Pleasant Valley Plaza Rings Up $2.2M Sale (Real Deals)

by George Waldon  on Monday, Oct. 21, 2013 12:00 am  

Pleasant Valley Plaza.  (Photo by Jason Burt)

A 32,000-SF retail project in west Little Rock changed hands in a $2.2 million sale. Rash Properties LLC, led by Elizabeth Rash, bought Pleasant Valley Plaza at 11220 N. Rodney Parham Road.

The seller is Pleasant Valley 182 LLC, an affiliate of U.S. Bank of Cincinnati.

The deal is financed with a 10-year loan of $1.8 million from Eagle Bank & Trust of Little Rock.

Pleasant Valley 182 recovered the project in October 2011 at a $2.3 million foreclosure sale. The 2.89-acre development was owned by PV Plaza LLC, led by Cecil Randolph Warner III and Matthew HP Warner.

John Flake, Hank Kelley and Brandon Rogers, original investors in the limited liability company, sold their 16.7 percent stake to the Warners in January 2008.

The property once was tied to a July 2006 mortgage of $2.7 million, originated by Column Financial Inc. of New York.

Convenient Transaction

A North Little Rock convenience store rang up a $1.25 million transaction.

Quattro North Little Rock LLC of Oak Brook, Ill., bought the Phillips 66 Food Plaza at 4300 E. McCain Blvd. from Port Cities Oil LLC, led by Mike Coulson.

The deal is backed with a 4.5-year loan of $2.1 million from Stonegate Bank of Fort Lauderdale, Fla.

The 0.78-acre development was acquired for $1.84 million in January 1998 from Phillips Petroleum Co. of Bartlesville, Okla.

Million-Dollar Construction

Radiology & Orthopedic Clinics Expansion    $10 million
Arkansas Children’s Hospital
1 Children’s Way, Little Rock
Nabholz Construction Corp., Conway

28 Units     $3.5 million
The Villas at Northwood Creek
8910 Northwood Creek Drive, North Little Rock
Harco Constructors Inc., North Little Rock

New Headliner Shop    $1,683,554
Dassault Aircraft
3801 E. 10th St., Little Rock
D&N Construction LLC, Vilonia

Day Care Deal

An 11,248-SF day care project in Jacksonville is under new ownership after a $650,000 deal.

Robert and Shelly Tallon purchased My First School Day Care at 1701 S. Highway 161 from SMS Holdings LLC, led by Maggie and Jeffrey Martin.

The transaction is funded with a three-year loan of $425,000 from Little Rock’s Bank of the Ozarks.

The 1.57-acre development previously was linked with an October 2010 mortgage of $384,934 held by the bank. SMS bought the location for $106,000 in October 2004 from J.T. Rose and his Prime Investments.

Pruned Branch

A 1,584-SF bank branch in southwest Little Rock drew a $250,000 transaction.

Arkansas Real Estate Holdings LLC, led by Michael Fritz, acquired the 8500 Geyer Springs Road project from Simmons First National Bank of Pine Bluff.

The deal is financed with a 10-year loan of $264,000 from Eagle Bank & Trust of Little Rock.

Simmons purchased the 0.57-acre development in October 2005 from Bank of Little Rock.

Estates Sale

A 6,823-SF home in west Little Rock’s Bella Rosa Estates neighborhood tipped the scales at $999,000.

The Kyle Lamb Revocable Trust bought the house from 5600 JFK LLC, led by Sharon Adkins.

The deal is backed with a 30-year loan of $417,000 from One Bank & Trust of Little Rock. The residence previously was tied to a May 2012 mortgage of $600,000 held by IberiaBank of Lafayette, La.

The property was acquired for $775,000 in February 2010 from Clint and Barbie Wilson.

Overbrook Abode

A 4,200-SF home in North Little Rock’s Overbrook neighborhood sold for $649,000.

Steven and Robin Sparr purchased the house from Glenn and Barbara Holloway. The deal is funded with a 30-year loan of $325,000 from Arvest Mortgage Co. of Lowell.

The residence previously was linked with a September 2012 mortgage of $48,000 held by One Bank & Trust.

The Holloways bought the location for $89,000 in February 2013 from Metropolitan Realty & Development LLC, led by Terry Paff.

Courts House

A 4,847-SF home in The Courts neighborhood of west Little Rock’s Chenal Valley development changed hands in a $625,000 deal.

Jeremy and Lauren Thompson acquired the house from Bruce and Donna Dickey. The deal is financed with a 30-year loan of $500,000 from U.S. Bank.

The residence previously was tied to October 2012 mortgages of $417,000 held by Delta Trust Mortgage Inc. of Little Rock and $81,400 held by Delta Trust & Bank of Little Rock.

The Dickeys purchased the property for $499,000 in November 2010 from Little Rock’s Rector Phillips Morse.

Oaks Residence

A 3,311-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development rang up a $598,000 sale. The Kerr Family Living Trust, led by Robert and Mary Kerr, bought the house from Don and Linda Myers.

The deal is backed with a five-year loan of $537,500 from IberiaBank. The residence previously was linked with an October 2012 mortgage of $216,000 held by Metropolitan National Bank of Little Rock.

The Myers family acquired the property for $525,000 in July 2009 from Ted Snider Jr. and his wife, Jan.

Lamarche Home

A 4,287-SF home in the Lamarche neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $562,000 deal.

Douglas and Linda Claybrook purchased the house from Frank and Judy Allison. The transaction is funded with a 15-year loan of $417,000 from Centennial Bank of Conway.

The Allisons bought the property for $510,000 in March 2003 from Billy Hartness Construction Co.

Collegiate Construction

Construction of a nearly 30,000-SF campus center in Little Rock is backed with a $10.9 million bond issue.

Philander Smith College obtained the 30-year funding through Rice Capital Access Program LLC of Atlanta.

The 4.3-acre piece of the campus securing the debt was assembled as part of four transactions with the Housing Authority of Little Rock, $77,000 in February 1958 and $167,150 in December 1968; and General Board of Higher Education & Ministry of the United Methodist Church, gifts in June 1995 and April 2012.

Village Funding

An 83-unit retirement home in west Little Rock is securing a $3 million financial package. Presbyterian Village Inc., led by Dan Yancey, got the five-year loan from First Security Bank of Searcy.

The 510 Brookside Drive project previously was tied to a November 2002 mortgage of $3.27 million held by First Arkansas Bank & Trust of Jacksonville and two mortgages held by Bank of the Ozarks, $383,910 in April 2000 and $360,000 in June 2000.

The 6-acre site was donated by S.E. and Beatrice Clippard in July 1964 and January 1968. Undeveloped adjoining land was added in four transactions totaling $684,000. The sellers were:

  • Kelley and Janis Johnson, Jerry and Nancy Wilcox, Steven and Janet Kinzler and George and Mary Wildgen, $175,000 for 1.73 acres in April 1999.
  • Virginia Brown, $350,000 for 4.35 acres in April 2000.
  • Ellen and Phillip and Sandra Brown, $109,000 for 2.5 acres in April 2000.
  • Tommy and Ida Smith, $50,000 for 2.17 acres in April 2000.

Office Mortgage

A 33,720-SF office building in west Little Rock is backed with a $2.3 million mortgage. KRL Properties LLC, led by Mark Leverett, received the five-year loan from Simmons First National Bank.

The 2.3-acre development at 324 Executive Court previously was used to help secure December 2011 mortgages of $2.2 million and $1.68 million held by One Bank.

KRL acquired the project for $1.8 million nearly two years ago from Herbert and Barbara James.

 

 

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