LA Fitness Works Out $11.9 Million Transaction (Real Deals)

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

LA Fitness, located in the Park Avenue shopping center in Little Rock.

A 52,700-SF LA Fitness project in midtown Little Rock weighed in at $11.9 million.

The Jim Hooper Trust of Upland, Calif., purchased the 1.64-acre development at 304 S. University Ave. from LAF LR Ltd. of Dallas.

The deal is financed with a five-year loan of $7.6 million from Bank of the West in San Francisco.

The property previously was linked with a January 2013 mortgage of $7.3 million from First Security Bank of Searcy.

LAF bought the location in the Park Avenue development for $2.18 million 15 months ago.

The seller was SPC Park Avenue Ltd., an affiliate of Strode Property Co. of Dallas.

Outlet Dirt

The planned site for an outlet mall in west Little Rock tipped the scales at $5.2 million.

NED Little Rock LLC of Newton, Mass., acquired the 29.7-acre location in the Gateway Town Center development from Town Center LLC, led by Tommy Hodges.

The land previously was tied to a June 2012 mortgage of $3.5 million held by Malvern National Bank.

The land was part of a four-part assembly of 176 acres in January 2002 deals totaling more than $2.4 million.

The sellers were Canadian Pacific Properties Inc. of Alberta, Calgary, $1.46 million; Otter Creek Development Co. LLC, led by Robert McGinnis and Byron Eiseman, $784,000; Cynthia Keaton, $143,000; and Jennifer Mae Kochtitzky Trust No. 2, $81,390.



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