Posted 3/19/2012 12:00 am
Updated 1 year ago
You know, the one in which Little Rock's Whisenhunt Investment Group, led by Joe Whisenhunt, bought pieces of Bank of America's massive OREO portfolio.
Here's the breakdown on the series of deals that resulted in the $19 million deal:
Brian Shaw and David Erstine of Sage Partners represented BOA for the Pleasant Crossing portion of the deal. That sale was for about $8 million.
Clinton Bennett of Grub & Ellis-Solomon Partners represented the bank for the Pinnacle Hills part of the buy. That sale was for about $7 million.
Ramsay Ball of Colliers International represented BOA for The Grove part of the deal. That sale was for about $4 million.
By the way, Whisenhunt Investment accomplished the buys in the name of PWX LLC, which stands for Pleasant Whisenhunt Crossing.
For those who might have forgotten, or hadn't yet learned to read, Joe Whisenhunt was profiled by Arkansas Business back in April 1987. But more recently, he was included in our 25 Wealthiest Arkansans list, published in 2009:
"Joe Whisenhunt made a fortune in developing commercial and industrial real estate projects. Lately, the development of natural gas wells on his 4,000-acre cattle ranch at Bee Branch is adding to the family wealth.
"Yes, his Harmony Meadows ranch is right in the heart of the Fayetteville Shale Play, where the price of an acre in the area, depending on many factors, can run from $2,500 to $6,500.
"Through Whisenhunt Investments, he has been involved in developing several projects in west Little Rock, including 120 acres that were formerly part of Shackleford Dairy Farm.
"He also made a fortune with the sale of his health care software firm, Integrated Medical Networks LLC, for $65 million back in 1998."