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.

The property previously was linked with an April 2012 mortgage of $450,000 held by Little Rock’s Bank of the Ozarks.

Java Acquisition

A coffee shop project in North Little Rock changed hands in a $501,000 transaction.

Shree Hari Conway Properties LLC, led by Nilesh Patel, purchased the Java Roasting property at 6725 John F. Kennedy Blvd.

The seller is Java Roasting At Indian Hills LLC, led by Richard King. The deal is financed with an $820,000 loan from Delta Trust & Bank of Little Rock.

The 0.57-acre development previously was tied to a June 2010 mortgage of $565,438 held by Arvest Bank of Fayetteville.

The land is part of the original 4-acre Indian Hills Baptist Church location acquired by the church for $35,000 in May 1962 from Winrock Enterprises Inc.

Mountain Terrace Land

An 11.89-acre residential tract in Maumelle’s Mountain Terrace project sold for $440,000.

Wayne Moore Construction Co. of Little Rock bought the land on Mountain Terrace Circle from One Bank & Trust of Little Rock.

The deal is backed with a five-year loan of $1.2 million from the bank.

One Bank recovered the property from Lifestyle Communities LLC, led by Tony Meredith, in July 2010 as part of a $1.3 million foreclosure sale.

Edgehill Abode

A 10,000-SF manor in Little Rock’s Edgehill neighborhood is under new ownership after a $2.6 million deal.

Richard and Sarah Ashley acquired the house from Mac and Dorothy Woodward. The deal is funded with a $1.4 million loan from Centennial Bank.

The residence previously was linked with an August 2010 mortgage of $548,832 held by Summit Bank of Arkadelphia and a March 2013 mortgage of $1.3 million from Bank of Little Rock.

The Woodwards bought the property for $2 million in November 2004 from Sheila McAdams and the Herbert McAdams 2001 Trust.

Arbors Abode

A 3,783-SF home in The Arbors neighborhood of west Little Rock’s Chenal Valley development drew a $582,000 deal.

Carey and Elizabeth Guidry purchased the house from Robert Rhodes Jr. and his wife, Diane. The deal is financed with a 15-year loan of $417,000 and a five-year loan of $48,600 from Metropolitan National Bank of Little Rock.

The residence previously was tied to a November 2012 mortgage of $403,000 held by Arvest Bank.

The Rhodes family acquired the site for $103,000 in December 2004 from Deltic Timber Corp. of El Dorado.

 

 

Please read our comments policy before commenting.