with October 2011 mortgages of $417,000 and $163,500 held by U.S. Bank of Cincinnati.

The Marks family purchased the property for $700,000 in November 2006 from D&R Real Estate LLC, led by Anthony Dilday and Robert Richardson Jr.

Woodland’s Home

A 3,843-SF home in the Woodland’s Edge neighborhood of west Little Rock rang up a $510,000 sale.

Michael and Rae Wells bought the house from Chenal Valley Construction Inc., led by Jim Miles.

The transaction is funded with a 30-year loan of $407,900 and a 20-year loan of $76,500 from Arkansas Federal Credit Union of Jacksonville.

CVC acquired the location for $81,000 in June 2012 from Rocket Properties LLC, led by Ron Tyne.

Cammack Abode

A 3,024-SF home in the Palisades Estates neighborhood of Cammack Village sold for $500,000.

Christopher and Katherine Hardison purchased the house from Chris and Jo Harkins. The deal is financed with a 30-year loan of $399,200 from Merchants & Planters Bank of Collierville, Tenn.

The residence previously was tied to an April 2012 mortgage of $406,925 held by Quicken Loans Inc. of Detroit.

The Harkins family bought the property for $320,000 in September 2004 from Hunter Gray.

High-Rise Mortgage

The owner of a 21-story office building in downtown Little Rock picked up a $7.5 million funding agreement.

Little Rock Union Plaza LLC of Tucson, Ariz., obtained the 10-year loan from Monumental Life Insurance Co. of Cedar Rapids, Iowa.

The 235,600-SF One Union National Plaza at 124 W. Capitol Ave. and its adjoining parking deck previously were linked with a September 2011 mortgage of $7.7 million held by Centennial Bank of Little Rock.

The 0.96-acre development was acquired for $9.2 million in July 2007 from Union National Plaza I Inc., an affiliate of the state’s second-largest pension fund, the Arkansas Public Employees Retirement System.

Northshore Refinance

A 21,000-SF office building in North Little Rock is secured with a $2.2 million financial package.

Northshore Building LLC, led by Gene Scott and Mike Lax, received the 15-year loan from BancorpSouth Bank.

The 2.34-acre Travel Nurse Building at 5020 Northshore Drive previously was tied to an August 2008 mortgage of $2.4 million held by Farmers Bank & Trust of Magnolia.

Northshore Building purchased the site for $475,000 in April 2008 from Pfeifer Family Ltd. No. 1, led by Gene Pfeifer.



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