Alltel Office Building Draws $12 Million Sale (Real Deals)

by George Waldon  on Monday, Jan. 13, 2014 12:00 am  

A 231,206-SF office building in the Riverdale area of Little Rock tipped the scales at $12 million.

Alltel Communications LLC, a Verizon affiliate, sold the 7.15-acre piece of the former Alltel campus at 1 Allied Drive. The buyers included LAF 5 Allied LLC, led by Kevin Huchingson; Stamja DT AR Properties LLC, led by Jason LaFrance; and JSJ Properties LLC, led by Joe Courtright.

The deal is financed with a 10-year loan of $10.1 million from First Security Bank of Searcy.

The site was purchased for $500,000 in August 1981 from Pleasant Valley Inc., led by Marion Burton.

Undeveloped Acquisition

Two commercial parcels totaling 12.4 acres in southwest Little Rock changed hands in an $831,000 sale.

T-Bar Properties LLC, led by Tom Bartholomew, acquired land near the southwest corner of Otter Creek South Road and William Dillard Drive. The limited liability company also purchased land across Otter Creek South Road that extends north to the Mabelvale West Road cloverleaf.

The sellers are Centennial Bank of Conway and 2610 Acres LLC, led by Rick and Randy Ferguson.

Centennial entered the 50-50 ownership picture in June 2011 as part of a $1.13 million foreclosure sale. The bank’s stake previously was owned by Gene Cauley.

He purchased the land as part of two April 2003 transactions totaling $636,000. The seller was Otter Creek Development Co. LLC, led by Robert McGinnis and Byron Eiseman Jr.

RV Purchase

A 149,170-SF industrial facility in south Little Rock sold for $495,000.

I-40 RV Land LLC, led by Paul Minton, bought the 6301 Forbing Road project from New Life Church of Arkansas Inc.

The deal is backed with a three-year loan of $370,000 from First Security Bank.

The 7.49-acre development was do-nated to the church in October 2012 by Fletcher Realty No. 2 LLC, led by Frank Fletcher Jr.

Hillcrest Buy

A 4,128-SF commercial project in the Hillcrest area of Little Rock rang up a $378,000 transaction.

2911 Kavanaugh LLC, led by Donna Barnett and Blake Smith, purchased its namesake property. The seller is RWL Investments LLC, led by Ron Lazenby.

The deal is funded with a $467,500 loan from Delta Trust & Bank of Little Rock.

The 0.13-acre development at 2911 Kavanaugh Blvd. was bought for $140,000 in May 1995 from the estate of Andre Simon.

Apartment Land

A 10-acre parcel in west Little Rock is under new ownership after a $225,000 deal.

Richsmith Holdings LLC, led by Keith Richardson and Arby Smith, acquired the land at the north end of Dover Drive. The seller is Hospice Foundation of Arkansas Inc., led by Judith Wooten.

The property was purchased in September 1995 as part of a $202,000 deal with the Ecumenical Retirement Center Foundation Inc.

Rural Warehouse

A 4,680-SF warehouse on the south-ern outskirts of Little Rock drew a $201,000 sale.

Central City Properties LLC, led by Germain Jimenez, bought the 1821 Jennings Road project. The seller is Jennings Road LLC, led by Chris Maris and Wes Crank.

The deal is financed with a two-year loan of $88,000 from Bank of Little Rock. The 8-acre development previously was tied to a February 2010 mortgage of $130,000 held by One Bank & Trust of Little Rock.

The property was acquired for $130,000 nearly four years ago from the Patricia Halbrook Living Trust.

Estates Sale

A 6,985-SF manor in west Little Rock’s Valley Falls Estates neighbor-hood tipped the scales at $1.35 million.

Grant and Amanda Patterson purchased the house from the Gene Graves Revocable Trust.

The residence previously was linked with a November 2009 mortgage of $950,000 and a November 2012 mortgage of $566,000 held by Delta Trust & Bank.

Graves bought the property for $1.5 million in November 2009 from Markus Homes Inc., led by Melinda Markus.

Ridgehaven Residence

A 4,719-SF home in west Little Rock changed hands in an $842,000 sale.

Kent and Carrie Covert acquired the house from Kathy Toll Watson and her husband, Edwin.

The deal is backed with a 30-year loan of $673,600 from Suntrust Mortgage Inc. of Richmond, Va.

The site was purchased in June 1976 as part of a $70,000 deal with Joan Eberle.

Greathouse Deal

A 3,884-SF home in west Little Rock’s Greathouse Bend Estates neighborhood sold for $750,000.

Neal and Linda Jansonius bought the house from Timothy Fox. The residence previously was tied to June 11 mortgages totaling $485,000 held by One Bank & Trust.

The site was acquired for $140,000 in December 2003 from Greathouse Bend Estates LLC, led by Chris Robertson Sr.

Heights Home

A 2,670-SF home near the Country Club of Little Rock is under new ownership after a $520,000 deal.

John Stuckey III and his wife, Kelly, purchased the house from the Susanna Elizabeth Shermer Revocable Trust.

The deal is funded with a 30-year loan of $416,000 from Bank of Little Rock Mortgage Corp. and a five-year loan of $29,000 from Bank of Little Rock.

The residence previously was linked with a February 2009 mortgage of $270,000 held by Regions Bank of Birmingham, Ala. It also was linked with a December 2009 mortgage of $25,000 and an April 2010 mortgage of $50,000 held by BancorpSouth Bank of Tupelo, Miss.

Shermer bought the property for $260,000 in May 2004 from the Barry Joseph Jewell & Heather Michelle Jewell Living Revocable Trust.

Parham Pointe Funding

The owner of a 184-unit apartment project in west Little Rock landed an $11.1 million funding agreement.

LFC Properties LLC, led by E. Harley Cox, obtained the 40-year loan from CBRE HMF Inc. of Boston.

The 13.7-acre Parham Pointe Apartments development at 1500 Parham Pointe Drive previously was tied to an April 2002 mortgage of $11 million held by Greystone Servicing Corp. of Warrenton, Va.

The land was assembled as part of two buys totaling $261,580 in March 1984. The sellers were John Toney Sr. and his wife, Mary, $232,000; and Barbara Caldwell, $29,580.

Plaza Mortgage

A 10,075-SF commercial project in Maumelle is backing a $3.04 million financial package.

The Harold E. Crye Revocable Living Trust received the five-year loan from Summit Bank of Arkadelphia.

The 0.92-acre Crye Leike Plaza development at 123 Audubon Drive previously was linked with a June 2008 mortgage of $1.1 million.

The trust acquired the site for $400,000 in September 2005 from Phillips Development Corp., led by Elizabeth Small.

Apartment Financing

A 75-unit apartment complex in downtown Little Rock is securing a $2.66 million mortgage.

HMF LLC, led by Hank Kelley, got the five-year loan from Delta Trust & Bank.

The 2.44-acre Fowler Square Apartments development at 503 E. Sixth St. previously was tied to a June 2011 mortgage of $1.6 million and a December 2012 mortgage of $560,000 held by the bank.

HMF purchased the property in March 2011 at a $1.1 million foreclosure sale.

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