LR Neurologist Building Sells for $1.4 Million (Real Deals)

A 13,600-SF medical office building in west Little Rock tipped the scales at $1.4 million.

Southern Bancorp Bank of Arkadelphia bought the 8924 Kanis Road property from a group of neurologists: BH&G Properties LLC, led by Robert Silzer, John Ironside, Beverly Beadle and Bradley Boop.

The 1.96-acre development previously was tied to a June 2010 mortgage of $300,000 and an October 2010 mortgage of $823,875 held by Regions Bank of Birmingham, Ala.

The 1.96-acre site was acquired for $311,000 in October 1983 from River City Land Co., led by John Paul McKay Jr.

Branch Transaction
The sale of a west Little Rock bank branch weighed in at $1.22 million.

16600 CP Properties LLC, led by Walter Ebel III, purchased the bank branch at 16600 Chenal Parkway from Delta Trust & Bank.

The deal is financed with a $980,000 loan from Delta Trust.

The bank bought the 0.73-acre site for $940,000 in November 2000 from Riverside Properties LLC, led by Lisenne Rockefeller.

Arby's Land
An Arby's outparcel at west Little Rock's Shackleford Crossings development changed hands in a $765,000 (about $18.50 per SF) deal.

U.S. Beef Corp. of Tulsa acquired the 0.95-acre site near the southwest corner of Shackleford Road and Interstate 430. The seller is Shackleford Crossings LLC, once led by Steve Clary and now administered by Timothy Buss on behalf of the project's lender, M&I Marshall & Ilsley Bank of Milwaukee.

The land previously was used to help secure a January 2007 mortgage of $53.2 million held by M&I.

The property was purchased in October 2005 as part of an $11.4 million deal with Summit Mall Co. LLC, a joint venture between Simon Property Group Inc. of Indianapolis and Dillard's Inc. of Little Rock.

BLK Acquisition
A 12,359-SF commercial building in North Little Rock rang up a $620,000 sale.

BLK Properties LLC, led by Gutchaiah Garlapati, bought the 308 Smokey Lane project from John and Martha Boveia.

The transaction is funded with a 5.5-year loan of $735,895 from Regions Bank. The 1.2-acre development previously was linked with a September 2007 mortgage of $516,000 held by Little Rock's Bank of the Ozarks.

The Boveias acquired the property for $525,000 in February 2001 from ZH Properties Co. LLC, led by Charlie Zona and David Harrington.

Wilcox Acreage
A 154-acre tract in east Pulaski County drew a $425,000 deal.

Wilcox Investment Ltd., led by George Wilcox, purchased the land - 64 acres of cropland and 90 acres of wetlands - a half-mile south of Scott. The seller is GKJ Family Ltd., led by Gerald K. Johnson.

The limited partnership backed the deal with a five-year loan of $300,000. The property previously secured a December 1993 mortgage of $266,000 held by First Commercial Bank of Little Rock.

The land was part of a 626-acre purchase for which GKJ Family Ltd. paid $400,000 in November 1993. The seller was the estate of W. George Alexander.

Importers Foreclosure
A venture in west Pulaski County is under new ownership after a $355,000 foreclosure sale.

Metropolitan National Bank of Little Rock recovered the 11.4-acre Arkansas Stone Importers Inc. development at 3707 Jack Mann Road. The bank obtained a $769,211 judgment in September 2010 against the corporation, led by Scott Knoedle.

The property previously was tied to a January 2002 mortgage of $325,000 and a March 2004 mortgage of $555,000 held by the bank.

The land was assembled in three deals totaling $148,000. The sellers were Blanche M. Avants Revocable Trust and the James C. Avants Sr. Revocable Trust, $40,000 in August 1992; Betty Hastings, $40,000 in June 1996; and Joseph Janowski III and his wife, Brenda, $68,000 in July 2002.

Cauley Retread
A 0.21-acre commercial development in west Little Rock changed hands in a $185,000 transaction.

Davidmarcus Properties LLC, led by David Mannon and Mark Welchel, bought the 1,742-SF project at 9901 W. Markham St. from Delta Trust & Bank.

The deal is financed with a $215,000 loan from the bank.

Delta entered the ownership picture in October 2009 when Gene Cauley transferred the property to settle debt owed by his Military Road Carwash LLC.

Cauley acquired the project for $230,000 in June 2007 from Crawdaddy's Scuba School Inc., led by Harry Gunther.

Jacksonville Buy
Development of a 1.3-acre commercial site in Jacksonville is in motion after a $160,000 transaction.

Louis and Shannon Froud purchased the 6107 John Harden Drive location from Marple Auto Sales Inc., led by Roy Marple.

The deal is funded with a nine-month loan of $320,000 from First Community Bank of Batesville. The land previously was used to help secure an October 2008 mortgage of $924,000 held by Bank of England.

Marple bought the land in July 2003 as part of a $200,000 deal with James R. Bell.

Retail Purchase
A 3,100-SF retail property in south Little Rock rang up a $163,000 sale. Mark Carter acquired the 2501 S. Arch St. project from Centre Rock Land LLC, led by Henry Treece.

The deal is backed with a one-year loan of $101,254 from Heartland Community Bank of Bryant.

The limited liability company purchased the property for $150,000 in a November deal with Homebank of Arkansas in Damascus.

The bank recovered the 0.32-acre development from J.M. Products Inc. as part of a $250,000 foreclosure sale in July.

Germay Home
A 4,876-SF home in the Germay Court neighborhood of west Little Rock's Chenal Valley development sold for $556,000.

Christopher and Brooke Seago bought the house from Kristi and Thomas Sebera. The deal is financed with a 30-year loan of $400,000 from Wells Fargo Bank of Des Moines, Iowa. The residence previously was tied to a July 2008 mortgage of $95,000 and a January 2009 mortgage of $417,000 held by Centennial Bank of Conway.

The Seberas acquired the property for $569,000 in July 2008 from Seven Gables Construction Co. of Central Arkansas LLC, led by Marvin Wayne Martin.

Nursing Refinance
The owner of a Little Rock nursing home picked up a $6.3 million financial package.

Little Rock AVIV LLC, led by Craig Bernfield, obtained the three-year loan from First Security Bank of Searcy.

The 0.71-acre Little Rock Healthcare & Rehabilitation Center development at 5720 W. Markham St. previously was linked with a January 2009 mortgage of $2.6 million held by The PrivateBank & Trust Co. of Chicago.

The property was purchased for $5.25 million two years ago from LRock Properties LLC of Sikeston, Mo.

Apartment Loan
Construction of a 72-unit apartment project in west Little Rock is in motion with a $3.8 million financial package.

Rowan Development LLC, led by Jasen Chi, received the 5.5-year loan from IberiaBank of Little Rock.

The limited liability company bought the 6.6-acre site at 1000 Kirby Road for $453,000 in August 2010 from Roy and Jennifer Stephens.

Martin Mortgage
A 4,000-SF commercial project in North Little Rock is backing a $1.39 million mortgage.

Marsha and Marty Martin got the one-year loan from IberiaBank. The 10605 Maumelle Blvd. project previously was tied to an August 2003 mortgage of $249,000 held by Little Rock's Pulaski Bank & Trust.

The 1-acre property was acquired for $350,000 in January 2001 from Henry-Holland & Godwin Construction Co., led by Dorothy Holland.

Clinic Construction
Construction of the Devitt Eye Clinic in Sherwood is under way with a $585,000 loan.

Jakeolas LLC, led by Patrick Devitt, obtained the funding from Centennial Bank of Conway. The 9300 Brockington Road site previously was linked with an August 2004 mortgage of $300,000 held by U.S. Bank of Minneapolis.

The 8.6-acre property was assembled in three transactions totaling $451,000.

The sellers were Austin Lakes On the Bay LLC, led by Marian Botsford, $200,000 in July 2004; and Joseph Matthews Land Sales LLC, $126,000, and Matthews Management Co. LLC, led by David Matthews, $125,000, both in September 2004.