Redevelopment Trails $3 Million Retail Sale (Real Deals)

by Arkansas Business Staff  on Monday, Aug. 19, 2013 12:00 am  

Demolition has begun on the former Brandon House Furniture showroom in Little Rock.  (Photo by Luke Jones)

Redevelopment of the former Brandon House Furniture property in midtown Little Rock is in motion after a $3 million sale.

BH University Development LLC, led by James Barnes and Brandon Huffman, purchased the project at 1100 S. University Ave.

The seller is MBC Holdings Worldwide LLC, led by Bruce Burrow and Marty Belz.

The deal is financed with a five-year loan of $3 million from Commercial Bank & Trust of Monticello.

The 8.7-acre development secured March 2006 mortgages of $4.4 million and $500,000 held by IberiaBank of Lafayette, La.

The bank filed a foreclosure suit in November 2012.

MBC Holdings bought the property for $4.46 million in March 2006 from Doug Brandon Properties Inc., led by Greg Sheard.

Maumelle Construction

Development of a 10,000-SF commercial project anchored by a liquor store is following an $836,000 land deal in Maumelle.

Sears Construction Development & Leasing LLC, led by Todd Sears, acquired the 1.42-acre site near the southwest corner of Maumelle Boulevard and Audubon Drive.

The sellers are R&L Properties, led by Tommy Lasiter, $501,333; WMBS LLC, led by Warren Stephenson, $167,333; and Bat Rep LLC, led by Bruce Thalheimer, $167,333.

Construction is backed with a $2.1 million loan from First Security Bank of Searcy.

 

 

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