WLR Tech Buy Hits $1.5M (Real Deals)

by George Waldon  on Monday, May. 19, 2014 12:00 am  

A 13,965-SF commercial building in west Little Rock changed hands in a $1.5 million sale.

Rainwater & Sexton Properties LLC, led by Michael Rainwater and Robert Sexton, bought the 801 Technology Drive project. The seller is Technology Drive Investments LLC, led by Rick Ferguson.

The deal is backed with 10-year loans of $2.01 million and $420,000 from First Security Bank of Searcy.

The 1.88-acre development previously was tied to an August 2005 mortgage of $1.76 million. Back then, Gene Cauley was part of the ownership picture of Technology Drive Investments.

The limited liability company purchased the property for $2.2 million more than eight years ago from Arvest Bank of Fayetteville.

Office Acquisition

A 6,575-SF office building in west Little Rock drew a $745,000 transaction.

Radius Real Estate Fund No. 2 Ltd., led by Michael Montgomery, acquired the 28 Rahling Road project. The sellers are Diner Properties LLC, led by Bradley Diner; Amick Properties LLC, led by Roger Amick; and R&J Properties LLC, led by Dr. Leigh Ann Bennett.

The deal is financed with a $450,000 loan from Central Bank of Little Rock.

The 0.57-acre development previously was linked with a December 2012 mortgage of $124,000, an August 2013 mortgage of $440,000 and a September mortgage of $116,000, all held by Simmons First National Bank of Pine Bluff.

The location was bought for $135,000 in November 2001 from Deltic Timber Corp. of El Dorado.

Dirt Only

 

 

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