Big Slice of Park Avenue Draws $23.4M Transaction (Real Deals)

by George Waldon  on Monday, May. 26, 2014 12:00 am  

A 12.6-acre piece of the Park Avenue development in midtown Little Rock rang up a $23.4 million sale. The retail deal included 1) ground-floor space in the Park Avenue Lofts project , 2) parking deck, 3) two interior buildings, 4) Cheddar’s, 5) Jared jewelry store and 6) AT&T store.

Construction is backed with a $15 million loan from First Security Bank of Searcy.

The location was purchased in October 2005 as part of a nearly $5 million deal with the Arkansas Teacher Retirement System.

Packaging Purchase

The sale of a 43,750-SF industrial facility in North Little Rock tipped the scales at $2 million.

Sigma Family Ltd., led by Daniel Hamby Jr., acquired the 7701 Industry Drive project. The seller is Arkansas Packaging Products Inc., led by Mark Schaefer.

The 4.39-acre development is now helping secure a seven-year loan of $12 million from Regions Bank of Birmingham, Alabama.

The property previously was tied to a June 2012 mortgage of $1.44 million held by Delta Trust & Bank of Little Rock.

Arkansas Packaging bought the project for $1.8 million in June 2012 from P&M Properties, led by Carl and Mary Peterson.

Storage Foreclosure

A 329-unit ministorage project in Jacksonville is under new ownership after a $650,000 foreclosure sale.

BOE Acquisition Co., an affiliate of Bank of England, recovered Arkansas Public Storage at 405 N. James St. from Thomas, Arleta and Lawrence Dupree.

The 3.76-acre development previously was linked with an April 2006 mortgage of $700,000 held by Bank of England.



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