Paramount Transaction Adds Up to $3.6 Million (Real Deals)

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

Paramount Life Building at 11025 Anderson Drive in west Little Rock. (Photo by Jason Burt)

A 42,291-SF office building in west Little Rock tipped the scales at $3.6 million.

Paramount Holdings LLC, led by Haitham Alley, bought the three-story Paramount Life Building at 11025 Anderson Drive.

The seller is Alltel Corp./Alltel Properties LLC, affiliates of Verizon Wireless.

The deal is funded with a five-year loan of $3.6 million from First Security Bank of Searcy.

On the backside of the deal, the state of Arkansas acquired 16,297 SF on the first and second floors for $738,000. The space will be used for data processing.

Alltel purchased the 2.11-acre development for $3.3 million in August 1994 from Phillip and Vicki Elkins.

Wash Purchase

A west Little Rock car wash sold in a $1.32 million transaction.

Chenal Autowash LLC, led by Larry Middleton, acquired the Best Car Wash project at 620 S. Bowman Road. The seller is Chenal Carwash LLC, led by Willis Smith.

The deal is financed with a 10-year loan of $1 million from BancorpSouth Bank of Tupelo, Miss.

The 1-acre development previously was used to help secure a December 2008 mortgage of $2.4 million held by One Bank & Trust of Little Rock.

The car wash site was bought for $315,000 in February 1996 from Grey Rock Real Estate Holding Inc., led by Jimmy Moses, Jim Nosari and Ramsay Ball.

Multifamily Buy

A small group of apartments in the Pulaski Heights area of Little Rock is under new ownership after an $820,000 deal.

J Street Group LLC, led by Lane Patterson, purchased the 5212 I St., 5209 J St. and 5217 J St. properties. The seller is Car Holdings LLC, led by Andrew Adkins and Richard Harp.

The deal is backed with a $700,000 loan from Bank of Rison.

The half-acre development previously was tied to an April 2008 mortgage of $688,000 and a January 2010 mortgage of $50,000 held by Centennial Bank of Conway.

Car Holdings acquired the project for $760,000 in March 2008 from George and Sallie Gill and John and Marjorie Gill.

Water Land

About 150 acres in west Pulaski County rang up a $603,000 sale ($4,000 per acre).

Central Arkansas Water bought the land a mile west of Highway 300 on East Hundley Road from Centennial Bank. The deal is funded with a $287,500 loan from Centennial.

The property was part of a $1.13 million foreclosure sale in June 2011. The bank recovered the land from Gene Cauley, the former Little Rock attorney imprisoned for stealing from clients.

The land originally secured a July 2007 mortgage of $2.35 million held by Centennial.

Foreclosure Sale I

A commercial property in southeast Pulaski County drew a $489,339 foreclosure sale.

Homebank of Greenbrier recovered the 11401 Mewborn Road project from Doug and Sonja Loftis.

The 4.33-acre development previously secured a November 2006 mortgage of $565,428 held by Homebank.

The land was acquired in March 1998 as part of a $20,000 deal with Wiggins & Co., led by Gloria Wiggins.

Foreclosure Sale II

A north Pulaski County liquor store changed hands in a $370,500 foreclosure sale.

Metropolitan National Bank of Little Rock recovered the Busy Bee Liquor at 7418 T.P. White Drive from Stevelor LLC, led by Steve and Lori Crace.

The 1.91-acre development previously was linked with a January 2007 mortgage of $812,992 and a November 2011 mortgage of $40,000 held by the bank.

Stevelor purchased the property for $310,000 in April 2005 from the Jim & Jane Meddress Joint Revocable Trust.

Foreclosure Sale III

A 15-unit apartment project in Jacksonville is under new ownership after a $315,002 foreclosure sale.

Metropolitan National Bank recovered the 2151 Hamilton Drive project from OMG Properties LLC, led by Steve Crace.

The 0.94-acre development previously was tied to a September 2009 mortgage of $770,950 held by the bank.

OMG Properties bought the multifamily project for $770,900 more than four years ago from Jonco Enterprises Inc., led by Jay O’Neal.

Cheyenne Acquisition

A 213,856-SF industrial facility in east Little Rock sold for $206,000.

BCR Investments LLC, led by Ben Davis, Cindi Mathis and Ronny Davis, purchased the former Cheyenne Industries complex at 2000 E. 17th St. The seller is Fletcher Realty 2 LLC, led by Frank Fletcher.

The 11.3-acre development was acquired for $925,000 in October 1985 from Mid-South Associates Ltd., led by Charles Brindell Jr.

Deauville Manor

A 6,432-SF home in the Deauville neighborhood of west Little Rock’s Chenal Valley development rang up a $869,000 deal.

Myra Taft-Watson and her husband, Douglas, bought the house from the McClain Living Trust, led by Duncan and Carol McClain.

The deal is financed with a 30-year loan of $417,000 from Bank of Little Rock Mortgage Corp. The residence previously was linked with an October 2010 mortgage of $636,360 held by CitiMortgage Inc. of O’Fallon, Mo.

The McClains purchased the property for $1.02 million in August 2006 from ODS Enterprises LLC, led by Oscar Washington.

Country Club House I

A 2,584-SF home near the Country Club of Little Rock drew a $665,000 sale.

Gary and Jennifer McCallum acquired the house from Jerry Toole.

The deal is backed by a 30-year loan of $417,000 and a three-year loan of $181,500 from One Bank & Trust.

The residence previously was tied to an August 2012 mortgage of $536,000 held by Regions Bank of Birmingham, Ala.

Toole bought the property for $375,000 in April 2007 from United Systems of Arkansas Inc., led by Glenn Petkovsek.

Lamarche Residence

A 5,177-SF home in the Lamarche neighborhood of west Little Rock’s Chenal Valley development changed hands in a $595,000 transaction.

Shahid and Hira Shah purchased the house from Richard and Susan Crane.

The deal is funded with a 30-year loan of $417,000 and a 25-year loan of $59,000 from U.S. Bank of Cincinnati.

The residence previously was linked with a May 2004 mortgage of $300,000 held by Wells Fargo Home Mortgage Inc. of Des Moines, Iowa.

The Cranes acquired the property for $579,000 more than nine years ago from Mark and Janet Baker.

Avignon Abode

A 4,087-SF home in the Avignon Court neighborhood of west Little Rock’s Chenal Valley development sold for $540,000.

Vladimir Zharov and his wife, Irina, bought the house from Leslie Turk Jr., and his wife, Shara. The deal is financed with a 30-year loan of $417,000 from Franklin American Mortgage Co. of Franklin, Tenn.

The residence previously was tied to an August 2008 mortgage of $200,000 and a November 2010 mortgage of $200,000 held by Regions Bank.

The Turks purchased the location for $50,000 in February 1995 from Don Picket Construction Inc.

Country Club House II

A 2,225-SF house near the Country Club of Little Rock rang up a $500,000 transaction.

TB Investments LLC, led by Thomas Brown, acquired the house from the Jean D. Stockburger Revocable Trust.

The residence previously was linked with an October 2001 mortgage of $122,000 held by Simmons First National Bank of Pine Bluff.

The property was bought for $80,000 in March 1982 from Eugenia Davis.

 

 

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