NLR Audio International Facility Produces $2.1 Million Transaction (Real Deals)

A 10-acre North Little Rock industrial development tipped the scales at $2.1 million.

Goodrich Corp. of Charlotte, N.C., acquired the 34,400-SF Audio International Inc. facility at 7300 Industrial Drive.

The initial 5-acre site was given to Audio International in July 1995 by the North Little Rock Industrial Development Corp., led by Hal Matthews. The adjoining 5-acre tract was added for $100,000 in January 2000.

The sellers were the estate of Herschel Friday, Nancy Friday, William and Peggy Sutton, William and Elizabeth Terry, the Boyce Love Testamentary Trust, William and Kay Patton, William and Mary Lou Cravens and Oaklawn Jockey Club Inc., led by Charles Cella.


Becknell Buy

An 8.96-acre industrial property in south Pulaski County changed hands in a $430,000 transaction.

Becknell Development LLC of Champaign, Ill., bought the northeast corner of Alexander and Vimy Ridge roads from PPG Industries Inc. of Pittsburgh. Development of the PPG Architectural Finishes project is backed with a five-year loan of $4.6 million from Bank of Oklahoma.

The property was acquired in August 2006 as part of a $4.2 million deal with Ameron International Corp. of Pasadena, Calif.


Regal Purchase

An auto project in south Little Rock is under new ownership after a $345,000 sale.

Regal Investments LLC, led by Jimmy Duong, purchased the 7,000-SF Auto Masters facility at 5700 S. University Ave. from Gerald Martindill Jr. and his wife, Catherine.

The deal is funded with a $279,094 loan from North Little Rock's National Bank of Arkansas. The 1.48-acre development previously was tied to a May 2008 mortgage of $300,000 held by Delta Trust & Bank of Little Rock.

The property was bought for $385,000 in August 1992 from Owen and Lydia Henderson and Joyce Henderson Jones and her husband, Leonard.


Diesel Deal

A 4,700-SF warehouse project in North Little Rock changed hands in a $275,000 transaction.

Arkansas Diesel Engines LLC, led by Michael Bullerwell, acquired the 7504 Counts Massie Road property from McCulloch Investments LLC of Texarkana.

The deal is financed with a 30-month loan of $235,000 from First Arkansas Bank & Trust of Jacksonville. The 0.77-acre development previously was linked with a September 2008 mortgage of $255,000 held by Regions Bank of Birmingham, Ala.

The property was purchased for $285,000 in March 2007 from Golden Flake Snack Foods Inc. of Birmingham, Ala.


Multifamily Mortgage

The owners of a 108-unit apartment complex in the Riverdale area of Little Rock landed a $3.83 million funding agreement.

River Park Apartments, led by Vic Fleming, Barbara Hoover, John Jacobs, John Kooistra III and Lawrence Brady, received the 10-year loan from Grandbridge Real Estate Capital LLC of Birmingham, Ala.

The 6.18-acre development at 2501 Riverfront Drive previously was tied to an August 1999 mortgage of $3.55 million, a May 2006 mortgage of $750,000 and a June 2009 mortgage of $24,000 held by Metropolitan National Bank.

The site was bought for $270,000 ($1 per SF) in August 1983 from Pleasant Valley Inc., led by Marion Burton.


Miller Financing

Property in downtown Little Rock is helping secure a $1.04 million mortgage. Robert W. Miller got the three-year loan from Metropolitan National Bank.

The half-acre warehouse development at 1223 Broadway and 0.22-acre parking property at 411 W. 13th St. previously were linked with a February 2005 mortgage of $750,000 held by Donna Miller.

The warehouse property was acquired for $207,000 in October 1992 from James Dulaney. A parking property was purchased for $5,000 in July 1992 from Billy Bobbitt.

Also securing the new loan is a 4,200-SF warehouse at 6715 Young Road in southwest Little Rock. The 0.97-acre property was bought for $26,500 in April 1971 from Birch-Brook Inc., an affiliate of Little Rock's Rector Phillips Morse real estate firm.