New Kanis Plaza Owner Arrives in $1.5M Sale (Real Deals)

by George Waldon  on Monday, Dec. 9, 2013 12:00 am  

A 10,176-SF office-retail project in west Little Rock tipped the scales at $1.5 million.

Roach Exchange Holdings LLC, led by Gary Roach, bought Kanis Plaza at 10809 Kanis Road.

The sellers were Haybar Group LLC, led by Bryan Hosto, and two limited liability companies led by Isaac Smith: KP Little Rock and KP Little Rock II.

The deal is backed with a 20-year loan of $1.24 million from BancorpSouth Bank of Tupelo, Miss.

The 1.02-acre development previously was tied to an August 2012 mortgage of $1.02 million held by First Federal Bank of Harrison.

The project was acquired for $700,000 15 months ago from the U.S. Government. Uncle Sam seized the property in November 2011 from Kanis Plaza LLC, an entity controlled by Kevin Lewis.

Lewis, now in federal prison, used money from the sale of bogus improvement district bonds to fund the limited liability company’s $1.25 million foreclosure purchase of the project in October 2009.

Office Transaction

A 6,000-SF office building in west Little Rock rang up a $620,000 sale. Multi-Management Services Inc., an affiliate of Baptist Health, acquired the 5900 Ranch Drive project.

The seller is Professional Property Co. LLC, led by Sam Winstead.

The deal is funded with a $950,000 loan from Centennial Bank of Conway.

PPC purchased the 0.86-acre development for $496,000 two months ago from 5900 Ranch Drive LLC, led by Hank Kelley.

 

 

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