Riverdale's Raney Building Headlines $3.5M Triple Purchase (Real Deals)

by George Waldon  on Monday, Sep. 23, 2013 12:00 am  

T.J. Raney Building at 3600 Cantrell Road. (Photo by Jason Burt)

An office building in the Riverdale area of Little Rock and neighboring commercial properties in Little Rock’s Hillcrest area shifted ownership in deals totaling more than $3.5 million.

Peartree Inc., led by Katharine Adams, purchased the 41,429-SF T.J. Raney Building at 3600 Cantrell Road from IberiaBank of Lafayette, La., for $1.85 million.

Peartree also took ownership of the Hocott’s Garden Center at 3700 Kavanaugh Blvd. in a transaction valued at $1 million and the nearby 3604 Kavanaugh Blvd. project in a deal valued at $685,000.

The seller of these two properties is Hill Valley Inc., which shared some common ownership with Peartree. The three projects are securing a $1.35 million loan from Centennial Bank of Conway.

IberiaBank recovered the Raney project at a $2.1 million foreclosure sale in July 2010 from T.J. Raney Building Inc., led by Thomas Raney.

The 3-acre development previously was linked with a March 2005 mortgage of $3 million originated by First Community Bank of Jonesboro (purchased by IberiaBank in 2007).

IberiaBank obtained a $2.98 million judgment against T.J. Raney Building and Tom Raney in June 2010.

T.J. Raney Building Inc. bought the one-time home of Allied Telephone Co. for $1.3 million in October 1982 from Mart Inc., led by Joe T. Ford and Hermann Ivester.

The 1.24-acre Hocott’s property was acquired for $900,000 in March 2011. The Hocott sellers were Hocott Enterprises, led by Terry and Perry Byron, Paula Herrin, David and Denice Hocott, Thomas and Kimberly Hocott, Karen Ridgeway, Patricia and Samuel Herrin, Joseph and Kristi Herrin, Patrick and Sheran Herrin, Dorothy Lovette and Erica Hocott.

The 3604 Kavanaugh Blvd. project was bought for $250,000 in March 2011 from Lorene Lloyd Patterson and her husband, James.

Insurance Acquisition

Rural acreage in northwest Pulaski County rang up a $775,000 sale.

USAble Life of Little Rock purchased 240 acres a half-mile southeast of the Wye community from Richard Gifford.

The Gifford family has owned the property since acquiring it in November 1946 from Paul Provena for an undisclosed sum.

Entergy Site

Land for an electric substation in west Pulaski County changed hands in a $495,000 transaction. Entergy Arkansas Inc. bought the 18-acre parcel a quarter mile south of Lawson Road, west of the Meadow Springs neighborhood, from Emprise LLC, led by Douglas Meyer and Jerry Currence.

The property previously was used to help secure a March 2007 mortgage of $786,000 held by Twin City Bank of North Little Rock.

Emprise purchased the land more than six years ago as part of a $786,000 deal with Eleanor Foltz, Gertrude Bunge and Patricia Shoemaker.

Big Star Buy

A 14,800-SF grocery store in north Pulaski County sold for $265,000.

RL Ferrell Inc., led by Ron and Regyna Ferrell, acquired the Big Star Grocery at 15310 MacArthur Drive. The seller is DSC Inc., led by Robert Harms.

The deal is backed with a $404,000 loan from Delta Trust & Bank of Little Rock.

The 3-acre development was recovered from KRP Inc., led by Karen R. Phillips, in May 2009 at a $250,000 foreclosure sale.

DSC Inc. obtained a $488,521 judgment against KRP, Karen and Gary Phillips and Allan Beatty.

Hallen Court House

A 3,945-SF home in the Hallen Court neighborhood of west Little Rock’s Chenal Valley development drew a $640,000 transaction.

David and Nancy Hicks purchased the house from the namesake living trusts of Charles Smith and Susan Jones.

The deal is financed with a 30-year loan of $350,000 from Delta Trust Mortgage Inc. of Little Rock. The residence previously was tied to a March 2012 mortgage of $417,000 held by Arvest Mortgage Co. of Lowell (Benton County).

The site was acquired for $160,000 in August 2011 from Bryan and Melanie O’Patry.

Chenal Circle Home

A 4,041-SF home in the Chenal Circle neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $582,000 sale.

Scott and Heather Allmendinger bought the house from Michael and Evangeline Steele.

The deal is funded with a 30-year loan of $332,000 from NBA Mortgage Group of Little Rock. The residence previously was linked with a June 2009 mortgage of $368,500 held by Suntrust Mortgage Inc. of Richmond, Va., and a September 2012 mortgage of $50,000 held by Arvest Bank of Fayetteville.

The Steeles purchased the property for $525,000 in November 2000 from the Jacqueline McReynolds Trust.

Oaks Residence

A 3,133-SF home in The Oaks neigh-borhood of west Little Rock’s Chenal Valley development rang up a $520,000 deal. Diane and James Hobson acquired the house from the David T. Matchet Revocable Trust.

The residence previously was tied to an October 2011 mortgage of $378,400 held by Riverside Mortgage Co. of Little Rock.

The property was bought for $465,000 in March 2010 from Joe and Miriam Solomon.

Villas Financing

The Villas at Northwood Creek apartment complex in North Little Rock is backed with a $10 million financial package.

Northwood Creek LLC, led by David Haas, Steven Molpus, Steven Pascoe and Roy Yelenich, received two five-year loans from First Federal Bank of Harrison.

The 37.9-acre development previously was linked with an August 2011 funding agreement of $6.5 million held by First Security Bank of Searcy and an October 2012 mortgage of $1.2 million held by Eagle Bank & Trust of Little Rock.

The land was assembled in two deals totaling more than $1.7 million. The sellers Jimmy Greenfield Sr. and his wife, Karen, $565,000 in September 2008; and JKGS LLC, led by Karen Greenfield, $1.16 million for 20 acres in October 2012.

Sweet P Mortgage

The owner of two Popeyes eateries in Pulaski County picked up a $3.5 million funding agreement.

Sweet P Investors Inc., led by Donald Gililland, obtained the seven-year loan from IberiaBank.

The Popeyes Chicken & Biscuits at 200 E. Kiehl Ave. in Sherwood and at 11501 W. Markham St. in west Little Rock previously were tied to an August 2012 mortgage of $2.35 million held by the bank.

Sweet P purchased the half-acre Sherwood location in April 1996 from Derol and Jessie May for $150,000 ($7.14 per SF).

The former Andy’s project in west Little Rock was acquired for $550,000 in September 1996 from Andy’s Restaurant Inc., led by W. Garland Streett.

Million-Dollar Construction

• New Campus    $12,500,000
Boone Park Elementary School    
1400 Crutcher St., North Little Rock
Baldwin & Shell Construction Co., Little Rock

• Office Space Finishout    $1,340,000
Little Rock Family Practice Building    
701 N. University Ave., Little Rock
Nabholz Construction Corp., Conway

• New Residence    $1,224,000
Dr. Carl Johnson and his wife, Patricia
5 Sologne Circle, Little Rock
Parkinson Building Group Inc., Little Rock

 

 

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