Thatchurch.com Buys Sherwood Complex For $1.7 Million (Real Deals)

A Sherwood church is under new ownership after a $1.71 million transaction.

Thatchurch.com purchased the 901 E. Kiehl Ave. property from Cornerstone Bible Fellowship. The deal is financed with a three-year loan of $1.74 million from Arvest Bank of Fayetteville.

The 5.4-acre development previously was used to help secure a December 2005 mortgage of $1.22 million held by Simmons First National Bank of Pine Bluff.

The land was assembled in six buys totaling $315,000. The sellers were Carthal Knowles and Thomas Newby, $70,000 each in March 1996; James and Imogene Adkisson, $50,000 in March 1996; Kiehl/Holiday Properties Inc., led by Jack Mobbs and Byron McKimmey, $25,000 in March 1996; Oren and Peggy Nease, $10,000 in March 1996; Bertha Parker, $60,000 in October 1996; and Walter and Grace Buckner, $30,000 in January 2000.

 

Convenient Purchase

A 4,500-SF convenience store/fast food combo in west Little Rock rang up a $1.57 million sale.

RJ Properties LLC, led by Doug Hendrix, acquired the Big Red/Burger King project at 12001 Col. Glenn Road. The seller is Doda Construction LLC, led by David Bruning and Doug Meyer.

The deal is funded with a three-year loan of $2.57 million held by Summit Bank of Arkadelphia and a 10-year loan of $95,000 from Doda. The 1.8-acre development previously was tied to a June 2007 mortgage of $750,000 held by Regions Bank of Birmingham, Ala.

The property was purchased as part of a $1.15 million transaction in September 2001 with the Gale Douglass Rush Revocable Trust and the Mary A. Rush Revocable Trust.

 

Tower Transaction

A communications tower in Jacksonville drew a $425,000 transaction.

K2 Towers LLC of Chagrin Falls, Ohio, bought the small property near 901 N. First St. from First Electric Cooperative Corp., led by Don Crabbe.

First Electric acquired the property for an undisclosed sum as part of an October 1946 deal with E.M. and Addie Martin.

 

Sherwood Buy

A 3,000-SF office/warehouse project in Sherwood changed hands in a $265,000 transaction.

Jones Co. LLC, led by Doug Jones, purchased the 291 Newman Drive property. The seller is Carbiz LLC, led by Mike Seymour, Neal Jones, Charles James and Gary Clayton.

The deal is backed with a five-year loan of $265,000 from Arvest Bank. The 2.7-acre site was bought for $112,000 in June 2001 from an investment group led by James Dietz.

Investors include Dietz & Bowman Inc.; Douglas W. Ashcraft; CBM Construction Co. of North Little Rock, led by Clark McGlothin; Dennis Jungmeyer; Hal Matthews, Rablaco LLC, led by Tom Cory; R-4 Enterprises Inc., led by Raymond Roberts; Seymour Real Estate LLC, led by Mike Seymour; and Dow Worsham II and Arkansas Precast Corp. of Jacksonville.

 

Hickory Creek Sale

A 7,083-SF home in west Little Rock's Hickory Creek neighborhood generated a $1.1 million sale, one of several recent residential sales in which the seller took a loss.

WLR Land Trust, led by Mark and Jennifer McCarty, acquired the house from Boyd and Lynn Corley. The residence previously was linked with August 2009 mortgages of $417,000 held by One Bank & Trust of Little Rock and $450,000 by Delta Trust & Bank of Little Rock.

The Corleys purchased the property for $1.15 million 20 months ago from Richard and Dorothy Toll.

 

PV Home

A 4,456-SF home in west Little Rock's Pleasant Valley neighborhood sold for $840,000, less than it sold for nearly five years ago.

Francis Flanagin bought the house from Harry and Joelle Cotros. The deal is financed with a 30-year loan of $417,000 and a $255,000 loan from First Security Bank of Searcy.

The residence previously was tied to a June 2006 mortgage of $400,000 and a January 2009 mortgage of $397,650 held by Amegy Mortgage Co. LLC of The Woodlands, Texas.

The Cotros family acquired the property for $900,000 in June 2006 from E.F. and Sarah Klein.

 

Sologne Circle Buy

A 7,800-SF home in west Little Rock's Sologne Circle neighborhood of Chenal Valley hosted an $825,000 short sale.

Barnes Revocable Trust, led by James and Terry Barnes, purchased the house from Mike and Carey Hill.

The residence previously was linked with a June 2006 mortgage of $1 million originated by New Century Mortgage Corp. of Irvine, Calif., an April 2007 mortgage of $750,000 held by Central Bank of Little Rock; and an April 2010 mortgage of $148,246 held by Capital Bank of Little Rock.

The site was bought for $155,000 in August 2003 from Stephen and Tammy Jones.

 

Longway Residence

A 4,054-SF home in west Little Rock's Longway Drive neighborhood attracted a $730,000 short sale.

Jason and Rosemary Prather acquired the house from Robert and Lori Evans. The deal is funded with a 15-year loan of $417,000 and a five-year loan of $167,000 from One Bank.

The residence previously was tied to March 2006 mortgages totaling $874,268 held by Riverside Bank of Sparkman (Dallas County) and a June 2007 mortgage of $200,000 held by Metropolitan National Bank of Little Rock.

The Evans family purchased the 10-acre property for $350,000 from Donald and Marjorie McMillan.

 

Orle Circle Abode

A 5,255-SF home in west Little Rock's Orle Circle neighborhood of Chenal Valley is under new ownership after a $599,900 foreclosure sale.

U.S. Bank of Minneapolis recovered the house from Sean and Karen Fister. The residence was secured by March 2008 mortgages totaling $750,500 held by the bank.

The Fisters bought the property for $790,000 three years ago from Davisbuilt Inc., led by James Davis.

 

Cliffewood House

A 2,857-SF home in Little Rock's Cliffewood neighborhood rang up at $510,000, less than it sold for more than five years ago.

Vernon and Susan Scott purchased the house from One Bank. The purchase-renovation deal is backed with a five-year loan of $407,225 from the bank and a 30-year loan of $400,000 from Bank of Little Rock Mortgage Corp.

One Bank bought the property for $650,000 in June 2005 as part of a residential sales-swap with John Conner III and his wife, Mary Catherine.

The Conners acquired a 5,800-SF house adjoining the Country Club of Little Rock for $1.8 million from One Bank, which recovered the property from Warren and Heather Overton in April 2005.

 

Lions Mortgage

A Little Rock nonprofit group picked up a $1.37 million funding agreement.

Lions World Services for the Blind, led by Jerry Dickerson, obtained the two-year loan from Metropolitan National Bank.

The debt is secured by more than 4.5 acres in downtown Little Rock, in an area bound by Collins Street on the west, Eighth Street on the south, College Street on the east and Sixth Street on the north. The land was assembled in deals totaling nearly $3 million.

Two months in 2004 accounted for most of the transactions.

November 2004: J.A.P. Corp., led by Margaret McEntire, $430,000; Bryan and Sherrill Hosto, $305,000; Isaac and Bernice Knight, $143,000; Everline and Early Tolbert, Vickie and Michael Owney, Sharon and Rodney Nowden, Billie Jean Molden Jr., Cherry Lynn Molden, Otis Morgan, Vanesa Jackson, and Kimberly and Kathleen Kenney, $110,000; Charles and Johnnie Grider, $110,000; Terry and Cynthia Johnson, $92,000;  Finis and Glynnis Williams, $60,000; Rainwater Properties LLC, led by Bryan Hosto, $53,000; Larry Griffo Sr., $42,000; Josie Robinson, $35,000; Goff Property Management LLC, led by Richard Goff, $32,000; Haybar Inc., led by Bryan Hosto, $30,000; and Herman Loescher, $22,000.

December 2004: Charles and Gayle Calver, $648,000; Gordon Rather Jr. and his wife, Hayden, $220,000; Johnny Keith Ashcraft, $47,000; Richard and Carolyn Smith, $33,000; William Francis Jr. and his wife, Phyllis, $25,000; Bernice and Isaac Knight, $22,000; and Ethelyne Tillbrooks Williams Trust, $15,000.

Other deals included Robert Best, $62,000 in October 2004; Bobby and Aurora Franklin, $70,000 in January 2005; Haybar Properties LLC, led by Bryan Hosto, $79,000 in May 2005; Lewis Kendrick Sr. and his wife, Gwendolyn, $77,000 in July 2005; John and Suzanne Best, $45,000 in September 2005; Mary Berg, $55,000 in November 2005; and Johnnie Gupton, $105,000 in January 2010.

The property also secures a December 2005 mortgage of $1.5 million held by First Security Bank of Searcy.