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.

Double Vision Management Co., led by Dennis White, acquired the Storage Space project at 709 Pratt Road. The seller is Storage Space LLC, led by John Heavner.

The deal is financed with a $1.05 million mortgage carried by the limited liability company. The location was bought for $135,000 in June 1996 from Charles and Elta Loetscher.

Million-Dollar Construction  
   
Mail/Print Center $5,500,000
Blue Cross & Blue Shield  
2201 Brookwood Drive, Little Rock  
Baldwin & Shell Construction Co.,  
Little Rock  
   
Health Club $4,000,000
2939 Lakewood Village Drive, N. Little Rock  
LA Fitness, Irvine, Calif.  
   
Service Center $2,725,000
Landers Dodge  
624 Col. Glenn Plaza Loop, Little Rock  
ITR Construction LLC, North Little Rock  
   
Renaissance Point Apartments $2,217,594
30 Ayla Drive, Little Rock  
Champion Construction Management Inc.,  
Little Rock  
   
Lab/Office Renovation $1,808,155
Porocel  
10200 Arch Street Pike, Little Rock  
RIC Construction Inc., Little Rock  
   
Office Renovation $1,000,000
1525 Merrill Drive, Little Rock  
Chuck Hamilton Construction Inc., Little Rock

 

Office Transaction

A 6,250-SF office building in west Little Rock rang up a $915,000 transaction.

Glory Properties LLC, led by Sadiq Ali, purchased the 12500 Kanis Road project. The seller is Kanis Road LLC, led by Dickson Flake.

The deal is funded with a five-year loan of $825,000 from Simmons First Bank of Hot Springs.

The 1.88-acre development previously was tied to an October 2011 mortgage of $1.2 million held by Arvest Bank of Fayetteville.

The property was acquired in June 1999 as part of a $195,000 deal with Edward Lile and David and Jeanne Keller.

Hunting Land

A rural 177.4-acre tract along the Pulaski-Lonoke County line was part of a $772,000 deal.

Ink Bayou Meto Hunting Club LLC, led by Jay Gadberry, bought the property along the east side of Ink Bayou, a mile south of Highway 294. The deal included 438 acres in Lonoke County. The sellers are Ronnie and Beverly Melvin, who provided a 10-year loan of $568,532.

The property was purchased for $742,000 in November 1992 from John Hancock Life Insurance Co. of Boston.

Eatery Foreclosure

A buffet restaurant project in southwest Little Rock is under new ownership after a $485,000 foreclosure sale.

8815 Baseline Road LLC, an affiliate of Standard Insurance Co. of Hillsboro, Ore., acquired its namesake property.

The 2.02-acre development previously was linked with an October 2007 mortgage of $1.29 million held by the insurer.

The former Fire Mountain/Ryan’s restaurant project was recovered from DeeKay Properties LLC of Fountain Valley, Calif., led by Kay Hara.

DeeKay Properties bought the 6,756-SF restaurant for $3.1 million in October 2007 from Crest Net Lease Inc., led by Cary Wenthur.

Dollar Deal

A 1.06-acre commercial site in Sherwood drew a $238,000 deal.

Argen Holdings (Kiehl) LLC, led by Leonard Boen, purchased the 4101 E. Kiehl Ave. location. The seller is Tisdale Properties & Development LLC, led by Tracy Tisdale.

Construction of a Dollar General store is backed with a seven-year loan of $1.24 million from First Federal Bank of Harrison. The land previously helped secure an April 2013 mortgage of $1.3 million held by Little Rock’s Bank of the Ozarks.

The property is part of a 3.38-acre Harvest Foods development that Tisdale acquired for $1.19 million 11 months ago from BancorpSouth Bank of Tupelo, Miss.

Auto Property

A future auto development site in west Little Rock was expanded with a $196,659 buy.

Parker Brodie Creek Holdings LLC, led by Rick Parker, acquired the half-acre parcel on the west side of Col. Glenn Plaza Drive. The seller is Colonel Glenn Bowman Road Development I LLC, led by Leonard Boen and Hank Kelley.

The property adjoins the north side of a 3-acre parcel Parker purchased for $1.3 million in December 2012 from CGBRD I. The new property previously was used to help secure a March 2012 mortgage of $8 million held by Centennial Bank of Conway.

The land is part of a 70.2-acre tract at the northwest corner of Interstate 430 and Col. Glenn Road largely assembled in two October 2002 transactions with:

• An investment group composed of J. Kenneth and Linda Shollmier, Myra and Charles Hyde Jr., Bob Fewell, James T. Bell, Robert Byrne Jr., David N. White and Charles Abrams IV, $1.95 million.

• James Hall, A. Dan Phillips, W. Daniel Thomas Jr. and William Humphries Jr., represented by Rector Phillips Morse’s Birch Brook Inc., $1.9 million.

A $950,000 deal in November 2002 with State Farm Mutual Automobile Insurance Co. of Bloomington, Ill., completed the $4.8 million land assembly.

Ridgefield Residence

A 5,930-SF home in Ridgefield Estates neighborhood sold for $720,000.

Charles Cheatham bought the house from the DeAnn Tate Revocable Trust No. 1. The deal was financed with a 30-year loan of $652,300 from PHH Home Loans LLC of Mount Laurel, N.J.

The 10.1-acre residential spread previously was tied to a March 2013 mortgage of $170,836 held by JPMorgan Chase Bank of Columbus, Ohio.

The trust acquired the property in July 2000 as part of a $690,000 deal with Paul and Jennifer Osteen.

Riverview Home

A 3,644-SF home in Little Rock’s Riverview Manor neighborhood changed hands in a $515,000 deal.

Michael and Stacey Schwartz purchased the house from David and Angela Williams. The deal is funded with a 30-year loan of $412,000 from Bank of America in Charlotte, N.C.

The residence previously was linked with March 2003 mortgages of $322,700 and $104,260 held by BancorpSouth Bank. The Williams family bought the property for $480,000 in October 2001 from Timothy and Karen Holt.

 

 

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