Hocott Property Acquired As Part Of $1.1 Million Transaction (Real Deals)

A 1.24-acre commercial property in Little Rock's Hillcrest neighborhood was assembled for $1.12 million.

Hill Valley Inc., led by B.M. Metcalf, bought the Hocott Garden Center at 3700 Kavanaugh Blvd. for $900,000 from the Hocott family and the 2,747-SF McAffee Ballet at 3604 Kavanaugh Blvd. from Lorene Lloyd Patterson and her husband, James, for $250,000.

The Hocott sellers were Hocott Enterprises, led by Terry and Perry Byron, Paula Herrin, David and Denice Hocott, Thomas and Kimberly Hocott, Karen Ridgeway, Patricia and Samuel Herrin, Joseph and Kristi Herrin, Patrick and Sheran Herrin, Dorothy Lovette and Erica Hocott.

The Hocott family purchased the property in July 1940 as part of a $4,000 deal with Peoples National Bank of Little Rock. The lender is the predecessor of First National Bank, which combined with Commercial National Bank in 1983 to create First Commercial Bank.

The Lloyd family acquired its property for $17,500 in September 1967 from Andrew and Catherine Drennan.

 

Camp Foreclosure

A 17,631-SF equipment sales facility in southwest Little Rock changed hands in an $875,000 foreclosure sale.

Citizens Bank of Batesville recovered the 7720 Interstate 30 property from A Camp Equipment LLC, led by Andrew Judkins. The firm, which sold construction machines, filed for Chapter 11, listing debts of $13.8 million and assets of $7.5 million, in late 2009.

The bank obtained a $1.1 million judgment against the venture and Judkins in February. The 3.38-acre development helped secure a February 2009 mortgage of $1.04 million held by Citizens Bank.

The property was bought for $650,000 more than two years ago from Old Buildings LLC, led by Ted Belden.

 

Warehouse Purchase

A 346,409-SF warehouse complex in Little Rock sold for $425,000.

Ben Davis Properties Management LLC, led by Ben and Diane Davis, acquired the former Harvest Foods warehouse at 2200 E. Roosevelt Road. The seller is Safe Rock Realty Co. LLC of Englewood, N.J.

The project was purchased for $785,000 in December 1994 from General Electric Pension Trust of Stamford, Conn.

 

Office Buy

A 3,728-SF office building in downtown Little Rock is under new ownership after a $380,000 transaction.

Blue Amber Holdings LLC, led by Roger Snyder, bought the 2010 W. Second St. property from Arkansas Bankers Bank.

The deal is funded with a five-year loan of $340,000 from Little Rock's Bank of the Ozarks.

The 0.34-acre development was acquired in December 2001 as part of a $480,000 deal with Bank of Mulberry.

 

Diagnostic Site

A 1.84-acre medical office site in west Little Rock rang up a $280,000 deal.

Little Rock Diagnostic Clinic Professional Association, led by Neal Beaton and Paul E. Williams, purchased the location at the west end of Lile Drive from Baptist Health.

Baptist bought the land in October 1970 as part of a $30,000 transaction with Roy and Sally Ann Holmes.

 

Prospect Abode

A 3,784-SF home in Little Rock's Prospect Terrace neighborhood drew a $925,000 sale.

The Marvin H. Maurras Revocable Trust acquired the house from Ann Bradley.

The property was purchased for $240,000 in January 2001 from Ruth and James Mitchell Jr.

 

Country Club Home

A 4,648-SF home near the Country Club of Little Rock changed hands in an $828,000 transaction.                 

Fillmore Trust, led by John and Melissa Rutledge, bought the house from Susan Nichols.

The residence previously was tied to a November 2009 mortgage of $736,000 held by Tristate Capital Bank of Pittsburgh, Pa.

The property was acquired for $918,000 in July 2007 from Doug Buford Jr. and his wife, Julie.

 

River Market Condo

Condo space in downtown Little Rock's River Market Tower sold for $735,000.

The Waldron Joint Revocable Trust, led by James Waldron Jr. and his wife, Elizabeth, purchased the 15th floor unit at 315 Rock St. The seller is River Market Tower LLC, led by Jimmy Moses and Rett Tucker.

The deal is financed with a five-year loan of $410,000 from Metropolitan National Bank of Little Rock.

The 1.2-acre development is backed with a May 2007 mortgage of $47.6 million and an October 2005 mortgage of $4.7 million held by Metropolitan.

The site on the east side of Rock Street between Third and Fourth streets was bought more than five years ago as part of a nearly $5 million deal with the Arkansas Teacher Retirement System.

 

Nursing Home Note

A 35,183-SF nursing home project in Jacksonville was refinanced with a $3.5 million mortgage.

Woodland Hills Healthcare & Rehabilitation of Jacksonville LLC, led by Alington Kilgore, obtained the 30-month loan from First Arkansas Bank & Trust of Jacksonville.

The 6.43-acre development at 1320 Braden St. was linked with a May 2006 mortgage of $4.07 million held by Bankfirst of Minneapolis.

The project was acquired for $4.6 million more than five years ago from Beverly Enterprises Arkansas Inc. of Fort Smith.

 

Dealer Financing

The owner of a 7.5-acre auto dealership site picked up a $2.38 million funding agreement.

Crain Investments Ltd., led by Larry Crain Sr., received the six-month loan from Bank of America in Charlotte, N.C.

The location at 11 Bowman Glenn Plaza Drive, near the northwest corner of Interstate 430 and Col. Glenn Road, was purchased for $3.2 million in October 2010 from Colonel Glenn Bowman Road Development I LLC, led by Leonard Boen and Hank Kelley.

 

Huron Mortgage

A 12,600-SF office building in west Little Rock is backed with a $1.48 million financial package.

Huron Lane LLC, led by Anthony Fakouri, Victor Jacuzzi Jr. and the Lay Family Revocable Trust, led by Gary Lay, got the loan from First Security Bank of Searcy.

The 1.1-acre development at 11501 Huron Lane previously was tied to a July 2009 mortgage of $1.2 million from Little Rock's Centennial Bank.

The property was bought for $1.2 million two years ago from Huron Partnership I LLC, led by Pete Hornibrook and John Burnett.

 

Eatery Redevelopment

A Little Rock restaurant redevelopment is in motion with a $1.38 million mortgage.

King Chow and Jasmine Lin obtained the one-year loan from First Capital Bank of Germantown, Tenn.

The 1.62-acre Chow Time Buffet & Grill site at 102 S. Rodney Parham Road previously was linked with a February 2010 mortgage of $350,000 held by the bank.

The property was acquired for $690,000 16 months ago from Mexico Chiquito Properties LLC, led by Jerry Haney.