Technology Drive Building Registers $11.7 Million Sale (Real Deals)

by George Waldon  on Monday, Apr. 14, 2014 12:00 am  

The 1001 Technology Drive project joined the LaFrance family’s growing portfolio of office holdings in the Little Rock market. | (Photo by Jason Burt)

The sale of a 100,000-SF office building in west Little Rock weighed in at $11.7 million.

1001 Technology LLC, led by Jason LaFrance, purchased the four-story project at 1001 Technology Drive.

Ownership of the property was divided among Acxiom Corp., 50 percent; Kelley Commercial Realty LLC, led by Hank Kelley, 25 percent; and John and Karen Flake, 25 percent.

The deal is financed with a $7.6 million loan from USAble Life of Little Rock.

The 7.25-acre development previously was tied to an April 1998 mortgage of $7.4 million held by Mercantile Bank of Arkansas in North Little Rock.

The site was acquired in July 1995 from Donald and Wilma Kirk as part of more than 67 acres assembled in a string of transactions totaling $3.3 million.

Mini Acquisition

A Maumelle mini-storage development tipped the scales at $1.64 million.

Robert and Danea Smith bought the Storage Spot project at 98 Commercial Park Court from CAD LLC, led by Donald Spears.

The deal is funded with a five-year loan of $1.24 million from Little Rock’s Bank of the Ozarks.

The 3.04-acre development previously was linked with an August 2007 mortgage of $1.6 million held by Summit Bank of Arkadelphia and a June 2007 mortgage of $500,000 held by the Bud & Julie Whetstone Trust.

The location was purchased for $292,000 in April 2006 from Gene Pfeifer and his wife, Linda.

Recycled Retail

A former USA Drug project in southwest Little Rock changed hands in an $825,000 deal.

The Steven J. Landers Jr. Trust acquired the 12,220-SF store at 6115 Baseline Road from Stamja Ltd.-AR Properties LLC, led by Jason LaFrance.

The LaFrance family bought the 1.14-acre property for $502,000 in January 2008 from the Matt Gwenn Petty Trust, the Jeffrey Price Petty Trust, the Susan Petty O’Dwyer Trust and the Reginald Bular Petty Trust.

Industrial Sale I

A 23.3-acre industrial development in Little Rock is under new ownership after a $500,000 sale.

Camino Real Foods Inc. of Vernon, Calif., purchased the 4701 Asher Ave. project from ConAgra Foods Packaged Foods LLC of Omaha, Neb.

ConAgra bought the 98,800-SF facility in 2012 as part of its $95 million acquisition of Odom’s Tennessee Pride Inc. of Madison, Tenn.

Odom’s purchased the property in two transactions totaling $825,000. The sellers were Western Meat Packers Inc., led by C.O. Finkbeiner, $725,000 in January 1980; and Christian and Patia Finkbeiner, $100,000 in May 1983.

Multifamily Buy

A small apartment project in Little Rock rang up a $263,000 transaction.

W.L. Properties LLC, led by Marcia G. Wilson, bought the five-unit complex at 410 W. 19th St. from Vicki Hunsinger.

The 0.24-acre development was acquired for $79,000 in August 1998 from William Clossey and Patricia C. Harrelson.

Bank Dirt

The land beneath a Bank of America branch in west Little Rock drew a $241,000 sale.

Walnut Associates LLC of Greenwich, Conn., purchased the 0.93-acre site at 11315 N. Rodney Parham Road from Presidio Capital Investment Co. of Rutherford, N.J.

The bank branch and land were bought for $545,000 in February 1977 from Worthen Bank & Trust Co., led by Edward Penick.

Premiere Purchase

A 4,920-SF storefront in downtown Little Rock sold for $185,000.

Premiere Distributors Inc., led by Russell Carter III and Brian Rogers, acquired the Sterling Annex at 219 W. Capitol Ave. The seller is Center West Properties LLC, led by Sy Niksefat.

The deal is backed with a one-year loan of $185,000 from Arvest Bank of Fayetteville.

The 0.11-acre development previously helped secure a December 2006 mortgage of $375,000 held by First Arkansas Bank & Trust of Jacksonville.

Center West purchased the property for $150,000 more than seven years ago from Forbing Investments, led by Jack Grundfest.

Industrial Sale II

A 5.4-acre industrial site in North Little Rock changed hands in a $168,000 deal.

HCB LLLP, led by Edsel Weaver Jr. and his wife, Kimberly, bought the land on Michaela Drive.

The seller is D&B Commercial Park LLC, led by James Dietz.

D&B acquired the property in June 2001 for $1.05 million as part of a 117-acre deal with I-440 Business Fiberpark LLC, led by George Wilcox.

Hallen Home

A 5,032-SF in the Hallen Court neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $725,000 sale.

Kristi Crum purchased the house from Thomas and Cynthia Formicola. The deal is financed with a 30-year loan of $417,000 from Delta Trust & Mortgage Inc. of Little Rock and a $163,000 loan from Delta Trust & Bank of Little Rock.

The residence previously was tied to a 35-year loan of $558,750 originated by Quicken Loans Inc. of Detroit.

The Formicolas bought the property for $684,000 in November 2011 from Rees Construction LLC, led by John Rees.

PV Residence

A 4,616-SF home in west Little Rock’s Pleasant Valley neighborhood rang up a $615,000 transaction.

Glen and Kristi Johnson acquired the house from Jessica Waschka-Vitale and her husband, Paul.

The deal is funded with a three-year loan of $492,000 from Simmons First Bank of Searcy.

The residence previously was linked with a November 2011 mortgage of $413,400 held by Bank of Little Rock Mortgage Corp.

The property was purchased for $485,000 in August 2007 from Jeffrey and Kimberly Miller.

Hickory Creek Abode

A 3,400-SF home in west Little Rock’s Hickory Creek neighborhood drew a $585,000 sale.

Paul and Charlene Prousnitzer bought the house from Michael Alexander. The deal is backed with a 30-year loan of $350,000 from Bank of Little Rock Mortgage Corp.

The residence previously was tied to an April 2004 mortgage of $536,000 and a June 2010 mortgage of $204,000 held by Regions Bank of Birmingham, Ala.

The location was acquired for $110,000 in February 2003 from Alan and Marjorie Duncan.

Terminal Funding

A fuel storage facility in North Little Rock was used to help secure a $1 billion funding agreement.

JP Energy ATT LLC of Irving, Texas, received the five-year loan administered by Bank of America in Charlotte, N.C.

The 28.4-acre development at 2207 Central Airport Road previously helped back a January 2013 mortgage of $200 million held by Wells Fargo Bank of Sioux Falls, S.D.

JP Energy ATT purchased the property for $18.9 million 14 months ago from Arkansas Terminaling & Trading Inc., led by Greg Arnold.

Grove Mortgage

The owner of a 225-unit apartment project in west Little Rock picked up a $13.36 million financial package.

Vintage Pleasant Valley LLC of Shreveport obtained the 35-year loan from Wells Fargo Bank.

The Grove at Pleasant Ridge at 11901 Pleasant Ridge Road previously was linked with an October 2003 mortgage of $13.9 million originated by General Electric Capital Corp. of Norwalk, Conn.

The 24.3-acre development was bought for $16.1 million more than 11 years ago from Schaedle Worthington Hyde Properties Ltd. of Atlanta.

 

 

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