Farmland Produces $1.8M Transaction (Real Deals)

by George Waldon  on Monday, Apr. 7, 2014 12:00 am  

Soul of the South Network has a Little Rock home after a $1.6 million deal. (Photo by Jason Burt)

More than 800 acres in east Pulaski County tipped the scales at $1.87 million.

Westbrook Farms LLC, led by Kent Westbrook, bought the agri property a mile east of Interstate 440 along the south side of Wooten Road.

The seller is Danco Construction Co., led by Preston Wright. Danco purchased the land for $268,000 in April 1971 from R. Snow Wilson II and his wife, Dorris.

Recycled Media

A media office project in west Little Rock weighed in at $1.65 million.

SSN Funding Ltd., led by Larry Morton, acquired the 30,832-SF facility at 1 Shackleford Drive from One Bank & Trust of Little Rock.

The transaction is backed with a 20-year loan of $1.5 million from Arkansas Capital Corp. of Little Rock and a $500,000 loan from the Arkansas Economic Development Commission.

One Bank recovered the 2.66-acre development from United Assurance Co. Ltd. of Los Angeles at a $1.2 million foreclosure sale in June 2011. The property previously secured a November 2010 mortgage of $1.6 million held by the bank.

United Assurance bought the project for $1.7 million from the bankruptcy estate of Equity Media Holdings Corp., where Morton was CEO.

Morton left the company in 2008 with a $1.2 million severance package just ahead of Equity plunging into Chapter 7 liquidation.

Storage Sale

The sale of a 23.4-acre mini-storage development in south Pulaski County changed hands in a $1.2 million sale.

 

 

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