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.

The land previously helped secure September 2012 mortgages totaling $1.5 million held by BancorpSouth Bank of Tupelo, Miss.

R&L purchased the land in June 2004 as part of a $3.4 million deal with Capitol Development of Arkansas Inc., led by Michael Todd.

Jacksonville Reclamation

Ten residential lots and six duplexes in phase four of Jacksonville’s Bellevue neighborhood rang up a $475,000 post-foreclosure sale.

RLA Investments LLC, led by Ryan Aclin, bought the property along Clint Road from Centennial Bank of Conway. The deal is funded with a five-year loan of $512,000 from First Community Bank of Batesville.

Centennial recovered the property from West Family Investments LLC and Fred and Bradley West as part of a $636,000 foreclosure transaction in October 2012.

The duplexes and land previously secured seven mortgages totaling $833,000 held by the bank.

The Wests acquired the property for $225,000 in December 2008 from Skiver Development of Arkansas Inc., led by Clint Skiver.

San Luis Sale

Seventeen lots in the Villages of San Luis development in northwest Pulaski County changed hands in a $272,000 foreclosure sale.

United Motor Co., led by Hal Crafton, purchased the property, which secured an October 2003 mortgage of $285,000 held by Fendley Properties Inc., led by E.G. Fendley.

The 27.7-acre residential development on the east side of Smalling Road between Interstate 40 and Highway 365 also is tied to a January 2007 bond issue of $2.87 million.

Cadena Contracting Inc., led by Jac-quelyn Cadena, bought the land for $300,000 in October 2003 from Delta-Coleman Inc., a predecessor of Fendley Properties.

Cadena Contracting of North Little Rock filed for Chapter 7 bankruptcy in May 2011.

Charitable Deal

Nonprofits were on either side of a $200,000 transaction.

Ronald McDonald House Charities of Arkansas acquired the 1021 Martin Luther King Blvd. property from Arkansas Children’s Hospital.

The 0.86-acre property was donated to the hospital in December 1998 by Betty Prousnitzer.

Sologne Residence

A 5,800-SF home in west Little Rock’s Sologne Circle neighborhood tipped the scales at $1.33 million.

Rayburn and Angela Rego bought the house from Little Rock’s Carl Gray Henson Inc.

The deal is financed with a 30-year loan of $960,000 from Wells Fargo Bank of Sioux Falls, S.D.

The residence previously was tied to a January 2012 mortgage of $942,572 held by Regions Bank of Birmingham, Ala.

The property was acquired for $388,000 in October 2011 from Larry and Patsy Bixler.

Sherrill Heights Abode

A 3,586-SF home in Little Rock’s Sherrill Heights neighborhood drew a $915,000 transaction.

John Cheairs purchased the house from O.H. Storey III and his wife, Mary. The deal is backed with a 30-year loan of $417,000 and a five-year loan of $315,000 from One Bank & Trust of Little Rock.

The residence previously was linked with a July 2010 mortgage of $304,600 from Bank of Little Rock Mortgage Corp.

The Storeys bought the property for $700,000 in April 2003 from the McKuin Family Trust, led by Bobby and Mary McKuin.

Country Club House

On the front side of the Sherrill Heights deal, John and Becky Cheairs sold a 4,200-SF house near the Country Club of Little Rock for $840,000.

The buyers are Brett and Erin Wood. The deal is funded with a seven-year loan of $400,000 from Bank of Bearden.

The residence previously was tied to a pair of mortgages totaling $576,000 held by One Bank.

The Cheairs family acquired the property for $359,000 in March 1989 from John Satterfield.

Oaks Home

A 4,503-SF house in The Oaks neighborhood of west Little Rock’s Chenal Valley development changed hands in a $550,000 deal.

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

Tenenbaum purchased the residence for $772,000 in August 2006 from Rees Development Inc., led by John Rees.

Courts Residence

A 4,692-SF home in The Courts neighborhood of west Little Rock’s Chenal Valley development rang up a $535,000 sale.

Samer Thalji acquired the house from Randall and Kelly Balliet. The deal is financed with a 15-year loan of $400,000 from Centennial Bank.

The residence previously was linked with July 2008 mortgages totaling $467,000 held by Magna Bank of Memphis.

The Balliets bought the property for $602,000 in July 2008.

The seller was the Funderburk Living Trust, led by Charles Funderburk II and his wife, Holly.

Dealer Financing

A west Little Rock auto dealership is backed with a $6 million financial package.

Crain Investments Ltd., led by Larry Crain Sr., received the 10-year loan from Bank of America in Charlotte, N.C.

The 9-acre Crain Ford site at 4601 Col. Glenn Plaza Drive was purchased for $3.2 million in October 2010.

The seller was Colonel Glenn Bowman Road Development I LLC, led by Leonard Boen and Hank Kelley.

Northwest Mortgage

A 126-unit apartment project in west Little Rock was refinanced with a $4.8 million funding agreement.

MLAKE 21 LLC of North Kansas City, Mo., obtained the loan from Beech Street Capital LLC of Bethesda, Md.

The 8.09-acre Northwest Hills Apartments development at 11701 Mara Lynn Road previously was tied to a $4 million mortgage held by Great Southern Bank of Springfield, Mo.

The property was acquired for $5 million in October 2011 from Northwest Hills Associates Ltd. of Los Angeles.

 

 

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