Sherwood Gander Mountain Sells for $4 Million (Real Deals)

A 118,440-SF former Wal-Mart in Sherwood tipped the scales at $4 million.

KTJ 189 LLC of Minnetonka, Minn., purchased the 9.2-acre Gander Mountain development at 5450 Landers Road in Sherwood from Wal-Mart Stores Inc. of Bentonville.

The deal is funded with a two-year loan of $6.7 million from Union Bank & Trust of Omaha, Neb.

Wal-Mart acquired the property for $2.5 million in April 2010 from Metropolitan Life Insurance Co. of New York. Met Life bought it for $3.18 million in June 1989 from Wal-Mart Properties Inc.

Heifer Sale

The former headquarters of Heifer Project International changed hands in a $1 million transaction.

Wolfe Street Foundation Inc., led by Jim Waldron, acquired the 1015 S. Louisiana St. property. The charity provides recovery service to alcoholics and their families.

The seller is Heifer International Foundation, led by Domingo Barrios. The deal is backed with a 19-month loan of $1 million from Arvest Bank of Fayetteville.

The fundraising affiliate purchased the 0.64-acre development for $960,000 in November 2005 from Heifer Project International.

The nonprofit, with the mission of ending world hunger, bought the property for $585,000 in January 1987 from Ensco Inc., led by Melvyn Bell.


Argenta Acquisition

A 0.78-acre piece of downtown North Little Rock drew a $450,000 sale.

Mill LLC, led by John Gaudin and Jack Grundfest, purchased the property at 403 Magnolia St. from John and Sylvia Borchert.

The deal is financed with a 16-month loan of $450,000 from IberiaBank of Lafayette, La.

The Martin Borchert Co. leased the property for years from the Missouri-Pacific Railroad Co., before acquiring it for $2,000 in December 1981.


Chi Project

Construction of a 14,784-SF commercial project in west Little Rock is following a $980,000 land deal.

Rowan Development LLC, led by Jacob Chi, bought the 1.47-acre site at the southeast corner of Cantrell and Woodland Heights roads from the estate of Joe Affolter.

Construction is funded with a seven-year loan of $2.2 million from IberiaBank.

The Affolter family has owned the property for more than 89 years. 

Academic Deal

A 3,500-SF commercial project in southwest Little Rock is under new ownership after a $268,000 sale.

Curtis and Patsy Jones acquired the Academic World of Cosmetology property at 5300 W. 65th St. from Mark and Leah Carter.

The deal is backed with a three-year loan of $190,180 from IberiaBank. The 0.7-acre development previously was tied to a February 2008 mortgage of $160,007 held by Regions Bank of Birmingham, Ala.

The Carters bought the project for $200,000 more than three years ago from Peggy Glover and Candace Chapman.


Short Sale

A 5,286-SF home in the St. John's Place neighborhood in Little Rock sold for $1.05 million.

Charles and Marisa Ensminger purchased the house from HVA Family Living Trust, led by Jane Saunders-McMullin. The residence was secured by a September 2003 loan of $1.5 million from Little Rock's Metropolitan National Bank.

The Ensminger buy is funded with a 30-year loan of $800,000 from One Bank & Trust of Little Rock.

The location was assembled in two deals totaling $172,000. The sellers were Winston and Lally Brown, $92,000 in May 2000; and St. John's Place, a joint venture composed of the Roman Catholic Diocese of Little Rock and Dickson Flake, $80,000 in March 2000.


Germay Residence

A 5,569-SF home in the Germay Court neighborhood of west Little Rock's Chenal Valley development rang up a $585,000 transaction.

Sadiq and Shirin Ali bought the house from Wills Fargo Bank, trustee of the Fieldstone Mortgage Investment Trust Series 2007-1. The bank took possession of the property from Kenneth and Tanya Whitfield in January 2010.

The Ali buy is financed with a 30-year loan of $417,000 and a five-year loan of $84,000 from Centennial Bank of Conway.

The residence previously was linked with an October 2006 mortgage of $740,000 held by Fieldstone Mortgage Co. of Columbia, Md.

The site was purchased for $113,000 in April 2004 from EMW Construction Inc., led by Ed Wright.


Heights Home

A 3,636-SF home in Little Rock's Forest Heights Place neighborhood drew a $650,000 sale.

Wesley and Claire McGeorge acquired the house from David and Melissa John. The deal is backed with a 30-year loan of $417,000 from One Bank & Trust of Little Rock.

The residence previously was tied to a June 2006 mortgage of $460,000 and an April 2009 mortgage of $85,000 from One Bank.

The Johns bought the property for $193,900 in November 2004 from Samantha McKelvey and Brian Teeter.


Bell Pointe Abode

A 4,562-SF home in west Little Rock's Belle Pointe neighborhood changed hands in a $500,000 transaction.

David Nelsen Jr. and his wife, Judith, purchased the house from Fred and Deborah Smith.

The deal is funded with a 20-year loan of $390,000 from Little Rock's Bank of the Ozarks.

The Smiths acquired the site for $63,000 in August 1998 from Carriage Creek Property Owners Improvement District No. 639.


Peaks Funding

Development of 96 apartments in North Little Rock is in motion with a pair of $4.7 million mortgages.

Peaks At Country Club Ltd. and Peaks At Country Club Phase II Ltd., led by Keith Richardson, obtained the two-year loan from Stearns Bank of St. Cloud, Minn.

The 9.4-acre project, geared toward seniors, is on the west side of Counts Massie Road near the north end of the road.

The land was assembled in two transaction totaling $568,000. The sellers were William, Charles IV, Linda, Brian, Denia and Tanya Stanley, 18.8 acres for $399,000 in May 2003; and Metropolitan National Bank, 1.1 acres for $169,000 in February 2008.


Office Refinance

A 50,000-SF office building in west Little Rock was refinanced with a $2.77 million loan.

Ten-Three-Ten Co., an investment group composed of seven doctors, received the funding from Delta Trust & Bank of Little Rock.

The Ten Three Ten Building at 10310 W. Markham St. previously was linked with a July 2008 mortgage of $2.9 million held by Centennial Bank.

The investors include A.C. Brizzolara, Robert deBin, Paul Fiser, Purcell Smith Jr., Joe Matthews, Fred Kittler and Bill Hefley.

The investors bought the 2.93-acre location from Central Baptist Church in April 1985 for $870,000.


North Point Mortgage

An 8,592-SF commercial project in Jacksonville is securing a $520,000 financial package.

Durham Family LLC, led by James and Darlene Durham, received the three-year loan from First Arkansas Bank & Trust of Jacksonville.

The 1-acre North Point Plaza development at 500 Madden Road previously was tied to a March 2003 mortgage of $675,000 held by the bank.

The Durhams purchased the property for $107,000 in September 1999 from Ralph Ainley.