NLR Acreage Acquisition Approaches $2.7 Million (Real Deals)

by George Waldon  on Monday, Jun. 30, 2014 12:00 am  

More than 420 acres in North Little Rock near the intersection of Interstates 40 and 440 were sold for $2.69 million. Approximate location shaded on map.

More than 420 acres on the eastern edge of North Little Rock changed hands in a transaction valued at $2.69 million.

Northside Property Development Inc., led by Ben Allen Jr., acquired the land near the northwest corner of Interstates 40 and 440.

The seller is 2007 DeHaven Family Ltd., led by Jay DeHaven.

The property is helping secure a six-year loan of $3.67 million from Bank of Little Rock.

The land previously was tied to an October 2007 mortgage of $2.5 million held by the bank.

The limited partnership purchased the tract for $1.1 million in April 2007 from the estate of Thomas Villareal, Judith Villareal-Boaz and Josephine Smith.

Convenient Combo

The sale of two Citgo convenience stores added up to a $1.4 million combo deal.

Sultan Inc., led by Chodry Shahbaz Cheema, bought the 6116 Crystal Hill Road project in North Little Rock and the 224 E. Bingham Road project in Little Rock.

The seller is KSA Investment Group Inc., led by Mohammad Lone.

The deal is financed with a $1.1 million loan from Centennial Bank of Conway.

The 1-acre Crystal Hill development previously was linked with a June 2010 mortgage of $600,000 held by the Yelenich Family Trust, led by R.J. Yelenich. It was purchased from the trust for $750,000 four years ago.

The 1.64-acre Bingham Road development was tied to a March 2010 mortgage of $350,000 held by the Yelenich Family Trust.

It was acquired from the trust for $450,000 more than four years ago.

Packaging Transaction

A 7,460-SF industrial project in North Little Rock changed hands in a $450,000 sale.

8101 Industrial NLR LLC, led by Jimmy Bell, purchased the General Packaging facility at 8101 Industrial Drive. The seller is UK Enterprises LLC, led by Scott Hamby.

The deal is backed with a 10-year loan of $522,750 from Little Rock’s Bank of the Ozarks.

The 3.20-acre site was bought for $48,000 in February 1996 from the estate of Herschel Friday, William and Mary Lou Cravens, the Boyce Love Testamentary Trust, William and Peggy Sutton, William and Elizabeth Terry, William and Kay Patton and the Oaklawn Jockey Club Inc., led by Charles Cella.

Church Acquisition

South Little Rock congregations were on either side of a $200,000 church transaction.

Geyer Springs First Baptist Church acquired Baseline Missionary Baptist Church at 8705 Scott Hamilton Drive.

BMBC assembled the 1.75-acre property in two deals with H.B. and Annie Mize, an undisclosed sum in February 1945; and Russell and Betty Lou Landry, $13,000 in May 1971.

Germay Residence

A 5,214-SF home in the Germay Court neighborhood of west Little Rock’s Chenal Valley Development is under new ownership after a $869,000 sale.

Daniel Sherbet and Monica Lo bought the house from Dennis and Adrienne Tishko.

The deal is funded with a 30-year loan of $869,000 from Arvest Bank of Fayetteville.

The residence previously was linked with July 2011 mortgages of $417,000 from Moore Mortgage Inc. of Little Rock and $186,000 from Delta Trust & Bank of Little Rock.

The Tishkos acquired the property for $754,000 three years ago from Donald and Lucinda Phelps.

Concrete Financing

A concrete enterprise in Sherwood is helping secure a $70.4 million funding agreement.

Brundage-Bone Concrete Pumping Inc. of Denver obtained the financial package from a group of lenders led by Wells Fargo Bank of Sioux Falls, S.D.

The 2.85-acre development previously was tied to an October 2011 mortgage of $13.3 million held by Wells Fargo.

The 3,900-SF facility at 8908 Landers Road was purchased for $500,000 in January 2007.

The seller was Zumwalt Family LLC, led by Joan Zumwalt.



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